Offshore staff
LEIDSCHENDAM, the Netherlands – Seabed Geosolutions’ offshore survey activities are being impacted by COVID-19, according to owner Fugro.
One ongoing project in the Middle East has been canceled and a deepwater project that was due to get under way off Brazil has been postponed.
The Middle East program was supposed to continue through March 2021, but COVID-19 restrictions have introduced increasing operational complexities.
These led the client and Seabed’s local partner to terminate the contract with immediate effect.
It may also result in an earlier than anticipated buyback of Manta nodes, pre-financed by Seabed’s partner for the duration of the project.
The company believes the termination was not in accordance with contractual terms and it will therefore seek indemnification and/or compensation.
There has been mutual agreement on commercial terms for the postponed Brazil project.
During 1Q, Seabed completed a project in the Gulf of Mexico and should finish another early next month.
The company, while continuing to pursue new opportunities, is cutting back its operational footprint and capex and will apply for available governmental support schemes in the countries in which it operates.Â
04/17/2020
