TGS start 2D Multi-Client survey offshore Africa near Jubilee

TGS start 2D Multi-Client survey offshore Africa near Jubilee

TGS-NOPEC Geophysical Company (TGS) announced today that it has begun acquiring a new 8,600-kilometer multi-client survey offshore West Africa, consisting of long offset 2D seismic, gravity, and magnetic data. This regional program ties to the recent Jubilee discovery on the west side of Ghana and extends across shallow and deep water acreage that is not currently under lease. Full text

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Category «Company News»

Badger Explorer first self-burying is currently being tested in Denmark

2008.10.23 - Company News

The first self-burying operation of the Badger Explorer Demo50 version is currently being tested in Denmark. The company has not experienced any technological set backs with regards to the concept. The test project is however progressing slower than anticipated due to operational challenges like weather and test site conditions. The main functions have been verified and computer controlled drilling has been performed. Subsurface compaction has not yet been tested, but will be undertaken shortly. Going forward, focus will be on improvements of the drilling tool through extensive testing.
 
The Badger Explorer development program is fully financed. Badger Explorer ASA raised equity of altogether MNOK 235 in 2005 and 2007. In addition, the extended partner agreements with StatoilHydro and ExxonMobil were signed in April 2008. The company's financial strength and these partnerships allow for full focus on completing the development program as scheduled.
 
Gross spending is below budget as of 30.09.2008 and cash position is stronger than forecasted.
 
As of 30th September 2008 the Badger Explorer Group has a net equity of MNOK 213 , equivalent to an equity ratio of 92.2 %. Net cash position is MNOK 185 . Combined with the extended partner agreements this is regarded to be sufficient cash to reach a commercial stage.
 
The company will during 4Q continue its test program in Denmark and during repetitive tests focus on stabilisation and harmonisation of and between various functions including preparations for the next version - a Demo125 unit. This unit will be built to take sub-surface temperatures up to 125 degrees Celsius. Such a tool will undergo tests on far greater depths, and these tests are planned to be performed throughout 2009.
 
The company's development program is in line with the communicated plan.
 
The Badger Explorer Group (includes Calidus Engineering Ltd.) had revenues of MNOK 1.3 in 3Q 2008, compared with kNOK 22 in 3Q 2007. Operating expenses for 3Q 2008 amounted to MNOK 3.4, compared with MNOK 2.2 for 3Q 2007. EBITDA for 3Q 2008 amounted to MNOK -2.0, compared with MNOK -2.2 for 3Q 2007.




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PGS - Acquisition of Depth Imaging Company AGS Inc

Petroleum Geo-Services ASA ('PGS' or the Company) announced today that it has entered into a definitive agreement to acquire Applied Geophysical Services, Inc. (AGS) for a price of USD 51 million, subject to certain adjustments for changes in working capital. PGS estimates an enterprise value for AGS of approximately USD 46 million. AGS is based in Houston, Texas and specializes in providing advanced depth imaging services. The transaction is expected to close during the course of this week.

Total acquires three permits northeast of Australia Ichthys

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Rowan Expands Rig Construction Program: Orders Four Super 116E Jack-Ups from Keppel AmFELS

Rowan Companies, Inc. (NYSE:RDC) announced today that it has entered into contracts with Keppel AmFELS, Inc. for the construction of four Super 116E class jack-ups. The rigs will be built at AmFELS' Brownsville, Texas shipyard, with delivery scheduled at approximately four-month intervals beginning in the second quarter of 2010.

Gaz de France strengthens its presence in Egyptian upstream

Gaz de France has acquired a 45% stake in the Alam El Shawish West licence in Egypt from Vegas Oil & Gas.

Trico to Launch an Offer for All Shares of Active Subsea ASA

Trico Marine Services, Inc. (NASDAQ: TRMA) ("Trico") and Active Subsea ASA (NOTC: ASUB) ("Active Subsea") today announced that Trico intends to make a voluntary offer for all outstanding shares, options and warrants of Active Subsea.