Month: June 2017

Via Netfonds

1. Settlement

The 2014 Performance based Restricted Stock Unit (“PRSU”) program settled on

June 6, 2017. Employees in Petroleum Geo-Services ASA and subsidiaries (“PGS” or “the Company”) have received a total number of 642 900 shares. Following the transaction, 642 900 shares will be transferred from the Company’s holding of own shares.

Subsequent to the transaction Petroleum Geo-Services ASA holds 45 264 own shares.

2. Receipt of shares by primary insiders

Out of the abovementioned shares, the following were received by primary insiders:

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With a maiden voyage that takes her to the deep waters of Ireland’s Atlantic margin and the far North of the Barents Sea, Fugro Venturer is the newest of Fugro’s successful purpose-designed, standardised survey vessels, originally formulated in 2013.

The 72-metre vessel is a platform for technological innovation, where Fugro’s trademark technologies such as OARS (centralised command centres with direct access to offshore survey projects), Back2Base (enabling large amounts of survey data to be sent from offshore vessels to onshore processing centres and clients) and ROAMES (a powerful asset management solution streamlining subsea operations) are radically changing information delivery.

Fugro has secured a significant confirmed work backlog so that a campaign of site and pipeline route surveys, for clients including Aker BP, following commissioning and survey trials. Fugro Venturer is contracted to conduct simultaneous analogue/digital surveys, 3D high resolution seismic and environmental sampling and shallow geotechnical operations. An increased level of weather tolerance will ensure a highly reliable operational programme.

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PGS has developed a concept for efficient, large-scale collection of plastic in the oceans. The solution uses the inherent benefits of seismic vessels and takes advantage of their air compressors and capabilities for handling large towing configurations.

Each year, eight million tons of plastic ends up in the world’s oceans – equivalent to dumping the contents of one garbage truck into the sea every minute. If no action is taken, this is expected to increase to two garbage trucks per minute by 2030 and four garbage trucks per minute by 2050¹.

The PGS plastic collection concept consists of a seismic vessel and a support vessel towing booms, in a fan formation, which are connected to a processing unit at the end of the spread.

The uniqueness of the seismic vessel is its large onboard compressors, which usually supply the seismic source. These are instead used to pump air through a ventilated hose, towed at approximately 50 meters water depth between the seismic ship and the support vessel. The air bubbles attach to the submerged plastic which then rises to the sea surface, just like bubbles are attracted to a straw in a glass of sparkling water.

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Reference is made to the stock exchange announcement from SeaBird on 26 May 2017 concerning the proposed restructuring of the SeaBird group, as further described in said announcement.

The bondholders’ meeting of the SBX04 bond issue has today unanimously approved the proposal for the debt restructuring, pursuant to the summons therefore. The bondholders present formed a quorum.

Following the bondholders’ meeting, the Company continues its efforts to satisfy the outstanding conditions for the proposed restructuring. Said conditions include (i) the approval of the Restructuring at an extraordinary general meeting of the Company; (ii) consent to the Restructuring from Glander and subsequent execution of the same from Glander and Ordinat, (iii) that no SeaBird group entity has entered into any insolvency procedures, whether voluntary or involuntary; (iv) that no enforcement action have been taken by any creditors for any material claim or bankruptcy of any SeaBird group entity; (v) that final documentation required to implement the Restructuring, including final documentation on revised terms with trade creditors, has been entered into; (vi) subsequent confirmation that the abovementioned outstanding amounts under Tranche A and Tranche B of the SBX04 bond loan and the Glander credit facility have been irrevocably redeemed following the respective settlements; (vii) the entry into of an amended and restated SBX04 bond agreement between the Company and the bond trustee under the SBX04 bond agreement; and (viii) the entry into of an exchange agreement and income distribution agreement between TGS and the bond trustee under the SBX04 bond agreement to reflect the abovementioned distribution of the net income from the multi-client libraries.

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The National Oceanic and Atmospheric Administration announced it is opening a 30-day public comment period as it prepares to act on five permit requests from geophysical companies to conduct seismic surveys for potential oil and gas off the Mid-Atlantic and Southeast coast.

In a notice issued Monday, the agency said its move is a step toward implementing President Trump’s executive order seeking to reopen offshore development on the outer continental shelf, from Delaware south to Georgia

The clock starts running with publishing the notice in Tuesday’s Federal Register. Reviving the process brings back permits that were sought last year from the Obama administration by three Houston-based geophysical companies –  WesternGeco LLC, ION GeoVentures, and Spectrum Geo Inc. — plus CGG, Paris, France, and TGS-NOPEC Geophysical Company, Asker, Norway.

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Trump Officials Push for Atlantic Oil Exploration Using Harmful Seismic Blasting. Permits Would Hurt Endangered Whales, Open Way to Offshore Drilling Opposed by East Coast Communities.

The Trump administration today issued draft authorizations to five companies to search for oil off the Atlantic Coast — from Florida to Delaware — using loud seismic airgun blasts that hurt whales, dolphins and other animals. The exploration activities are the first step to opening the Atlantic to new oil drilling.

“Deafening whales and dolphins to hunt for dirty oil in these sensitive coastal environments is reckless and cruel,” said Kristen Monsell, an attorney at the Center for Biological Diversity. “Seismic blasting is opposed by people along the East Coast who don’t want the oil industry wreaking havoc in the Atlantic. It’s outrageous that the Trump administration is catering to Big Oil by ignoring the needs of wildlife and coastal communities.”

The proposals would allow the firing of seismic airguns from ships every 10 seconds, 24 hours a day, seven days a week at a noise level that would rupture a human eardrum. Nearly 100 municipalities from New Jersey to Florida have adopted resolutions rejecting seismic blasting off the East Coast. And more than 40,000 local businesses and business associations have publicly opposed it, citing threats to marine life and local economies.

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For those that may have missed an excellent read: ‘Surge in Seabed Surveys’

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Visit Paradigm booth #320 at the 79th European Association of Geoscientists & Engineers (EAGE) Annual Convention and Exhibition, in Paris, June 12-15. At EAGE, Paradigm will have a very strong presence showcasing the innovative technologies in our new Paradigm 17 product suite, as well as on high science and collaboration with leading industry partners.

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Ocean Floor Geophysics Inc. (OFG) has been awarded a contract by Global Sea Mineral Resources NV (GSR) for seafloor mineral exploration services.

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