Norwegian seismic player Shearwater GeoServices and UK-headquarter geophysical services company WesternGeco have signed a multi-year global agreement and the new tie-up has already secured its first survey.
Shearwater on Wednesday confirmed the deal whereby WesternGeco will purchase geophysical data acquisition services from Shearwater, and the award of a seismic survey in Australia under this new agreement.
The seismic shoot in the Bonaparte basin offshore Australia will last approximately two and a half months and will be acquired by survey vessel 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, said Shearwater.
The novel agreement with WesternGeco 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, Shearwater chief executive.
“With our fleet of modern seismic vessels and global reach, we can efficiently scale up to meet client requirements as demand increases.”
The contractor’s current revenue backlog currently stands at a record US$870 million, as operators move to make up for the downtime resulting from the coronavirus pandemic.
“With this latest award in Australia, Shearwater has successfully secured 52 months of new contracts across both streamer and seabed markets so far in the third quarter alone,” added Basili.
“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.”