Archive for February 15, 2010

Geokinetics Completes Acquisition of PGS Onshore Seismic Business

Geokinetics Inc. has completed its acquisition of Petroleum Geo-Services’ (PGS) onshore seismic data acquisition and multi-client data library business.  The purchase price paid by Geokinetics at closing was $210 million, on a cash-free, debt-free basis, less a $2.8 million adjustment for estimated net working capital below the included amount of $37.5 million. The purchase price is subject to certain additional working capital adjustments after closing.

            “The combination of PGS Onshore and Geokinetics solidifies our position as the clear leader in the onshore seismic data acquisition business,” said Richard Miles, President and CEO, Geokinetics. “It not only brings together two strong, complementary seismic data acquisition operations, but it also accelerates our strategic initiatives in the multi-client library business. We are pleased to welcome the management and employees of PGS Onshore to our team and look forward to providing our customers worldwide with an expanded array of best-in-class services and data.”

            As of year-end 2009, Geokinetics’ backlog was $190 million, and combined with PGS Onshore’s backlog, the merged company’s pro-forma backlog was $378 million.

            “In the prevailing climate of general economic uncertainty, our customers are being cautious and are taking longer than normal to award projects,” said Miles. “However, bid activity is increasing and we remain optimistic that as customer confidence returns, we will see significant awards in the coming months.”

www.geokinetics.com

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February 15, 2010 at 9:32 pm Leave a comment

Oilennium Expands to Keep Up with Demand

Oilennium Ltd., provider of oil and gas training programs, announced that Samantha May has been appointed to the position of Commercial Manager. May will be responsible for financial management and will oversee marketing communications, new business and client development initiatives. With 12 years experience in the oil and gas industry, she brings an in-depth knowledge of marketing, operations and facilities management. 

            Before joining Oilennium, May worked for six years for Specialised Management Services Ltd. (SMS) in Great Yarmouth, where she served as Business Development Manager in charge of marketing and sales activities, including marketing communications. She also represented the company at major conferences and exhibitions in Abu Dhabi, Houston and Aberdeen. Most recently, she served as Business Development and Facilities Manager, with responsibility for managing the company’s base in Aberdeen, in addition to driving new business and development efforts. Previously, she worked for Weatherford’s eProduction Solutions arm for six years in a marketing communications capacity, with responsibility for producing effective sales literature and marketing outreach events in Dubai, Egypt, Doha, Aberdeen and Houston. 

            “With demand for our training and eLearning development services escalating, it was important to strengthen our customer support and operations at our headquarters in Loddon.  With the addition of Sam May, the pace at which we are able to progress projects and operate the business will be greatly enhanced,” said Kevin Keable, Managing Director of Oilennium.  “Samantha will help us to cultivate long-term relationships with existing customers, and to further expand market share globally. Her experience, knowledge of the industry, and high energy will greatly contribute to our continuing growth and success.”

www.oilennium.com

February 15, 2010 at 5:29 am Leave a comment


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