2nd September 2020

Shearwater GeoServices announces new 3D seismic acquisition agreement with ION

Shearwater GeoServices Holding AS (“Shearwater”) today announced a new 3D seismic acquisition award for ION Geophysical’s UK Mid North Sea High (“MNSH”) program. The Amazon Warrior will spend approximately one and a half months acquiring the initial phase of the MNSH 3D survey in Q3 2020 under an agreement that provides Shearwater a commercial interest and revenue sharing mechanism. This survey is part of a larger program proposed by ION to be acquired 2020-2021. The agreement also establishes a framework for the use of Shearwater’s vessels for ION 3D multiclient projects with conditional links to potential upcoming projects.

“ION is pleased to collaborate with Shearwater on the MNSH 3D multi-client program,” stated Chris Usher, ION’s President and Chief Executive Officer. “Shearwater’s modern acquisition technology platform, coupled with our proven imaging capabilities, will assure a high-quality product for our customers as they seek the best data to inform decision-making in this attractive new play. Building on our 3D multi-client reimaging success, finding top tier acquisition partners like Shearwater to support our asset light entry into the larger 3D multi-client new acquisition market will be critical to executing our strategy.”

“ION has been a technology partner and supplier for years. This new cooperative agreement with ION, and MNSH 3D project, forms the basis for a new customer for Shearwater with the potential for further projects in the future”, said Irene Waage Basili, the CEO of Shearwater GeoServices. “The Amazon Warrior is recognized by our clients as one of the leading acquisition platforms in the marine geophysical industry and will ensure ION achieves excellent 3D data quality.”

 


For further information
Irene Waage Basili, CEO, Shearwater GeoServices, phone: +47 90 09 86 88
Jonas Gade Christensen, Strategy and Investor Relations Manager, phone: +47 94 42 55 11

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, GC Rieber Shipping ASA, Schlumberger and Eidesvik Offshore.