PGS Steps up GeoStreamer Rollout
Oslo, Norway, Petroleum Geo-Services ASA ('PGS' or the 'Company') announced today that PGS plans to accelerate the roll out of its flagship GeoStreamer technology earlier than originally planned. The successful results of the new streamer have resulted in a decision to convert half of the 3D fleet to GeoStreamer by the end of 2010. This step is prompted by the positive response of customers to the significant increase in data quality provided by the new technology. Improved data quality, broader bandwidth, reduced noise, wider weather window and greater operational efficiency around the world, in well over twenty different countries so far, cement the business case for this new product.
During 2010, three Ramforms will be operational with GeoStreamer, bringing the 3D GeoStreamer fleet to 4 vessels and adding to the current four 2D vessels. Another 3D vessel will be upgraded in 2011. The first Ramform is due for upgrade in November this year. By the end of next year, approximately half of all PGS' 3D capacity will be GeoStreamer.
"The GeoStreamer will change the game in our industry," says Jon Erik Reinhardsen, President & CEO in PGS. "In the future all towed seismic acquisition will use dual sensors. Oil is getting harder to find. For our clients it means more and better information from the reservoir."
So far, 80,000 line kilometers of 2D GeoStreamer data, and 8,500 square kilometers of 3D have been recorded in many different basins and geological settings around the world in well over twenty different countries. All results have shown distinct uplift in data quality. Operational reliability has also been improved significantly.
