Houston, Texas; Oslo, Norway; November 29, 2000: Petroleum Geo-Services ASA (NYSE:PGO; OSE:PGS) was approved by the Common Data Access Limited (“CDA”), a non-profit, industry regulated, information company owned by a consortium of UK-based exploration and production companies, as the preferred bidder for the CDA Data Repository services. The Data Repository tender is subject to contract negotiation and final council and CDA Board approval in December of 2000.
Petroleum Geo-Services will take on the role of operator for the CDA Data Repositories at the conclusion of the current service contract during the first half of 2001. The scope of the services for CDA participant companies will be in the digital and hardcopy well data and seismic navigation domains. Service delivery will be based in PGS’ multi-client PetroBank® data centers operating in Aberdeen, Scotland and Maidenhead, England.
Malcolm Fleming, Managing Director of CDA, said, “The Data Repository tender was very competitive, with a number of excellent technical bids received. The selection of PGS will consolidate the strong services foundations we have already built and brings new opportunities for us to create additional value for our participants in the future.”
“We are pleased that PGS was chosen to use its state-of the-art and proven PetroBank® technology in the management and delivery of data to fulfil this important role to the UK industry,” commented Bjarte Bruheim, Petroleum Geo-Services’ President and Chief Operating Officer. “This opportunity continues the success story already familiar to those accessing the DISKOS system in Norway. The DISKOS system is a consortium of major oil companies in Norway that have come together to find efficient ways to acquire and share data through a secure entitlement system for proprietary information.”
Bruheim went on to say, “Users within participating CDA companies and with appropriate access entitlement will be able to efficiently meet the challenges of utilizing large volumes of E&P information on the UK’s principal well data resource in the CDA Repository through this shared storage data facility.”
Petroleum Geo-Services is a technologically-focused oilfield service company principally involved in two businesses: geophysical seismic services and production services. PGS acquires, processes, manages and markets 3D, time-lapse and multi-component seismic data and provides associated data management solutions. This data is used by oil and gas companies in the exploration for new reserves, the development of existing reservoirs, and the management of producing oil and gas fields. PGS’ PetroTrac™ suite of advanced geophysical technologies allows oil and gas companies to better characterize and monitor their reservoirs in order to enhance production and ultimate recovery of hydrocarbons. In its production services business, PGS owns four floating production, storage and offloading systems (FPSOs) and operates numerous offshore production facilities for oil and gas companies. FPSOs permit oil and gas companies to produce from offshore fields more cost effectively. PGS operates on a worldwide basis with headquarters in Oslo, Norway and Houston, Texas.