According to Wavefield chief executive Atle Jacobsen, oil companies are now paying 50% to 60% margins on contract shoots.
The high demand in the contract market has spilled over into the multi-client market, where interesting projects now fetch more than 100% pre-funding.
The new company will place about 75% of its bets in the contract market and spend about 25% in the more risky multi-client market.
The
