Seabed Geo Places Eidesvik Offshore Vessel on Standby

OE Staff
Friday, April 24, 2020

Ocean Bottom Node survey company Seabed Geosolutions and Norwegian vessel owner Eidesvik Offshore have reached an agreement to place Eidesvik’s Subsea Viking vessel on a stand-by.

Seabed Geosolutions back in February awarded two Eidesvik's vessels, the node-handling Subsea Viking, and the seismic source vessel Vantage, four-month contracts each.

However, in the first week of April, Eidesvik said Seabed Geo would return the Vantage earlier than originally planned and that the contract for the Vantage “has been canceled.”

Eidesvik at the time did not say what the status of the Subsea Viking was, however, it on Friday, April 24, said an agreement had been reached between the companies.

The contract has been amended with a stand-by period for the Subsea vessel, pending the start of operations as planned for under the original contract.

Eidesvik said that the new agreed standby period started March 27, 2020, and is limited to April 1, 2021, with a possibility for operations to begin before the expiry of the standby period. The Subsea Viking is currently moored in Galveston, Texas.

Eidesvik’s client, Seabed Geo, has, like most other marine seismic contractors, been hit hard by the recent combination of low oil prices and the COVID-19 pandemic.

The company, owned by Fugro, has recently lost a contract in the Middle East, and a project that was expected to start soon in Brazil has been delayed.

Fugro last week said that while Seabed Geo was actively pursuing opportunities, "backlog is currently limited."

"Therefore, Seabed is reducing its operational footprint. SG&A expenses will be reduced by around 40%. The company will also apply for available governmental schemes in the countries in which it operates. Additionally, capex is to be strongly reduced," Fugro said on behalf of Seabed Geosolutions.

Categories: Energy Vessels Geoscience Industry News Activity Norway Europe North America Americas

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