Petroleum Geo-Services
PGS ASA is a Norwegian publicly traded marine seismic services company providing offshore data acquisition and multi-client seismic surveys to global oil and gas exploration operators, currently pursuing a merger with TGS ASA to combine the industry's two largest seismic data libraries.
- Company typePublic
- Founded1991
- HeadquartersOslo, Norway
- Headcount1,001–5,000
- GTM typeB2B
- OfferingServices
What Petroleum Geo-Services does
Petroleum Geo-Services (legal name PGS ASA) is a Norwegian publicly traded marine geophysical services company founded in 1991 and headquartered in Oslo. The company provides offshore seismic data acquisition and processing services to oil and gas exploration companies, deploying specialized vessels to collect subsurface imaging data used for hydrocarbon exploration and reservoir analysis. PGS also operates a multi-client seismic survey business model in which surveys are pre-funded and the resulting data is licensed to multiple operators across global basins.
The company's core technology stack is centered on marine seismic acquisition using specialized vessels, towed-streamer electromagnetic (EM) capabilities (originating from the 2007 MTEM acquisition), and proprietary processing workflows. Products include contract Offshore Seismic Services and Multi-Client Seismic Surveys spanning regions such as the North Sea, Norwegian Sea, Brazil, West Africa, the Mediterranean, India, Indonesia, the Gulf of America, and US onshore basins. Revenue mechanics rely on a mix of contract acquisition work for individual oil and gas majors/NOCs and license fees from multi-client data libraries.
In 2023, PGS executed significant balance-sheet and strategic repositioning: a USD 450 million bond refinancing in March to replace a USD 600 million Term Loan B, and a USD 40.6 million private placement in September explicitly intended to support a planned merger with TGS ASA. The merger would combine the two largest multi-client seismic libraries and acquisition fleets in the industry. Leadership is anchored by President and CEO Rune Pedersen, with the company operating at a scale of 1,001-5,000 employees.
Petroleum Geo-Services firmographics
Firmographics- Name
- Petroleum Geo-Services
- Legal name
- PGS ASA
- Website
- https://pgs.com
- Company type
- Public
- Founded year
- 1991
- Operating status
- Operating
- Headcount range
- 1,001–5,000 employees
- Short description
- PGS ASA is a Norwegian publicly traded marine seismic services company providing offshore data acquisition and multi-client seismic surveys to global oil and gas exploration operators, currently pursuing a merger with TGS ASA to combine the industry's two largest seismic data libraries.
- Ownership category
- akta.pro rank
Petroleum Geo-Services industry classification
Industry- Product category
- Marine Geophysical Survey Services
- NAICS
- Geophysical Surveying and Mapping Services (54136), Geophysical Surveying and Mapping Services (541360)
- SIC
- Oil & Gas Field Exploration Services (1382), Oil & Gas Field Services, Nec (1389)
- akta.pro primary industry
- Seismic & Geoscience Services (Acquisition, Processing, Interpretation) (EUALABAK)
- akta.pro secondary industry
- Seismic Survey & Geotechnical Offshore Vessel Construction (IMAJACAF)
Keywords
Where Petroleum Geo-Services is headquartered
LocationHeadquarters
- HQ city
- Oslo
- HQ country
- Norway
- HQ region
- Europe
Markets served
Petroleum Geo-Services business model
Business model- GTM type
- B2B
- Offering type
- Services
- Cost components
- Operations, Personnel, Infrastructure, Technology or R&D, Supply Chain
Petroleum Geo-Services product offering
Product offeringCore offering
Petroleum Geo-Services (PGS) provides marine seismic data acquisition and multi-client seismic survey services for offshore oil and gas exploration. The company operates a specialized fleet of seismic vessels and offers towed-streamer electromagnetic (EM) services to collect, process, and interpret subsurface geophysical data used by exploration and production companies worldwide.
Product overview
Petroleum Geo-Services (PGS ASA) operates as an offshore seismic services company providing marine seismic data acquisition and multi-client seismic survey services for the oil and gas industry. The company specialized in using specialized vessels to collect, process, and interpret subsurface geophysical data to support hydrocarbon exploration. In 2023, PGS was pursuing a merger with TGS ASA to combine their seismic data libraries and acquisition capabilities. The company has been refinancing its debt and raising capital to support operations during the offshore seismic market recovery.
Differentiator
Problem solved
Functional benefit
Products and services
- Offshore Marine Seismic Acquisition Services Contract marine seismic data acquisition services delivered using PGS's specialized seismic vessels to collect offshore subsurface geophysical data for oil and gas exploration and production companies.
- Multi-Client Seismic Surveys Pre-funded multi-client seismic survey programs whose resulting subsurface data libraries are licensed to multiple oil and gas exploration companies to support exploration decisions.
- Towed-Streamer Electromagnetic (EM) Survey Services Towed-streamer electromagnetic survey services that collect EM data offshore to complement seismic imaging and support subsurface characterization for exploration customers.
Companies that use Petroleum Geo-Services
Customer profileSegments1 record
Ideal customer profiles1 record
Petroleum Geo-Services technology and API
TechnologyTechnology focussed Yes
API detail
- Has API
- No
- API docs
- API detail
Core technology
AI maturity
App detail
Petroleum Geo-Services partnerships and signals
Strategic signalPartnerships
One partnership is on record.
- TGS ASAcorePGS ASA announced a merger with TGS ASA. The private placement funding of USD 40.6 million was specifically intended to support this merger transaction. The merger is subject to regulatory and registration conditions.
Scale indicators4 records
Recent moves7 records
Expansion highlights4 records
Petroleum Geo-Services competitors and assessment
Company assessmentDirect peers
- TGS ASA: TGS is the largest multi-client seismic and well-data library company globally and is PGS's announced merger counterpart. The two companies overlap directly in marine seismic acquisition, multi-client data licensing and subsurface imaging, making TGS the most directly comparable peer.
- CGG: CGG is a French-headquartered global geoscience company providing marine seismic acquisition, multi-client data and subsurface imaging, directly competing with PGS in vessel-based acquisition and data library licensing for offshore exploration customers.
- Shearwater GeoServices: Shearwater is a pure-play marine seismic acquisition services company operating a modern fleet of towed-streamer and node vessels, directly comparable to PGS's offshore acquisition business and competing for the same E&P survey contracts.
- ION Geophysical: ION provides seismic data acquisition, imaging and multi-client libraries for offshore and marine environments, directly comparable to PGS's towed-streamer acquisition and processing offerings.
- EMGS (ElectroMagnetic Geoservices): EMGS specializes in controlled-source electromagnetic (CSEM) surveys for offshore subsurface imaging, directly comparable to PGS's towed-streamer EM offering and competing for the same offshore exploration customers seeking electromagnetic data.
- Polarcus: Polarcus operated a fleet of modern 3D marine seismic vessels providing towed-streamer acquisition services globally, directly competing with PGS in marine seismic contracts before its 2020 restructuring.
- Fairfield Geotechnologies: Fairfield provides marine seismic acquisition (including ocean-bottom node services) and multi-client data libraries, overlapping with PGS in offshore geophysical data services for the E&P industry.
- Dolphin Geophysical: Dolphin was a pure-play marine seismic acquisition company with high-capacity 3D vessels, directly competing with PGS in offshore towed-streamer survey contracts prior to its acquisition by TGS.
Broad incumbents
- Schlumberger (SLB): SLB is the largest oilfield services incumbent and owns WesternGeco, which provides marine seismic acquisition and multi-client data; while broader than PGS, SLB's seismic franchise directly competes in the same offshore survey market.
- Saipem: Saipem is a large offshore oilfield services contractor that historically operated subsea and geophysical survey assets; it competes more broadly with PGS in offshore E&P services rather than as a pure seismic specialist.
Market position
Strengths4 records
Weaknesses5 records
Competitive moat4 records
Key risks6 records
Key highlights6 records
Customer concentration
Petroleum Geo-Services social profiles
Digital presencePetroleum Geo-Services financial estimates
Financial estimateRevenue estimate
Valuation estimate
Petroleum Geo-Services leadership team
Management profileNumber of profiles
Profiles2 records
Petroleum Geo-Services funding detail
Funding detailFunding overview
Funding rounds3 records
Investors1 record
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
Petroleum Geo-Services M&A and investment
M&A and investmentM&A4 records
Investments
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about Petroleum Geo-Services
What does Petroleum Geo-Services do?
Petroleum Geo-Services (PGS) provides marine seismic data acquisition and multi-client seismic survey services for offshore oil and gas exploration. The company operates a specialized fleet of seismic vessels and offers towed-streamer electromagnetic (EM) services to collect, process, and interpret subsurface geophysical data used by exploration and production companies worldwide.
Is Petroleum Geo-Services a public or private company?
Petroleum Geo-Services is a public company. It is classified as public and is currently operating.
When was Petroleum Geo-Services founded?
Petroleum Geo-Services was founded in 1991. It employs 1,001 to 5,000 people.
Where is Petroleum Geo-Services based?
Petroleum Geo-Services is headquartered in Oslo, Norway, in the Europe region.
Who are Petroleum Geo-Services's main competitors?
Direct peers on record are TGS ASA, CGG, Shearwater GeoServices, ION Geophysical, EMGS (ElectroMagnetic Geoservices), Polarcus, Fairfield Geotechnologies and Dolphin Geophysical. Broad incumbents are Schlumberger (SLB) and Saipem.
Does Petroleum Geo-Services have an API?
No public API is recorded for Petroleum Geo-Services.
What industry is Petroleum Geo-Services in?
Petroleum Geo-Services's product category is Marine Geophysical Survey Services. Its primary akta.pro industry code is EUALABAK, Seismic & Geoscience Services (Acquisition, Processing, Interpretation), with a secondary code of IMAJACAF, Seismic Survey & Geotechnical Offshore Vessel Construction. Its NAICS code is 54136 and its SIC code is 1382.