Petroleum Geo Services (PGS) is a geological service company which acquires (shoot), processes, markets and sells seismic data worldwide. Oil and gas companies use the data to explore for hydrocarbons in the early stage of the Exploration & Production (E&P) value-chain. The oil price and hence oil companies’ E&P budgets are the main drivers of the geophysical service industry. Seismic demand is therefore highly correlated with the oil price.