Shearwater GeoServices has won a contract for offshore survey work in India, with Oil India Limited.
The project for Oil India Ltd. is a combined 3D and 2D towed streamer seismic acquisition- and processing contract in the Andaman Sea and Kerala-Konkan coastal waters offshore India.
The 1,020 sq. km 3D survey will be executed by one of Shearwater's High Capacity 3D Vessels over a period of about 45 days.
Starting in the third quarter of 2020 the work program also comprises 8,400 km of 2D data acquisition. The project includes full 2D and 3D time processing and depth imaging by Shearwater's Processing & Imaging business.
Apart from the contract in India, Shearwater on Wednesday announced it had secured a survey deal with CGG in Brazil using the Ocean Sirius vessel. The deal is part of the five-year capacity agreement reached between the two companies after Shearwater acquired CGG's vessels earlier this year.
Shearwater on Wednesday said that offshore seismic industry has been severely impacted by the combination of the global economic and health crisis.
"The second quarter was particularly affected by logistical challenges related to crew changes caused by COVID-19 and global travel restrictions, while the third quarter will be impacted by a substantial reduction in customer’s investment levels," the company said.
"Following an initial period of uncertainty in the dual crisis, Shearwater now has line of sight for the period ahead as customers reduce spending.
The flexibility inherent in Shearwater’s business model has already given significant savings with limited impact on the permanent workforce," the company said, adding that it has taken measures to reduce costs in line with the reduction of activity in the market.
Shearwater CEO Irene Waage Basili said: “Our flexible model is by design and I am pleased to see it has passed the test of responding to abrupt change in market conditions. It can equally be applied on short notice when the markets justify a scaling up of the fleet."
“We maintain maneuverability 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," Basili said.
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