TotalEnergies, Shearwater enter strategic agreement

Shearwater Geoservices has signed a three-year capacity reservation agreement (CRA) with TotalEnergies covering provision of marine seismic streamer acquisition services globally.

The two parties have a longstanding relationship concerning collection and analysis of geophysical data to support exploration, production monitoring, and carbon capture and storage.

The CRA will secure a minimum of 18 vessel months of activity for Shearwater’s seismic fleet.

Shearwater CEO Irene Waage Basili said the capacity agreement was the first of its kind with a major E&P company.

She added, “This strategic CRA will, in addition to providing valuable visibility for both parties and utilization for Shearwater, also offer a great platform for potential further collaboration across other services in our portfolio.”