The seismic industry is likely to see its total revenue slashed by 50% or more this year as recent exploration spending cuts by oil companies reverse a recovery for the sector, resulting in contract cancellations, survey delays and lower vessel utilisation, according to Rystad Energy.

The Oslo-based research consultancy has estimated in a fresh analysis that seismic revenue is set to fall by 51% in a scenario with the Brent oil price at $30 per barrel and by as much as 77% with the price at $20 per barrel when compared with last year.