Shearwater GeoServices returns to Atlantic Margin for TGS

11 April 2018

Shearwater GeoServices AS (Shearwater) has been awarded a new contract by the Multi-Client 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. It is especially satisfying to be awarded repeat business from renowned clients. In addition, this award further solidifies our position in the acquisition of large efficient 3D seismic surveys," says Irene Waage Basili, CEO of Shearwater GeoServices.

In 2017 Shearwater acquired 29,500 km2 of FlexiSource data for TGS, including 17,700 km2 for the TGS Atlantic Margin project. The 2018 season will bring the total area shot by Shearwater for the Atlantic Margin project to 22,835 km2.

Shearwater has over the winter season been awarded several significant contracts. Three of Shearwater's vessels are currently engaged in surveys in the Indian Ocean for the winter season. The company is well under way building a solid backlog for the 2018 summer and autumn seasons. 

"The seismic market remains challenging, but we see an increasing interest for Shearwater's offering and the number of prospects is increasing. Whilst we do not expect a near term dramatic change in the market picture, but we remain cautiously optimistic and expect to see more awards coming our way", says Irene Waage Basili. 

About Shearwater GeoServices:
Shearwater GeoServices ("Shearwater"), jointly owned by GC Rieber Shipping ASA and Rasmussengruppen AS, has a fleet of four modern seismic vessels, a broad offering of high quality geophysical services including advanced processing and acquisition techniques, and two owners with complementing skills and collectively a long experience in the industry.

For further information:
Irene Waage Basili, CEO, Shearwater GeoServices, phone: +47 90 09 86 88