GGS Lands 2D Double Play Offshore Oman and UAE

Wednesday, August 22, 2001
GGS ASA has been awarded two 2D contracts offshore Oman and the UAE. The contracts are subject to technical & HSE audit. GGS will use the vessel Odin Explorer for the job. The company considers this to be an important milestone in expanding its business beyond Iran to become a leading geophysical company in the whole Middle East region.

The 2D contract, which is a first for GGS, is scheduled to commence late third quarter 2001, and is valued between 1 and $1.5 milllion. At present the company is also into the second month of collecting several 3D contract surveys, which together represent a backlog of more than $20 million. This work is being undertaken with the six streamer vessel Laurentian, and is expected to be finished 1st or 2nd quarter 2002.

Both vessels are on short-term contract to GGS with no further commitment for GGS.

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