Shearwater wins seismic survey work with India’s ONGC
- Business & Finance
Marine geophysical company Shearwater GeoServices has been awarded a 3D broadband marine seismic acquisition contract by India’s ONGC for the planned 2017/2018 field season.
Shearwater said on Wednesday that the surveys would take approximately five months with the main streamer vessel mobilizing to the Asia Pacific region in the fourth quarter of 2017.
Irene Waage Basili, CEO of Shearwater, said: “This is the second consecutive year Shearwater will work for ONGC. A pleased customer is a repeat customer, and we see this award as a testament to the quality of the delivery from the Shearwater organization.
“We know the operational area well, and in the challenging market we are all experiencing today, we are very pleased to have secured this contract which gives us full utilization for one of our vessels through the winter season.”
The company did not disclose the value of the deal nor the name of the vessel which will be used for the survey.
The first contract between the two companies began in December of last year with two of Shearwater’s vessels involved. One of the vessels, the Polar Marquis, was given an extension with the Indian company in March 2017 for an 835-square kilometer 3D broadband acquisition.
Basili added on Wednesday that the company’s performance during the first year of its existence had exceeded the plans that formed the basis for establishing it.
“We are proud to say that we have been able to maintain our solid financial platform despite a very challenging market situation through 2017,” she said.
Shearwater is jointly owned by GC Rieber Shipping and Rasmussengruppen.