As part of its pledge to undertake initiatives to promote greater environmental responsibility, global seismic player PGS has signed a cooperation agreement with SurplusHub, the global online portal for selling and buying surplus oil, gas and shipping equipment and materials.
Storing, maintaining and potentially scrapping equipment is costly, time-consuming and far from environmentally friendly. As such, PGS will utilize SurplusHub as platform to potentially dispose of redundant equipment, which other companies may benefit from re-using – thereby also unlocking values from its balance sheet.
“As part of PGS’ corporate responsibility policy we have made a pledge to support a precautionary approach to environmental challenges and undertake initiatives to promote greater environmental responsibility. The partnership with SurplusHub is one such initiative,” says Rob Adams, EVP Operations at PGS.
SurplusHub.com is a web-based, automated marketplace that connects buyers and sellers all over the world and enables them to negotiate and come to an agreement for buying and selling surplus oil, gas and shipping equipment. Many have described the portal as an ‘eBay for oil and gas equipment’.
“Historically, environmental initiatives have been associated with increased costs. At SurplusHub, environmentally responsible actions equal financial gain as it allows sellers to free up cash that is otherwise tied up in its balance sheet. Buyers, on the other hand, can significantly reduce their capex requirements through acquiring top quality equipment at significantly lower cost than the price of new equipment,” says Per Kåre Liland, CEO of SurplusHub.
Several of the world’s largest oil services companies are already utilising the portal to divest redundant equipment and materials. To validate participants at the marketplace, each company must go through a standard qualification process which includes credit approval through Dun & Bradstreet.
The addition of PGS’ assets to the online portal has already started and a significant number of assets such as maritime and seismic parts and other surplus equipment will be listed in the weeks and months to come.
PGS is a marine geophysical company that provides a broad range of seismic and reservoir services, including acquisition, imaging, interpretation, and field evaluation. The Company MultiClient data library is among the largest in the seismic industry, with modern 3D coverage in all significant offshore hydrocarbon provinces of the world. The Company operates on a worldwide basis with headquarters in Oslo, Norway.