PXGEO Acquires Modus Subsea Services

Monday, April 22, 2024

Marine geophysical services company PXGEO on Monday announced it has acquired Modus Subsea Services to boost its subsea offering.

Modus Subsea Services is a U.K.-based provider of offshore life-of-field support services specializing in autonomous subsea operations using underwater intervention drones (UID) based on the Saab Sabertooth platform. The company has also developed and commercialized the industry's first-ever UID subsea residency solution.

Residency, where the vehicle remains docked with a subsea docking station for charging and data transfer, aims to provide survey and inspection, maintenance and repair (IMR) solutions that improve sustainability, efficiency, safety and decision-making in the offshore sector.

In 2022, Modus secured a world-first contract with Equinor for the provision of underwater intervention drone missions at their Johan Sverdrup field after trialing the scope with the same Norwegian energy company in November 2021.

"Through this strategic acquisition, PXGEO and Modus Subsea Services will leverage their respective technological expertise and enhance their subsea autonomous offerings to provide their customers with a range of benefits, including increased efficiency, reduced exposure, and a lower environmental footprint," PXGEO said in a statement announcing the deal.

The acquisition is PXGEO's second in recent months. In December 2023, it acquired the share capital of AmpSeis, a geophysical company that has developed what PXGEO describes as the industry's most advanced ocean bottom node (OBN).

Categories: Technology Mergers & Acquisitions Subsea Industry News Activity

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