Shearwater GeoServices awarded extension to current contract

13 March 2017

A Shearwater GeoServices Norway AS subsidiary has received the award of an additional 835 Square Kilometers of broadband acquisition and processing from an NOC in the APAC Region, extending the current backlog by approximately one month and the total project survey volume above 5000 Square Kilometers. The extension shall be conducted the Polar Marquis. The extension will follow a highly efficient survey campaign including undershoot operations with the Polar Duchess.

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.