Shearwater lands seismic contracts with CGG and Oil India

The project with Oil India entails a combined 3D and 2D towed streamer seismic acquisition- and processing contract in the Andaman Sea and Kerala-Konkan coastal waters offshore India.

The 1020 km² 3D survey will be executed by one of Shearwater’s High Capacity 3D Vessels over a period of about 45 days. Commencing in Q3 2020 the work programme also comprises 8400 km of 2D data acquisition. The project includes full 2D and 3D time processing and depth imaging by Shearwater’s Processing & Imaging business.

The company has also been contracted to carry out the Brazil Nebula survey extension for CGG. The project will commence in July and will be conducted by the Oceanic Sirius (pictured), taking approximately 6 months to complete.

In March, Shearwater announced its first deepwater OBN award. The project was launched successfully in the second quarter, breaking the cost curve by implementing an industry leading wide-tow triple string and triple source configuration.

The company has also said that its utilisation numbers for the first half of the year have remained strong. Measures have been taken to reduce costs in line with reduced market activity, with limited impact on the permanent workforce.

In the first half, Shearwater consolidated its ship management in-house to fully realise scale efficiencies. As part of this process, all four 'Polar' vessels will be renamed with the prefix 'SW'.

Shearwater CEO, Irene Waage Basili, commented: “I am pleased to announce these achievements for Shearwater particularly given the difficult market backdrop for our industry. Although we have been successful in securing more than our fair share of new business going into the second half of the year, the total market has been drastically reduced in the short term. Securing sensible backlog in the short term while taking strategic positions in forward looking markets is absolutely key in this environment.

We will remain a long-term partner to our customers focused on providing better data, safely, more efficiently, at the right cost with minimal impact on the environment while we look ahead to identify the opportunities which will come as markets return to a new normal,” Waage Basili continued.

“We maintain manoeuvrability in a slower market where our presence across all segments from ocean bottom to 4D surveys, from processing and imaging to software, positions us to navigate through the downturn,” said Waage Basili. “Our long-term ambitions are unchanged, and while in the short-term we are buffeted by increased uncertainty, we will take the required actions to emerge on the other side as a stronger company.”

Image courtesy of Shearwater

Read the article online at: https://www.oilfieldtechnology.com/offshore-and-subsea/01072020/shearwater-lands-seismic-contracts-with-cgg-and-oil-india/