Shearwater GeoServices, TGS optional survey confirmed

13 March 2017

Shearwater GeoServices Norway AS has received confirmation from TGS that the optional survey in Norway will be executed, confirming the extended backlog in Norway for the 2017 season to approximately 15,000 sqkm to be conducted by two of Shearwater's high end 3D vessels. The increased scope equates to approximately 4 additional vessel months, with all surveys to be conducted utilising Shearwater's FLEXISource acquisition technique. FLEXISource uses overlapping, multiple sources to provide high quality 3D data with increased data density and efficiency.

Shearwater GeoServices is a new marine geophysical company jointly owned by GC Rieber Shipping ASA and RASMUSSENGRUPPEN AS and the announced agreement represents a significant contribution to the company's order book and fueling its ambitious growth strategy.

Shearwater GeoServices ("Shearwater") 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. In connection with the establishment of Shearwater, GC Rieber Shipping and Rasmussengruppen invested USD 60 million in equity.