5th November 2020

Shearwater GeoServices comment on streamer technology joint venture.

"Since the announcement of the CGG transaction in June 2019, Shearwater shared their intent to form a joint technology partnership for future marine streamer seismic acquisition systems with Sercel. The Vessel and Capacity part of the transaction with CGG was successfully completed in January this year and has resulted in a very close working relationship between CGG and Shearwater.

Due to the downturn in the oil & gas industry, triggered by the COVID-19 pandemic, CGG and Shearwater have jointly agreed to suspend negotiations around creating a marine streamer equipment JV. Both Shearwater and CGG confirm their commitment to the technology advancements needed in the industry and remain open to explore future cooperation on technology in the years to come”, said Irene Waage Basili, the CEO of Shearwater GeoServices.

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.