10th March 2021

Shearwater awarded 4D survey by Equinor under new multi-year frame agreement

Shearwater GeoServices Holding AS (“Shearwater”) is pleased to announce a new long-term frame agreement with Equinor for 4D seismic services on the Norwegian continental shelf. The agreement can also be applied for the UK continental shelf. Under the frame agreement, Shearwater has been awarded an initial survey over the Heidrun Field in the Norwegian North Sea.

Shearwater will allocate one of its high-end Isometrix vessels for the one-month Heidrun survey, which starts in Q2 2021. The award adds to a growing worldwide 4D order book and supports the company’s framework for optimizing vessel utilization.

“Shearwater’s commitment to geophysics and established leading 4D technology positions us well to deliver high quality time-lapse measurements for Equinor. This new frame agreement provides us with increased visibility and the opportunity to optimise utilisation and efficiency into the future,” said Irene Waage Basili, the CEO of Shearwater GeoServices.

The frame agreement with Equinor has a firm period of two years starting in 2021 and includes two additional two-year option periods. The frame agreement is a continuation of a strong track record of collaboration and project execution between Equinor and Shearwater.

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, and Schlumberger.