OSLO, Norway, Aug. 16, 2007 (PRIME NEWSWIRE) -- Petroleum Geo-Services ASA ('PGS' or the 'Company') announced today that it has acquired Roxicon Geogrids AS based in Stavanger Norway for USD 12 million. Roxicon is specializing in multiclient seismic data merging for the North Sea based on released data sets for the Norwegian Continental Shelf. Their product range has been well received in the market, and complements PGS highly successful multiclient MegaSurvey Products. Through the acquisition PGS also gets access to additional people resources and competences to accelerate profitable growth for the PGS MegaSurvey business going forward.
Roxicon will form the basis for a PGS MegaSurvey "Centre of
Excellence" in Stavanger. This gives better proximity to customers
and access to resources in Europe's largest oil & gas cluster, as
well as a potential springboard for other PGS product lines.
Roxicon was established in 2001 as a Oil & Gas consulting firm,
selling their services to the local cluster in the Rogaland region.
In 2006 the company gained significant momentum through their focus
on Super Survey, a 3D data merge based on released seismic data from
NCS, combined with additional products such as velocity profiles and
well data. The company has 7 highly experienced and skilled
professionals, with background from data processing and data
management.
PGS Group President of Marine, Rune Eng, stated the following:
"Roxicon fits perfectly with our strategy of further develop and grow our successful MegaSurvey concept, which already has given us very good return on investments in the North Sea. The combination of Roxicon's regional products with PGS MegaSurveys will provide exciting new opportunities for both existing and new clients, e.g. combining velocity cubes with seismic and interpretations. In addition Roxicon provides the extra needed resources and skills to successfully accelerate the development of MegaSurveys in other areas worldwide."
CEO of Roxicon, Jan Terje Ullenes, commented:
"We believe that a combination with PGS will gain us a stronger market position than as a stand-alone player. PGS' experience and size within Mega Survey, their access to the worlds largest Multi Client Library, world wide market organization and presence and reputation, will definitely boost the success of our products. This is a perfect match and we look forward to working together with PGS."
Petroleum Geo-Services is a focused geophysical company providing a broad range of seismic and reservoir services, including acquisition, processing, interpretation, and field evaluation. The company also possesses the world's most extensive multi-client data library. PGS operates on a worldwide basis with headquarters at Lysaker, Norway.
For more information on Petroleum Geo-Services visit www.pgs.com.
The information included herein contains certain forward-looking statements that address activities, events or developments that the Company expects, projects, believes or anticipates will or may occur in the future. These statements are based on various assumptions made by the Company, which are beyond its control and are subject to certain additional risks and uncertainties as disclosed by the Company in its Annual Report on Form 20-F for the year ended December 31, 2006, as filed with the U.S. Securities and Exchange Commission. As a result of these factors, actual events may differ materially from those indicated in or implied by such forward-looking statements