GGS Lands 2D Double Play Offshore Oman and UAE

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.