PGS boasts record first quarter results and confirms PDS acquisition (June 1998)

Strong first quarter results from PGS herald new 20 streamer operations and teraflop computing capacity. As reported in last month's PDM, PGS Data Management has bought back the (ex - Tigress) Project Data Store from IBM.

Petroleum Geo-Services ASA has reported record 1998 first quarter revenues and earnings. Revenues for the first quarter of 1998 surpassed 1997 first quarter revenues by $45.4 million, or 48%. Operating profit increased 35% to $19.8 million. PGS operates what is claimed as the most advanced marine seismic data acquisition and processing fleet in the industry, including four high capacity Ramform vessels. Two new Ramform vessels are expected to be delivered during the first half of 1999. These vessels will be able to pull up to 20 streamers. To handle the massive data volumes produced by these acquisitive behemoths, PGS now boasts data processing capacity exceeding one teraflop. The Company will also work on two of the largest 3D seismic contracts tendered by Norwegian operators Statoil and Norsk Hydro, with expected aggregate volume of 11,000 to 12,000 square kilometers and 10 to 12-streamer mode operations.

As anticipated in last month's PDM, PGS Data Management has acquired the Project Data Store (PDS) from IBM. Arvid Qvanvik, President of PGS Data Management said "IBM had enhanced the PDS technology greatly and PGS will continue to deploy the PDS as key technology that our business and E&P customers can rely on. PGS plans to further enhance and customize the product to meet the ever-changing needs of the E&P marketplace. Internal use of the PDS will help make PGS the most productive oil field services and data management company in the world. Our previous knowledge of this product will ensure continuity of support and development for existing users." Industry observers have suggested to PDM that the acquisition of IBM's Project Data Store may not be the end of the story. Practically all PetroBank implementations today are managed by PGS under the GeoBank moniker. It would therefore seem a logical next step for the PetroBank Master Data Store to follow the PDS into its new home.