Geoservices News

Norwegian company PGS, best known for its seismic survey services in the offshore oil and gas sector, said Wednesday it had scored its first offshore wind contract. The company said it had secured its first ultra-high resolution offshore wind farm site characterization project, marking its debut in "a strategically important new energy market.""PGS New Energy offers solutions to the ongoing energy transition by building on the subsurface and operational expertise of PGS’ employees and using the company’s assets.

Marine seismic survey services specialist Shearwater GeoServices is set to introduce its first dual ROV seismic vessel, which the company says will be equipped with a broad scope of operational capabilities. "Designed to deploy ocean bottom nodes in both deep and shallow water, the vessel will also be able to provide high-quality source for surveys and conduct towed streamer surveys," Shearwater said.The dual ROV vessel, under Shearwater ownership and management, is expected to be available in the second quarter of 2023 following a conversion of the SW Tasman multipurpose vessel.

Offshore seismic services company Shearwater GeoServices said Tuesday it was divesting the four seismic survey vessels Polar Marquis, Oceanic Challenger, SW Emerald, and SW Eagle for recycling as part of its fleet renewal strategy.The first two vessels, Polar Marquis and Ocean Challenger, have been delivered in Turkey for recycling in accordance with EU regulations and the 2009 Hong Kong International Convention for the Safe and Environmentally Sound Recycling of Ships, Shearwater GeoServices said.SW Emerald - Credit: Shearwater GeoServicesThe further two vessels…

Shearwater GeoServices has won a six-month contract extension with seismic data firm CGG on its Nebula survey offshore Brazil and is nearing completion of work for CGG on its North Viking Graben survey.Shearwater has previously conducted work for the extensive Nebula survey in the Campos and Santos basins and the announced extension will run to the end of 2021.“We are pleased with this extension in this very promising exploration area, adding more work to Oceanic Sirius and to our overall backlog”, said Irene Waage Basili, CEO of Shearwater.In the North Sea, Shearwater's Amazon Conqueror vessel has recently completed its work for CGG on the North Viking Graben survey, where the SW Amundsen vessel continues.

Norwegian offshore vessel owner DOF Subsea has sold its 2001-built construction support vessel Skandi Neptune.According to DOF Subsea, the vessel has been sold to an unnamed "international buyer."The vessel will be delivered to the new owner in Q3 2022, after completing its current commitments, DOF Subsea said Monday, without sharing further details. VesselsValue estimates the 104.2 meter-long vessel's value to be around $3.13 million.Per the vessel's AIS, the Skandi Neptune left Vitoria, Brazil last week, en route to Petrobras' Jubarte offshore field.The vessel was earlier this year awarded a contract with marine seismic contractor Shearwater Geoservices, to support Shearwater's Ocean Bottom Node seismic campaigns on Petrobras' Jubarte, Tupi, and Iracema fields offshore Brazil.

Norwegian offshore vessel operator GC Rieber Shipping is reducing its ownership in the seismic acquisition giant Shearwater GeoServices.GC Rieber said Thursday it had agreed to sell shares in Shearwater decreasing its ownership from 17.0% to 8.5%. Gross proceeds from the sale will be USD 50.5 million, GC Rieber said."The sold shares had book value of USD 41.6 million per 31 March 2021. Following the transaction, which is expected to be completed shortly, GC Rieber Shipping will…

Polarcus Limited, a seismic surveyor in liquidation, is set to be wound down and delisted from the Oslo Stock Exchange.As previously reported, in January this year, lenders took control of the company's vessels after a debt payment default, and decided to sell them and let go all the employees.On February 8, 2021, David Griffin and Andrew Morrison of FTI Cayman, and Lisa Rickelton of FTI London were appointed Joint Provisional Liquidators (JPL) of the struggling seismic services provider by an order of the Court. Liquidators were specifically authorized by the Court to take all necessary steps to develop and propose a restructuring of the company’s financial indebtedness with a view to making a compromise or arrangement with the company’s creditors.Since their appointment…

Marine seismic contractor Shearwater GeoServices has sold the seismic vessel Western Trident for recycling as part of the company’s fleet renewal strategy.The vessel has been delivered in Turkey for recycling. In late 2020, Shearwater also sold the CGG Alize vessel to be repurposed outside of the seismic industry.Shearwater said the vessel sales, coupled with the company's recent acquisition of six modern seismic vessels, forms part of Shearwater’s fleet renewal strategy to replace older and less efficient units.

Offshore seismic survey contractors PGS and Shearwater GeoServices have been awarded framework agreements with Equinor for 4D towed streamer seismic acquisition on the Norwegian continental shelf (NCS) in what Equinor said was a new way of working with seismic contractors.The agreements have a total estimated value of around NOK 700 million (~USD 82,7 million).“This is a new way of working with seismic suppliers. We are moving away from annual tenders towards a more long-term collaboration model.

Oslo-listed seismic surveyor Polarcus has defaulted on its bank loans and bonds, it said on Tuesday, sending the company's shares plunging more than 30%.Polarcus and other seismic surveyors have been hit by weak demand as oil companies slash spending on geological data amid the coronavirus pandemic and last year's crash in the price of crude."The company intends to pursue all available options with a view to ensuring the financial sustainability of the company and in the meantime will halt all payments of interest and amortization to finance providers…

Mediterranean shiprepair facility Gibdock reports it completed a two-vessel drydocking and maintenance and repair project for Shearwater GeoServices.The Gibraltar-based repair and conversion specialist worked on the seismic research vessels Oceanic Sirius, drydocked for 14 days in Dock 1, and SW Empress, which remained in Dock 2 for 26 days before being moved to South Mole for testing and sea trials.Built in 2011 and sailing under the Norwegian flag, the 12,550-gross tonnage Sirius measures 106 by 28 meters and features solid streamer for accurate data collection.

Shearwater GeoServices, a marine geophysical services company, has been awarded the largest-ever 4D seismic campaign in the Asia/Pacific region covering up to six fields operated by Woodside offshore Australia.According to the 50/50 joint venture between GC Rieber Shipping and Rasmussengruppen  AS, the campaign, planned to commence in Q4 2019, covers new 4D acquisition over the Pluto, Brunello, Laverda, Cimatti and Vincent fields with an option for one additional field.The 4D seismic campaign will improve Woodside’s understanding of the fields’ production performance over time and provide data to guide future field developments. This is the second 4D seismic campaign award by Woodside to Shearwater following the baseline 4D program in Senegal earlier this year.“By using Isometrix…

The provider of geophysical marine seismic acquisition and processing services,  Shearwater GeoServices has been given a conditional letter of award for a 2D seismic acquisition and fast-track processing project by Total E&P South Africa B.V.The survey at block 11B-12B will be Shearwater’s first project offshore South Africa, said a press note from the Norwegean Oil and gas exploration service provider.The multi-purpose vessel SW Cook will acquire the initial 3,650-linear km (2,268-mi) program. Starting in 4Q 2019, it has a base duration of two months.The project includes fasttrack processing facilitated by the vessel’s high-capacity…

Norwegian geophysical services company Electromagnetic Geoservices ASA (EMGS) said in its fleet update for the third quarter 2019 showed a fleet utilization of 73 percent,  compared with 29% for the third quarter in 2018. The marine EM market player said that its  vessels were allocated 73% to proprietary work and no time was spent on multi-client projects, in the third quarter of 2019.In the comparable quarter of 2018, the vessels were allocated 29% to multi-client projects and no time was spent on proprietary work.EMGS had two vessels on charter and recorded 6.0 vessel months in the quarter. In the third quarter 2018, the Company also had two vessels on charter.The Atlantic Guardian commenced a proprietary survey for Pemex in Mexico on 25 July 2019. This survey is still ongoing.

Norway-based provider of marine geophysical services, Shearwater GeoServices has been awarded a 3D Isometrix seismic survey by Colombia’s Ecopetrol.It will be Shearwater’s first Isometrix survey in Latin America with marine acquisition starting in Q4 2019, said GC Rieber Shipping ASA's 20% owned geoservices company.The survey covers 2 000 sq. km of 3D seismic offshore Colombia on Ecopetrol’s Block COL-5 and will be acquired by the SW Amundsen equipped with Isometrix multisensor streamer technology.Isometrix streamer technology is a true 3D multisensor system that can record the full seismic wavefield enabling better receiver deghosting and improved seismic images.

Norwegian shipping company GC Rieber Shipping ASA had a fleet utilization of 100% in the second quarter of 2019.The operator of offshore subsea support vessels, marine seismic vessels and polar logistics and research expeditions said that the subsea and ice/support vessels have contract coverage of 44% for the remainder of the year while Shearwater GeoServices Shearwater has confirmed backlog of more than 26 vessel-months in the third and fourth quarter of 2019 following the award of multiple seismic acquisition contracts.GC Rieber Shipping had operating income of NOK 91.9 million in the second quarter of 2019, compared with NOK 60.7 million in the corresponding period 2018. EBITDA was NOK 41.3 million, compared with NOK 9.3 million in the second quarter of 2018.

Norwegian geophysical services company Electromagnetic Geoservices ASA (EMGS) has been awarded a contract by UK oil and gas major BP for work off the coast of Senegal and Mauritania.EMGS said in a in Oslo Exchange filing that the contract is worth around $6 million. The survey work is expected to start in the first quarter of 2020.CEO of EMGS, Bjørn Petter Lindhom, said, “EMGS is delighted to return to Africa and for the opportunity to work for BP and partners on their high-profile acreage in Mauritania and Senegal.""This contract extends our already healthy backlog and puts us in a good position to secure additional work in the prolific MSGBC Basin and in West Africa…

The geoservices company Shearwater GeoServices announced it has been awarded a 4D seismic survey by Total to be conducted this summer offshore Denmark.The survey will be conducted by Shearwater’s SW Amundsen vessel at the Tyra, Tyra SE and Roar Fields.Total has selected Shearwater’s multi-sensor Isometrix acquisition system, according to a press release from Shearwater.

Norway’s Electromagnetic Geoservices (EMGS) has received a letter of intent for a fully pre-funded multi-client survey in the Norwegian Barents Sea.According to a press release, the total value of the letter of intent is approximately USD 2.5 million.The company will mobilize the vessel Atlantic Guardian to carry out the survey. The Atlantic Guardian is a specialized vessel for cable laying, seabed mapping, and ROV survey. It was built in 2001 and received a major upgrade in 2014.The acquisition work is expected to be completed within the second quarter of 2019, EMGS said.EMGS, the marine EM market leader, uses its proprietary electromagnetic (EM) technology to support oil and gas companies in their search for offshore hydrocarbons.

Shearwater GeoServices announced the award of a 4D seismic survey at the Troll Unit by Equinor AS to be conducted this summer.The company 20% owned by GC Rieber Shipping ASA said that the project adds further to Shearwater’s 4D program in the North Sea and Barents Sea this season.The Troll Unit survey will last approximately 2 months and be conducted by the Amazon Conqueror using Shearwater's Isometrix system."The award of the Troll Unit project from Equinor adds to our extensive 4D and Isometrix program for the 2019 summer season. We are encouraged by our strong seasonal backlog which reflects an overall increase in 4D survey activity" said Irene Waage Basili…

The global provider of geophysical marine seismic acquisition Shearwater GeoServices has been awarded a seismic acquisition and depth processing contract by Turkish national oil and gas company Türkiye Petrolleri Anonim Ortakligi (TPAO).The survey contract covers an area of 2200 sqkm and includes fast track processing, followed by full time and depth processing, but location not revealed.Work will commence in Q2 2019 and will be conducted by the Polar Empress, said a press release.“We are very pleased to see the Polar Empress contracted by TPAO for this 14-streamer survey, following on from efficient operations elsewhere completing ahead of schedule.

Electromagnetic Geoservices (EMGS) has appointed Bjørn Petter Lindhom as the permanent CEO of the company.Lindhom assumed the position of interim CEO of the company on December 01, 2018, and now the board of directors resolved to make the appointment permanent.Eystein Eriksrud, Chairman of the board of directors said: "The board of directors is very pleased with the strong positive developments in EMGS. As previously announced, the Company has secured a number of important awards, including the LOA for a USD 73 million proprietary acquisition contract for Pemex and the USD 24 million acquisition contract in south-east Asia, which has…

Norwegian geophysical services company Electromagnetic Geoservices ASA (EMGS) is participating in a sole-sourced tender process for a multi-year acquisition contract.EMGS has now received a letter of award for the contract. The multi-year call-off acquisition contract, awarded by one of the world’s largest national oil companies, has a minimum value of approx. USD 29.3 million, and a maximum value of approx. USD 73.3 million, over a two-year period.Based on current acquisition estimates, the marine EM market leader expects that all or a substantial part of the minimum contract value will be recognised in 2019.EMGS expects that final contract execution will take place within approx. three weeks.