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PTSC G&S to Provide 2D Seismic Services in Vietnam

03/21/2012

As instruction from PetroVietnam, PTSC G&S has been assigned to provide the 2D seismic services to all the Clients in Vietnam using the seismic vessel Binh Minh 02. In 2011, PTSC G&S carried out three 2D seismic surveys for PVN, PVEP POC and Idemitsuwith. In order to expand the services to a 3D seismic survey, beside the discussion with CGGVeritas to setup a Joint Venture company, PTSC has been recently approached by PGS, one of the leading seismic providers in the region, with an offer for another possibility to mutually develop this type of services in Vietnam. It is expected that there will be a management meeting around the third week of March 2012 between PTSC and PGS to further discuss this option. The cooperation with PGS will provide PTSC with more flexibility and a greater opportunity to strengthen its position in Vietnam as a leading 2D/3D seismic provider thus to gradually step out of Vietnam to other countries.

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