Equinor Awards Multiyear 4D Framework Agreements to PGS
March 10, 2021: Oslo, Norway, PGS is awarded two framework agreements by Equinor.
- One two-year framework agreement for 4D monitoring surveys on the Norwegian continental shelf. Equinor can extend this framework agreement by exercising additional two two-year options. The agreements can also be applied for the UK continental shelf.
- One specific framework agreement for 4D monitoring surveys at the Gullfaks field. The agreement comprises an exclusive right to acquire up to three surveys prior to 2031.
PGS is scheduled to acquire two 4D GeoStreamer monitoring surveys in 2021 over Fram and Tordis/Vigdis fields. The first survey is scheduled to start in June 2021, and the total duration for the two 2021 projects is estimated at around 2.5 months.
“We are very pleased to be awarded these important framework agreements. We operate in a cyclical industry with low visibility, and longer-term contracts improve our order book and financial predictability in a challenging seismic market. An important part of our strategy is to maintain leadership in the production 4D segment. The confidence Equinor shows by awarding us these frame agreements confirms our strong position in the 4D market, the reliability of our Ramform vessels and the superior data quality provided by our GeoStreamer technology,” says Rune Olav Pedersen, President & CEO in PGS.
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PGS ASA and its subsidiaries (“PGS” or "the Company") is an integrated marine geophysical company that provides a broad range of seismic and reservoir services, including acquisition, imaging, interpretation, and field evaluation. The Company MultiClient data library is among the largest in the seismic industry, with modern 3D coverage in all significant offshore hydrocarbon provinces of the world. The Company operates on a worldwide basis with headquarters in Oslo, Norway and the PGS share is listed on the Oslo stock exchange (OSE: PGS). For more information on PGS visit www.pgs.com.
The information included herein contains certain forward-looking statements that address activities, events or developments that the Company expects, projects, believes or anticipates will or may occur in the future. These statements are based on various assumptions made by the Company, which are beyond its control and are subject to certain additional risks and uncertainties. The Company is subject to a large number of risk factors including but not limited to the demand for seismic services, the demand for data from our multi-client data library, the attractiveness of our technology, unpredictable changes in governmental regulations affecting our markets and extreme weather conditions. For a further description of other relevant risk factors we refer to our Annual Report for 2019. As a result of these and other risk factors, actual events and our actual results may differ materially from those indicated in or implied by such forward-looking statements. The reservation is also made that inaccuracies or mistakes may occur in the information given above about current status of the Company or its business. Any reliance on the information above is at the risk of the reader, and PGS disclaims any and all liability in this respect.