PGS has entered a contract to carry out a 3-D survey in South America for an undisclosed client, the company said in a news release Nov. 14.
The contract value is estimated at more than $75 million.
PGS said it plans to use two Ramform Titan-class vessels for an estimated total duration of about 13 vessel months. Acquisition is scheduled to start in the second half of November.
Exxon Mobil Corp. and offshore Guyana partners continue their success with their 13th discovery on the Stabroek Block and fifth discovery in the Turbot area.
The rig count fell for the past four months and production growth in the Permian Basin and other key shale basins have slowed as oil prices fell and many independent shale companies cut spending.
The new policy focuses on incentivizing increased investment and production.