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PXGEO POSITIONS FOR GROWTH

PXGEO LIMITED (the “Company” or “PXGEO”) has witnessed soaring global demand for affordable energy since its inception in 2021. This demand has come through a combination of the world’s energy transition, geopolitical events and strong fundamentals against a backdrop of under-investment in hydrocarbons over the last seven years.


With a clear focus on delivering superior subsurface imaging data to our clients, PXGEO is now well positioned to execute an accelerated growth strategy through the delivery of advanced technological innovation which will bring our clients safer and more efficient data acquisition techniques and deliver superior subsurface imaging solutions. This innovation includes the deployment of:

  • Proprietary Hovering Autonomous Underwater Vehicles enabling flexible, reliable and safe handling of ocean bottom nodes in deep and shallow water environments with unparalleled efficiency;

  • Innovation around Hybrid acquisition techniques;

  • Streamlining the pool of deep-water MANTA nodes to operate with longer dive times in deeper waters; and

  • Production of MANTA Lite shallow water nodes.

  • PXGEO looks forward to introducing the new products and services to our many clients across the world.


In this context, the Company is pleased to announce the following changes to its leadership and governance.


New Chief Executive Officer

Tony Bowman has been appointed as Chief Executive Officer (“CEO”), effective 3 April 2023.


Tony is a seasoned business leader with an impressive and successful executive career at Schlumberger. During his almost 30-year tenure, he held a number of senior roles across multiple geographical locations, including President, WesternGeco which operated a substantial fleet of offshore seismic vessels and President, Schlumberger Information Solutions which provided the industry’s leading seismic interpretation platform. Tony has led businesses through accelerated growth phases and has an intimate understanding and proven track record in identifying, achieving, and converting the value that superior subsurface imaging solutions brings to our clients.


Tony Bowman’s appointment as CEO follows Duncan Eley’s decision to resign and leave PXGEO. Duncan’s performance at the inception of PXGEO has been exceptional, leading the organization through an acquisition and integration of a node business and achieving over $200 million in backlog at the end of its first year of operations.


The Board and PXGEO’s shareholders wish to acknowledge and offer their profound thanks to Duncan for his achievements and dedication to PXGEO that has brought the business to its current launch pad. He leaves with our very best wishes for his future endeavors.


Pending Tony’s arrival, Peter Zickerman will serve as interim CEO.


Changes to Board of Directors

  • Peter Zickerman, a current director, is appointed Executive Chairman of the Board. Peter founded PXGEO and has over 25 years of experience in the offshore seismic industry.

  • Christopher Mallon has joined the Board as an independent director, providing a wealth of experience following a distinguished legal career in private practice. This will be particularly valuable in ensuring PXGEO’s corporate standards continue to track the Company’s growth aspirations.


Contacts


Peter Zickerman, interim CEO


Hans Peter Burlid, CFO



PXGEO is an innovative marine geophysical service provider combining the strengths of ocean bottom and towed streamer seismic data acquisition techniques to deliver seamless subsurface imaging for a sustainable future.

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