History of PGS

 

2020 Swift response to COVID-19 | Substantial cost and Capex reductions | Two-year debt maturity extension | Strong vessel and imaging project execution | Digital transformation milestones in fleet management and imaging
2019 Contract prices rise ca. 40%, compared to 2018 average | Order book doubles | Sale of Ramform Sterling to JOGMEC | Digital transformation process initiated
2018 Successful operation with a flexible fleet strategy | Sale of fiberoptic PRM solution OptoSeis
2017 Delivery of Ramform Hyperion | Rune Olav Pedersen appointed new President & CEO | Cost reduced by more than $100 million following a reorganization
2016 Delivery of Ramform Tethys | Refinanced to reduce debt and extend maturities
2015 Focus on cash flow and increased liquidity reserve 
2014 Ramform Atlas, a second Ramform Titan-class vessel is delivered 
2013 Delivery of Ramform Titan, the first vessel in a series of four Ramform Titan-class ships | First simultaneous acquisition of Towed EM and 2D seismic
2012 PGS exercises options to build a further two Ramform Titan-class vessels | PGS completes several towed-EM surveys | OptoSeis permanent reservoir monitoring successfully installed on Jubarte | PGS SWIM separated wavefield imaging technology is launched.
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 |  Launch of GeoStreamer GS | Towed EM solution announced | Upgrade of Ramform Viking and Ramform Challenger | Extension of METI agreement 
2010 PGS emerged as a focused marine geophysical company, following the sale of its Onshore seismic business to Geokinetics | Accelerated GeoStreamer rollout |  PGS Apollo joins the fleet | Ramform Explorer upgraded | Petrobras awards OptoSeis PRM contract for Jubarte | Fleet expansion and renewal program begins | PGS and Shell announce fiberoptic for land seismic.
2009 PGS takes delivery of the Ramform Sterling | Launch of PGS hyperBeam® | Sale of GeoAtlantic | Arrow Seismic newbuilds canceled | First 3D GeoStreamer survey completed in Gulf of Mexico | First 3D GeoStreamer survey in the Arctic 
2008 PGS takes delivery of the Ramform Sovereign  - first survey sets a new industry record with the deployment of 17 streamers | Reinhardsen appointed new CEO | PGS achieves commercial success with 2D GeoStreamer | Ramform Sovereign sets high-density record 14 x 8000m x 50m (112 km deployed streamer)  
2007 Launch of GeoStreamer® | PGS sells Ramform Victory to the Japanese government | PGS signs cooperation agreement with Japanese Ministry of Economy and Energy | Acquisition of Arrow Seismic | Acquisition of MTEM | Acquisition of Applied Geophysical Services (AGS) | Acquisition of Roxicon Geogrids | PGS pays dividend for the first time
2006 Demerger of FPSO activities as Petrojarl ASA | PGS re-focuses on geophysical services | First wide azimuth Crystal survey in Gulf of Mexico | PGS orders two new Ramforms
2005 Oil company Pertra sold for NOK 1.5 billion | Improved margins and sales growth | Most debt repaid or refinanced | PGS performs largest-ever multi-azimuth project offshore Egypt with Ramform Vanguard
2004 Rejection of takeover bid from CGG | NYSE re-listing
2003 PGS sells Atlantis to Sinochem | Three FPSO contracts extended | PGS files for Chapter 11 (July) and emerges in record time (November) | Development of passive acoustic monitoring to detect and avoid cetaceans | First-ever all-optical PRM seafloor cable tested | Reserves doubled on PGS operated Varg field 
2002 Merger discussions terminated with Veritas DGC | New Board of Directors appointed | Rennemo appointed CEO and new CFO appointed | Financial restructuring commences | PGS becomes operator of the Varg field | First commercial Multi-Azimuth survey completed at Varg
2001 PGS sells Data Management for $165.7 million | Reorganization of production and geophysical operations management | Merger negotiations with Veritas DGC | Ramform Victory tows the world's first 16-streamer spread
2000 PGS sells Spinnaker for $150.5M | Petrobank is sold for $170 million | Senior management reorganization
1999 Ramform Banff produces first oil on the Banff field | PGS acquires Petrojarl Varg from Saga Petroleum| Ramform Victory and Ramform Vanguard enter the fleet | 11 marine and land crews shut down
1998 Atlantic Power joins PGS with over 1350 employees | Ramform Valiant and Ramform Viking join the fleet | Ramform Explorer tows widest ever spread (1350 m)
1997 PGS is listed on the New York Stock Exchange | PGS acquires Golar-Nor and the FPSOs Petrojarl I and Petrojarl Foinaven from Awilco | Conoco awards contract for Banff FPSO | First deepwater FPSO operations at Foinaven | Ramform Explorer tows first ever 12-streamer seismic spread | Petrobras partners with PGS to remaster its seismic data
1996 Ramform Challenger enters the fleet | PGS is registered on NASDAQ | PGS conducts first-ever deepwater  OBS | Ramform Explorer tows first-ever 10-streamer seismic survey | PGS Offshore Technology is established to explore Ramform use in production, drilling, well intervention, and cable laying | Vertical seismic cables deployed in GOM  | PGS introduces GeoBank (for seismic data management)
1995 Ramform Explorer enters the PGS fleet | PGS develops the oil industry’s first shared data bank | ocean bottom seismic (OBS) operations in Gulf of Mexico and Australia | North Sea vertical cable project begins | Orient Explorer joins the fleet
1994 Atlantic Explorer and American Explorer join the fleet | ERC reservoir consultants join PGS | PGS operates largest-ever 3D survey (3-vessel acquisition) | PGS acquires Mapware (renamed PGS Data Management) | PGS acquires geophysical research organization Seres | PGS OBS Inc established | PGS-designed Seafire lifejacket becomes North Sea standard
1993 Nordic Explorer and Ocean Explorer join the fleet | PGS expands into high-volume 3D processing as Tensor Geophysical joins the group | PGS offers full onboard processing | Board approves construction of the first Ramform | Nordic Explorer tows first-ever five streamer seismic survey | Initial public offering on NASDAQ 
1992 First 3D seismic survey (Gulf of Mexico) | PGS is incorporated as a public limited liability company, Petroleum Geo-Services ASA, and listed on Oslo Stock Exchange.
1991 Petroleum Geo-Services is formed in Norway from A/S Geoteam | Subsidiary "Precision Seismic Inc." is established in Houston | PGS partners with TGS for marketing of 3D data | First North Sea 3D survey (GeoExplorer)  | PGS merges with Nopec | PGS introduces 3D MultiClient | First delivery of full volume pre-stack data