March 21, 2022 NCS Admin

Ocean Floor Geophysics, in partnership with PGS, acquires NCS, the owner and operator of P-Cable ultra-high resolution seismic acquisition technology

March 9, 2022: Ocean Floor Geophysics, Inc (OFG), in partnership with PGS, is pleased to announce that it has signed an agreement to acquire NCS SubSea, which provides ultra-high-resolution 3D seismic data to the oil & gas and new energy markets via their market-leading P-Cable system.

With the addition of P-Cable technology, OFG now provides the broadest range of marine geophysical data technology and services available in the offshore market today, offering the widest range of sensor solutions from surface, AUV and ROV platforms, combined with unique multiphysics processing, integration and interpretation know-how.

OFG was assisted in this transaction by PGS, OFG’s largest shareholder and strengthens the strategic alignment collaboration between OFG and PGS. The PGS New Energy group, which services markets including carbon capture and storage (CCS), renewables (wind farms) and seabed minerals, works closely with OFG as a preferred supplier of ultra-high-resolution seismic, CSEM, magnetic and acoustic surveying products and services.

“OFG is delighted to add P-Cable to our already extensive range of geophysical products and services. Interest in ultra-high-density 3D seismic is growing apace, driven by rapid growth in the market for offshore wind. We look forward to bringing OFG’s considerable expertise in operation and engineering to the P-Cable system, to further improve robustness and reliability, and extend the operating envelope,” says Matthew Kowalczyk, CEO of OFG.

“PGS remains a dedicated and reliable pioneer serving the energy industry with our integrated geophysical data acquisition and processing capabilities. Our strategic collaboration with OFG and their acquisition of NCS SubSea further expands our offering within the New Energy markets. By bringing the ultra-high-resolution P-Cable 3D seismic technology into OFG, we can apply PGS’ inhouse data processing capabilities, expanding our offering for site characterization and shallow geohazard applications,” says Berit Osnes, EVP New Energy of PGS.

FOR DETAILS PGS, CONTACT:
Bård Stenberg, VP IR & Corporate Communication
Mobile: +47 99 24 52 35

FOR DETAILS OFG, CONTACT:
Matthew Kowalczyk, CEO
Email: matthew.kowalczyk@oceanfloorgeophysics.com
Richard Cooper, Strategic Advisor
Email: richard.cooper@oceanfloorgeophysics.com

About PGS:
PGS ASA and its subsidiaries (“PGS” or “the Company”) is an integrated marine geophysics company and operates on a world-wide basis. PGS business supports the energy industry, including oil and gas, offshore renewables, carbon capture and storage. The Company’s headquarter is in Oslo, Norway and the PGS share is listed on the Oslo stock exchange (OSE: PGS). For more information about PGS visitwww.pgs.com.

About OFG:
Ocean Floor Geophysics (OFG) uses and designs subsea robotic systems to acquire and integrate geophysical, geochemical and geotechnical data. OFG’s interdisciplinary team integrates and operationalizes complex systems that enable clients to make informed and sustainable decisions for their subsea exploration, development and inspection projects. For more information about OFG, visit www.oceanfloorgeophysics.com.

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