To build and maintain the MultiClient data library, PGS makes significant investments in developing, acquiring and processing new MultiClient surveys. In this way, PGS positions itself in both frontier and mature geo-markets.

MultiClient is an important acquisition business model for PGS, where the ability to identify and initiate new MultiClient programs with solid economics over the life of the survey is the key to success. PGS derisks new programs by securing pre-funding commitments from energy companies, with a targeted pre-funding level for the portfolio as a whole in the range of 80-120% of the capitalized MultiClient cash investment.

How PGS Initiates MultiClient Surveys

PGS initiates attractive new MultiClient projects by capitalizing on its existing data library, applying in-house imaging and reservoir expertise, and through feedback from the sales force. The MultiClient data library provides information about geology in all major hydrocarbon basins. By analyzing these datasets and open file data available around the world, PGS imaging and reservoir experts are able to propose both extensions to the existing library and new areas of hydrocarbon resource potential that are likely to be of interest to energy companies. These findings are assessed against feedback from the sales force, as to where customers would like to explore. These resources are combined with an overall risk analysis of the area and the likelihood of future license rounds or other triggering events.

There are obvious benefits of an existing large MultiClient library with continuous coverage. Geology is large scale in nature and it is difficult to understand and predict characteristics of a local area if it is not set in context to a full-scale geological system. By reprocessing existing data in the MultiClient library PGS can create regional data sets, which makes it possible to interpret and analyze a whole basin in a consistent manner. PGS has created three products of this kind with strong client interest: the Santos Vision in Brazil, the Flex Vision in the Gulf of Mexico and GeoStreamer PURE in Norway. A key part of the MultiClient business is to assist governments to explore and promote their resource potential in the best way possible, noting that every country and basin requires a slightly different approach. PGS has supported several governments through the provision of high-quality data and bespoke advice on how to optimize the outcome.

Exploiting the Integrated Business Model

Following decisions by WesternGeco and CGG to exit the marine seismic acquisition market, PGS is the only company offering the full range of seismic services and business models. Being in full control of acquisition as well as imaging technology makes PGS uniquely positioned to deliver the best and most flexible solutions.

Full vertical integration allows PGS to control all aspects of the process of identifying new projects, building the relationships that enable those projects to proceed, through to supplying the vessels and the financial backing to ensure that projects go ahead on the optimal timeline without the need to balance the commercial drivers of third-party suppliers. This is particularly important when making commitments on optimum time and quality to host governments.

Access to industry leading acquisition capacity at cost is an obvious benefit for PGS in the MultiClient market. By using PGS vessels and streamer technology the Company delivers consistent quality of services and data, which are highly valued by clients.

Over the last years PGS has benefitted significantly from commercial flexibility. In mature areas, contract jobs can be included in larger MultiClient surveys, an opportunity that is not available to asset-light competitors.

PGS has a portfolio of MultiClient acquisition permits. If a client requests proprietary data in an area where PGS has a permit to acquire seismic, the Company can start acquisition immediately. The client then gets access to data quicker, compared to applying for a permit and procuring the survey as a contract job.

Research and development is another benefit of PGS integrated business model. By combining expertise with vessel operation allows for efficient in-house design, development, test and implementation of new technologies. In 2019 PGS launched GeoStreamer X. The new towing technology offers advanced offset and azimuth rich data at a lower cost and more effectively, compared to alternative acquisition methods, such as nodes.