Thursday, February 22, 2024

Shearwater GeoServices and WesternGeco sign Global Agreement for Seismic Acquisition Services and announce Australia survey award.

Shearwater GeoServices Holding AS (“Shearwater”) is pleased to announce a multi-year Global Agreement for the purchase of geophysical data acquisition services by WesternGeco, and the award of a survey in Australia under the new agreement.

The agreement enables access to Shearwater’s full range of acquisition technologies, and global fleet of seismic vessels.

“The new frame agreement with WesternGeco enables both companies to move quickly to respond to client needs and market opportunities,” said Irene Waage Basili, CEO of Shearwater. “With our fleet of modern seismic vessels and global reach, we can efficiently scale up to meet client requirements as demand increases.”

The survey award, in the Bonaparte Basin offshore Australia, will last approximately two-and-a-half months and will be conducted by the Geo Coral, equipped with a multi-component sensor system. The survey is subject to regulatory approvals in Australia.

The objective of the proposed seismic survey is to provide an improved subsurface image of the eastern flank of the Vulcan Sub-basin and Londonderry High. The new data will provide an improved understanding of the subsurface, which to-date has been limited due to legacy surveys being unable to resolve shallow carbonate intervals and complex faulting. Ultimately the new data will provide improved confidence in mapping major geological units aiding in the identification and de-risking of petroleum prospectively across the Seismic Survey area.

Shearwater Provides Order Intake Update

In addition, Shearwater today provided an update on backlog development reflecting rising demand for towed streamer and seabed seismic. Following the great quarterly order intake to date, in the third quarter of 2022, the company’s total revenue backlog stands at a record USD $870 million.

“With this latest award in Australia, Shearwater have successfully secured 52 months of new contracts across both streamer and seabed markets so far in the third quarter alone” said Irene Waage Basili, CEO of Shearwater. “This is an all-time-high of new business for us in such a short time span, reflecting a combination of improving market fundamentals as oil and gas companies increase investments and our disciplined approach to having visibility on duration and pricing when bringing additional capacity into the market.”

About Shearwater GeoServices Holding AS
Shearwater GeoServices Holding AS is a global, customer-focused and technology-driven provider of marine geophysical services. The company has the world’s largest fleet of high-end seismic vessels and a portfolio of proprietary technologies and software that provide customers with a full range of towed streamer and ocean bottom geophysical acquisition techniques, efficient surveys and high-quality data. Shearwater has an industry-leading cost position and a strong balance sheet. Headquartered in Bergen, Norway, Shearwater is owned by RASMUSSENGRUPPEN AS, Schlumberger, and GC Rieber Shipping ASA.

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