Agreement For Worldwide Geophysical Offshore Surveys

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Seismic vessel owners WesternGeco and Shearwater GeoServices have signed a multi-year agreement covering joint work on geophysical offshore surveys worldwide, reports Riviera.

About the agreement

The global agreement opens access to Shearwater’s global fleet of seismic vessels and full range of seismic data acquisition technologies.

“The new frame agreement with WesternGeco enables both companies to move quickly to respond to client needs and market opportunities,” said Shearwater chief executive Irene Waage Basili. “With our fleet of modern seismic vessels and global reach, we can efficiently scale up to meet client requirements as demand increases.”

As part of this arrangement, both companies have been awarded a contract to conduct a survey in Australian waters.

Geo Coral, built in 2010 and Norway flagged, will undertake the 2.5-month survey in the Bonaparte Basin offshore Australia using a multi-component sensor system.

This 3D survey will provide improved subsurface imaging of the eastern flank of the Vulcan Sub-basin and Londonderry High, and boosts Shearwater’s orderbook backlog to a record US$870M.

“With this latest award in Australia, Shearwater has successfully secured 52 months of new contracts across both streamer and seabed markets so far in the third quarter alone,” said Ms Basili.

“This is an all-time-high of new business for us in such a short time span, reflecting a combination of improving market fundamentals as oil and gas companies increase investments and our disciplined approach to having visibility on duration and pricing when bringing additional capacity into the market.”

Future plans

Oslo-listed seabed seismic surveyor Magseis Fairfield will expand its planned ocean bottom survey project in the North Sea in 2023. Originally scheduled to commence in Q2 2021, the project was deferred at the request of its unnamed client. It is now scheduled to start Q2 2023 with an increased scope and expected duration of around three months.

“In good collaboration with one of our key clients, we concluded an increased project scope with updated terms and conditions to reflect the current market conditions,” said Magseis Fairfield chief executive Carel Hooijkaas.

Magseis Fairfield will use its Z700 technology during the seismic survey to improve understanding of the planned inspection area for the client.

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Source: Riviera

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