Petroleum Geo-Services sends shockwaves around the world. The company provides seismic data and other oil and gas data services to customers operating mainly in the North Sea and Gulf of Mexico. Geophysical services include acquiring and processing 2-D, 3-D, and 4-D seismic data, 4-D reservoir imaging, and reservoir characterization studies. Petroleum Geo-Services operates 14 seismic vessels, and has 21 seismic data processing centers and 35 offices worldwide. Petroleum Geo-Services' traditional business expertise lies in providing sophisticated marine seismic data for oil and gas exploration companies.
Although Petroleum Geo-Services has focused on the North Sea and Gulf of Mexico, it also conducts business in other deepwater areas, such as off the coasts of Brazil and western Africa and in the Asia/Pacific region.
Among the company's geophysical services are its acquisition and processing of 3-D, 4-D, and multicomponent (4-C) seismic data; data storage and retrieval; 4-D reservoir imaging; and reservoir characterization studies. Oil and gas companies use the data to help them target new reserves, develop existing reservoirs, and manage their producing fields.
Petroleum Geo-Services' proprietary GeoStreamer technology allows oil and gas clients to penetrate complex geological structures in their search for harder-to-find oil and gas deposits. The technology, launched in 2007, is the first ever dual sensor streamer and produces enhanced resolution, and produces improved images and analytical data. Petroleum Geo-Services' expansion strategy includes adapting more of its vessels to use this technology. The company also uses its proprietary hyperbeam technology to further enhance subsurface images.
The company's revenues and income slid in 2009 as the global recession weakened demand for oil and gas exploration activities.
To raise cash to invest in its core offshore business, in 2010 Petroleum Geo-Services sold its onshore seismic data acquisition business to leading US seismic firm Geokinetics for $184 million, and a 12% stake in that company.
To achieve better operational efficiency, in 2010 the company reorganized into five units: Marine Contract, MultiClient, Data Processing and Technology, New Ventures, and Operations.
Despite a solid performance by its core operations, that year the company reported a drop in overall revenues and a net loss because of reduced revenues and costs associated with Petroleum Geo-Services' disposal of its onshore seismic business. – less
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