PGS and deepC Store Limited (“dCS”) have entered into a Subscription Agreement (“Agreement”) for dCS to issue shares to PGS in exchange for PGS providing geological and geophysical advisory services. Parties also agreed to explore broader collaboration opportunities in the Asia Pacific region for co-developing commercial scale Carbon Capture and Storage (“CCS”) projects.
As a result of the Agreement, PGS will become a major shareholder in dCS. dCS is actively pursuing greenhouse gas storage acreage and this Agreement complements a recently awarded A$5MM Australian Government grant that enables scaling of dCS efforts to commence Pre-FEED on the first offshore floating CCS project (“CStore1”).
“Together with our partners, PGS is forging a new industry to enable safe and efficient carbon storage offshore. Asia Pacific region is one of the key markets where carbon capture and storage enables a path to net-zero. We are delighted to conclude this agreement with dCS and look forward to supporting dCS in unlocking the potential of CCS value chain in the region.” says Berit Osnes, EVP New Energy of PGS.
"We are pleased to welcome PGS as our new shareholder. Participation of the leading company in marine geophysics industry further endorses dCS's business model and development of CStore1. Further, this valued partnership demonstrates our commitment to develop a leading CCS business in the Asia Pacific region,” says Jack Sato, Chairman of dCS.