Shearwater Geoservices News

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…

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.

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.

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.

Norwegian offshore survey specialist Shearwater GeoServices has been awarded three 4D seismic surveys by Equinor to be conducted this summer.The Geoservices company said in a press release that the projects confirm Shearwater’s Isometrix crews will be active in 2019, on 4D projects in the North Sea and Barents Sea. Together with the recent announcement of 3 OBS 4Ds this brings Shearwater’s announced 2019 4D awards to 6 projects, confirming its market leading position in 4D.Equinor has awarded Shearwater a multi-project contract, with three surveys to be conducted in 2019 at the Kvitebjørn & Valemon, Visund and Snøhvit fields. The first survey is scheduled to start in Q2 and the total duration for the three 2019 projects is estimated at around 3 months.

Norway-based provider of marine geophysical services Shearwater GeoServices Holding  announced the completion of the acquisition of the marine seismic acquisition assets and operations of WesternGeco, the geophysical services product line of Schlumberger.The owner of world’s largest fleet of high-end seismic vessels said in a release that the transaction was completed following receipt of relevant regulatory approvals and satisfaction of customary closing conditions.“We are now an industry-leading full-range geophysical services company with a solid financial and strategic platform. We are eager to move ahead as one strong combined business with global reach…

Norwegian marine geophysical services company Shearwater GeoServices Holding AS has entered into a definitive agreement to acquire the marine seismic acquisition assets and operations of Schlumberger’s geophysical services product line, WesternGeco.The transaction, which remains subject to regulatory approvals and other customary closing conditions, is expected to close in the fourth quarter of 2018.Houston based Schlumberger will receive cash consideration based on an enterprise value of $600 million plus a 15 percent post-closing equity interest in Shearwater. For a limited period, Schlumberger  will be entitled to payments under an earn-out agreement linked to future vessel usage over and above specific thresholds.

GC Rieber Shipping ASA's 50% owned geoservices company Shearwater GeoServices has been awarded a contract to acquire 3D seismic for Genel Energy in the Sidi Moussa license offshore Morocco. Additionally, Shearwater has been awarded a five months contract for an undisclosed client engaged in West Africa. The market outlook is improving, and the two contracts add significantly to Shearwater's backlog for the 2018 summer and autumn seasons. Genel Energy, one of the largest independent oil producers listed on the London Stock Exchange, has been active in Morocco for several years and plan to acquire seismic offshore Morocco with the expectation to materially de-risk the prospectively of the Sidi Moussa license.

Shearwater GeoServices, jointly owned by GC Rieber Shipping ASA and Rasmussengruppen AS, has been awarded a new contract by geophysical company TGS. The project is expected to take approximately three months and is scheduled to be completed by the end of September, 2018. For the second consecutive year Shearwater has been awarded a contract for a seismic survey on the Atlantic Margin in the Norwegian Sea. The 2018 survey will cover 5,135 km2 and will be performed by one of Shearwater's high-end 3D vessels. The vessel will utilize FlexiSource and a wide tow spread, for which all Shearwater vessels are designed. "We are very happy to return to the Atlantic Margin to work with TGS once more, extending the largest 3D seismic survey in Northern Europe.