Dubai-based PXGEO took a calculated gamble last year by launching itself into the marine seismic survey market, the graveyard of so many hopefuls in the past.

But so far, so good. The company is celebrating a first full year of successful operation, offering oil company clients a combination of towed-streamer and ocean-bottom node (OBN) technology with a business model that management believes is built to last.

PXGEO owes its existence to an unlikely sequence of events initiated in January 2021, when Norwegian lenders abruptly foreclosed on Polarcus, operator of a modern seven-vessel seismic fleet.