PXGEO Strikes Seismic Vessel Deal with TGS

Bartolomej Tomic
Wednesday, May 12, 2021

Marine seismic contactor PXGEO has signed a deal to provide 12 months of towed-streamer seismic acquisition services to the Norwegian seismic data firm TGS.

TGS has committed to using the PXGEO 2 vessel or any other capable vessel which PXGEO introduces to its fleet for 12 months of marine seismic acquisition services over a two-year period from October 2021.

Duncan Eley, Chief Executive Officer of PXGEO: "This commitment from a key multi-client company provides a solid foundation of activity through 2022 and into 2023 and represents an important endorsement of PXGEO’s standing in the marine seismic acquisition industry."

PXGEO took delivery of the Rolls-Royce-designed 14-streamer seismic vessel PXGEO 2 (ex-Fa Xian 6) in mid-April. The vessel was constructed in 2013 and is equipped with seismic acquisition systems including Sercel Sentinel solid streamers and Sercel G-Source II energy arrays.

The new owner said in April that the vessel was mobilizing for a 4D marine seismic project for an international oil and gas company, with the project slated to begin in Q2 2021 with a duration of approximately 10 weeks.

Also, PXGEO recently struck a deal to buy the Vyacheslav Tikhonov seismic vessel from the struggling seismic contractor Polarcus, subject to the sanction of the Grand Court of the Cayman Islands. The transaction is expected to complete in Q2 2021. 

Vyacheslav Tikhonov is currently on a long-term bareboat charter to the seismic division of PAO Sovcomflot with a firm period to November 15, 2022, and options to extend the charter for a period of up to three further years. The firm charter period provides PXGEO with over $11 million in backlog.

Worth reminding, lenders of the troubled marine seismic contractor Polarcus, earlier this year took control of the company's vessels after a debt payment default and decided to sell Polarcus' vessels and let go all of the company's employees.

On April 29, marine seismic giant Shearwater GeoServices said it had struck a deal to take over marine seismic acquisition assets previously owned by Polarcus, from Tiger Moth AS, a company affiliated with Woodstreet Inc.

Shearwater acquired streamers and related seismic equipment for a total cash consideration of USD 50 million. The company further purchased six seismic acquisition vessels for a total consideration of USD 127.5 million.


Categories: Vessels Geoscience Seismic

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