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    Seismic sector picking up?

    News // September 14, 2010

    Seabrokers reports that Oslo-listed Petroleum Geo-Services, which currently operates
    13 seismic vessels, is predicting a healthier market for the sector following last year’s low levels of activity.

    PGS Chief Executive Jon Erik Reinhardsen is quoted as saying he believes 2010 will be an all-time high in the number of square kilometres of survey acquired.

    Tendering activity has increased considerably with the global value of seismic tenders in the second quarter estimated at US$1 billon compared to US$500 million in the same period last year.

    Despite pressure from the arrival of new tonnage, PGS anticipates that the trend will be for demand to outpace supply in 2011 and 2012.


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