Shearwater GeoServices, WesternGeco in Seismic Survey Services Deal

Wednesday, September 14, 2022

Marine seismic services firm Shearwater GeoServices has signed a multi-year global agreement for the purchase of geophysical data acquisition services by WesternGeco, and the award of a survey in Australia under the new agreement.

The agreement enables access to Shearwater’s acquisition technologies and global fleet of seismic vessels.

“The new frame agreement with WesternGeco enables both companies to move quickly to respond to client needs and market opportunities,” said Irene Waage Basili, CEO of Shearwater. “With our fleet of modern seismic vessels and global reach, we can efficiently scale up to meet client requirements as demand increases.”

The survey award, in the Bonaparte Basin offshore Australia, will last approximately two-and-a-half months and will be conducted by Shearwater's Geo Coral vessel, equipped with a multi-component sensor system. The survey is subject to regulatory approvals in Australia.

The objective of the proposed seismic survey is to provide an improved subsurface image of the eastern flank of the Vulcan Sub-basin and Londonderry High. The new data will provide an improved understanding of the subsurface, which to-date has been limited due to legacy surveys being unable to resolve shallow carbonate intervals and complex faulting, Shearwater said.

Ultimately the new data will provide improved confidence in mapping major geological units aiding in the identification and de-risking of petroleum prospectively across the seismic survey area, the company said.

Demand for seismic services rising

In addition, Shearwater today provided an update on backlog development reflecting rising demand for towed streamers and seabed seismic. 

"Following the great quarterly order intake to date, in the third quarter of 2022, the company’s total revenue backlog stands at a record USD $870 million," Shearwater said.

“With this latest award in Australia, Shearwater have successfully secured 52 months of new contracts across both streamer and seabed markets so far in the third quarter alone,” said Irene Waage Basili, CEO of Shearwater. “This is an all-time-high of new business for us in such a short time span, reflecting a combination of improving market fundamentals as oil and gas companies increase investments and our disciplined approach to having visibility on duration and pricing when bringing additional capacity into the market.”

Categories: Vessels Geoscience Industry News Activity Australia/NZ Seismic

Related Stories

Valeura Concludes Eight-Well Drilling Campaign in Gulf of Thailand

Keyfield Ventures into Indonesia’s Oil and Gas Market with New Partner

Velesto’s Jack-Up Rig Set for Drilling Job off Indonesia

Mubadala Energy Open to Sell Andaman Gas for Domestic Use

Scarborough FPU's Topsides and Hull Come Together in Major Engineering Feat (Video)

Shell-Reliance-ONGC JV Complete India’s First Offshore Decom Project

TMC Books Compressors Orders for FPSO and LNG Vessels

MODEC, Sumitomo Partner Up for Delivery of Gato do Mato FPSO

Woodside to Shed Some Trinidad and Tobago Assets for $206M

Woodside Inks Long-Term LNG Supply Deal with China Resources

Current News

OMV Exits Ghasha Gas Project off UAE with Lukoil Stake Sale

China's Sinopec Laucnhes $690M Hydrogen Venture Capital Funds

CIP, ACEN Partner Up for First Large-Scale Offshore Wind Farm in Philippines

Valeura Concludes Eight-Well Drilling Campaign in Gulf of Thailand

Three Dead in Chevron's Angolan Oil Patform Fire

BW Opal FPSO Vessel set for Work off Australia

Keyfield Ventures into Indonesia’s Oil and Gas Market with New Partner

Fire Contained at Vietnamese Oil Platform Undergoing Decommissioning (Video)

Velesto’s Jack-Up Rig Set for Drilling Job off Indonesia

Petronas, Inpex Secure Oil and Gas Exploration Rights off Indonesia

Subscribe for AOG Digital E‑News

AOG Digital E-News is the subsea industry's largest circulation and most authoritative ENews Service, delivered to your Email three times per week

https://accounts.newwavemedia.com