Offshore staff
BERGEN, Norway – Shearwater GeoServices Holding has entered a multi-year frame agreement with WesternGeco for the purchase of geophysical data acquisition services.
It will give WesternGeco access to Shearwater’s full range of acquisition technologies, and its global fleet of seismic vessels.
Shearwater CEO Irene Waage Basili said the arrangement “enables both companies to move quickly to respond to client needs and market opportunities. With our fleet of modern seismic vessels and global reach, we can efficiently scale up to meet client requirements as demand increases.”
The company also announced it will acquire a new seismic survey over the Bonaparte basin offshore northwest Australia, with a duration of around two-and-a-half months, subject to regulatory approvals. The Geo Coral vessel, equipped with a multi-component sensor system, will acquire the data.
The primary goals are to provide understanding of the subsurface of the eastern flank of the Vulcan Sub-basin and Londonderry High, with legacy surveys unable to resolve shallow carbonate intervals and complex faulting; and to improve confidence in mapping major geological units supporting the identification and de-risking of petroleum prospectivity across the seismic survey area.
With this latest award, Shearwater has netted 52 months of new contracts for towed streamer and seabed seismic services in 3Q 2022, representing an all-time-high for new business for the company in such a short time span. Its current revenue backlog is $870 million.
This is down to improving market fundamentals as oil and gas companies increase investments, Basili said, “and our disciplined approach to having visibility on duration and pricing when bringing additional capacity into the market.”
09.16.2022
