Divesting Redundant Equipment

As part of a pledge to undertake initiatives that promote greater environmental responsibility, PGS has signed a cooperation agreement with SurplusHub, the global online portal for selling and buying surplus oil, gas and shipping equipment, and materials.

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Storing, maintaining, and potentially scrapping equipment is costly and far from environmentally friendly. As such, we will utilize the SurplusHub platform to potentially dispose of redundant equipment, which other companies may benefit from re-using.

SurplusHub.com is a web-based, automated marketplace that connects buyers and sellers all over the world and enables them to negotiate agreements for buying and selling surplus oil, gas, and shipping equipment. Many have described the portal as "like eBay for oil and gas equipment".

PGS has already begun adding assets to the online portal and a significant number of maritime and seismic parts and other surplus equipment will be listed in the weeks and months to come.