Magseis ups its game on Oslo Axess

Shares in Norwegian geophysical firm Magseis started trading on the Oslo Axess stock exchange on Friday.

Magseis was founded in 2009, and has developed a proprietary Ocean Bottom Seismic (OBS) technology. The company has one purpose-built vessel in operation, Artemis Athene, which started its first survey for Statoil in Q4 2013.

During the 1H 2014, Magseis successfully completed the Albatross and Varg surveys for Statoil and Talisman – delivering high quality data and establishing the ability to work near complicated infrastructure.

Work has now started on the Oseberg and Gullfaks fields for Statoil and the company is well-positioned to deliver profitable growth in 2014 and beyond, it said in a statement.

Magseis says it believes that in a rapidly growing market for production related seismic services, OBS will capture an increasingly larger market share due to the significant advantages in data quality.

“We regard the listing on Oslo Axess as an important milestone for Magseis as it marks the start of a new growth phase with our now field-proven system. The next 12 months will be an exciting period in our development with the ongoing upgrade of capacity on Artemis Athene as well as the start-up of our second crew during 2015,” says CEO Ivar Gimse.