History of PGS

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2020 The Covid-19 pandemic had a severe negative impact on the seismic industry and PGS reduced cost and capital expenditures significantly as a response. Reached agreement with a majority of lenders to re-schedule amortization and maturities of interest-bearing debt by two years. Rejected a non-binding bid from TGS to acquire PGS MultiClient data library. Reached important milestones in the digital transformation process.
2019 Sold the Ramform Sterling to JOGMEC in Japan and entered into a related service agreement of up to 10 years with annual renewals. Changed name from Petroleum Geo-Services ASA to PGS ASA. Initiated a digital transformation process to accelerate strategy execution.
2018 Sold OptoSeis to GeoSpace as a part of the strategy to divest non-core assets.
2017 Took delivery of Ramform Hyperion, the last in a series of four Ramform Titan-class vessels. Launched initiative to centralize, simplify and streamline the organization.
2016 Ramform Tethys was delivered, the third in a series of four Ramform Titan-class vessels, improving fleet capabilities further with excellent operational performance.
2015 In an uncertain market environment, PGS focused on cash flow and increased its liquidity reserve.
2014 Ramform Atlas, the second Ramform Titan-class vessel was delivered in January.
2013 PGS took delivery of the Ramform Titan, the first vessel in a series of four Ramform Titan-class ships.
2012 PGS exercised options to build another two Ramform Titan-class vessels and launched Separated Wavefield Imaging (“SWIM”).
2011 PGS ordered two new Ramform Titan-class vessels from Mitsubishi Heavy Industries Shipbuilding Co Ltd. in Japan, with options for an additional two vessels.
2010 PGS emerged as a focused marine geophysical company, following the sale of its Onshore seismic business. PGS was reorganized into global product lines within four business areas: Marine Contract, MultiClient, Operations, and Imaging & Engineering. PGS Apollo joined the fleet.
2009 PGS took delivery of the Ramform Sterling.
2008 PGS took delivery of the Ramform Sovereign and the vessel sets a new industry record with the deployment of 17 streamers.
2007 PGS introduced the GeoStreamer, the first-ever dual-sensor streamer. The Company sells Ramform Victory to the Japanese Ministry of Economy Trade and Industry (“METI”). PGS acquired Arrow Seismic, Multi Transient Electro Magnetics (“MTEM”) and Applied Geophysical Services (“AGS”). The first dividend in PGS history was paid.
2006 PGS demerged its floating production by listing and distributing to shareholders the company Petrojarl ASA. PGS became a dedicated geophysical services company and announced a plan to build two Ramform S-class vessels.
2005 Pertra was sold to Talisman, and PGS became a dedicated oil services company. In December, a full refinancing of the Company was completed.
2003 PGS sold Atlantis to Sinochem. An inability to meet debt obligations made PGS file for Chapter 11 under the US Bankruptcy Code in July. PGS emerged from Chapter 11 in November.
2002 PGS bought into in the Varg field in the North Sea from Norsk Hydro and Statoil and established the exploration and production company Pertra. PGS completed the world’s 1st commercial Multi Azimuth (“MAZ”) survey at Varg.
2001 The Company’s data management business was sold to Landmark Graphics Corporation. Ramform Victory tows the world’s first 16 streamer spread.
2000 PGS sold its subsidiary Spinnaker Exploration.
1999 A fourth FPSO, the Petrojarl Varg, was bought from Saga Petroleum.
1998 The production services business Atlantic Power was acquired. PGS added the Ramform Banff to the fleet of FPSO vessels.
1997 PGS was listed on the New York Stock Exchange. PGS Production was conceived with the acquisition of Golar-Nor and the FPSOs Petrojarl I and Petrojarl Foinaven.
1995 Ramform seismic vessel technology was introduced with the delivery of the Ramform Explorer. From 1995 to 1999, PGS designed, built, and deployed six proprietary Ramform survey vessels and grew to become a worldwide leader in the development and industrialization of 3D marine seismic acquisition.
1994 Acquisition of ERC – a reservoir consultancy group.
1993 Initial public offering on NASDAQ in the United States. With the acquisition of Tensor Inc., specialists in 3D processing and depth imaging, PGS’ expanded into the data processing field.
1992 PGS was incorporated as a public limited liability company, Petroleum Geo-Services ASA, and listed on Oslo Stock Exchange.
1991 Geoteam and Precision Seismic merge to form Petroleum Geo-Services (“PGS”). Later the Company merged with Nopec. PGS’ vision was to provide the most efficient acquisition of 3D marine seismic data.