PXGEO Completes Acquisition of OBN Business from Fugro

The acquisition includes a substantial ocean bottom node inventory, handling equipment, related technology, intellectual property and project backlog. In addition, a significant number of personnel responsible for the successful delivery of over 44,000 sq.km. of OBN projects have accepted employment with PXGEO.

Duncan Eley, CEO of PXGEO commented: “This is a key milestone for PXGEO, enabling us to provide both towed streamer and OBN geophysical services to our global client base. The acquisition also brings an important portfolio of proprietary OBN technology to the Company. PXGEO is currently engaged on two flagship projects: an OBN crew and assets deployed in South America; and the PXGEO 2, our 14-streamer seismic vessel, acquiring data on a 4D project in East Asia. Both projects have successfully mobilized and are well-positioned to deliver safe, efficient and high-quality outcomes for the respective clients.

I would like to take this opportunity to welcome all personnel joining PXGEO and to thank our clients, and all stakeholders, for their strong messages of support as we expand our geophysical innovation and service offerings to the full range of offshore seismic acquisition activity worldwide.”

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