Financial turmoil and economic slowdown are likely to hit future growth for the survey business, just as rates for “2D” and “3D” vessels improve for those wanting to hire offshore seismic ships.

In fact, rates have “peaked” according to a presentation by Norway-based survey outfit TGS-Nopec. More vessels are becoming available, and that in turn is coinciding with more exploration wells drilled, as oil companies at last turn from drilling production wells.

Like other companies boasting strong assets, TGS managers speaking at a Copenhagen investors conference said they would be “cautious but opportunistic” on new investments.

Meanwhile, the oil industry and oil-hungry countries have pre-funded sixty percent of TGS surveys, and company revenues in 2008 reached around $590 million, up about 10 percent on 2007.

Tags: TGS-NOPEC Geophysical Company