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

MODEC and Samsung Team Up to Install Carbon Capture Tech on FPSO

Sapura Energy Nets $720M from Multiple Drilling Services Contracts

Saipem’s Castorone Vessel on Its Way to Türkiye’s Largest Gas Field

Vestas Lands First 15MW Offshore Wind Turbine Order in Asia Pacific

AI & Offshore Energy: The Higher the Stakes, the More Value AI Creates

Sunda Energy, Timor-Leste Gov Plan Accelerated Chuditch Gas Development

RINA to Conduct Pre-FEED Study for Petronas’ CCS Project in Malaysia

Petronas Awards PSCs for Nine Fields and One Exploration Block off Malaysia

OPEC+ Passes on Oil Output Increase, Weighs the "Trump Effect"

CNOOC Brings Bohai Sea Oil Field On Stream

Current News

Fire at Petronas Gas Pipeline in Malaysia Sends 63 to Hospital

Japan’s ENEOS Xplora, PVEP Ink Deal for Vietnam Offshore Block

CNOOC Makes Major Oil and Gas Discovery in South China Sea

Valeura’s Assets in Gulf of Thailand Remain Operational After Earthquake

Op-Ed: Kazakhstan’s National O&G Firm Positioning Itself as Global Energy Player

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

CNOOC Sees 11% Profit Growth in 2024 Driven by Record Oil Production

‘Ultra-Mega’ Offshore Deal for L&T at QatarEnergy LNG’s North Field Gas Scheme

Keel Laying for Wind Flyer Trimaran Crew Boat

MODEC Gets Shell’s Gato do Mato FPSO Ops and Maintenance Job

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