Norway-based survey outfit Petroleum Geo-Services has entered into a definitive agreement to acquire Gulf of Mexico player Applied Geophysical Services Inc. (AGS) for $51 million.

“PGS estimates an enterprise value for AGS of approximately $46 million,” a statemen said.

Houston-based AGS specialises in advanced depth-imaging using its own proprietary 3D beam-migration technology. Company revenues reached $20 million this year.

PGS in particular, and the world's survey outfits in general, have used 2007 for the rapid expansion of fleets and equipment lagers.