Magseis Fairfield Nets 2021 OBN Survey Work

OE Staff
Wednesday, July 1, 2020

Seismic data acquisition company Magseis Fairfield has secured a contract for a 4D OBN monitor survey in the North Sea 2021 summer season.

The company did not say who the client was, but it added that there is potential for follow-on work in subsequent years.  

"In the current market, clients are sharpening their focus on the value creation on existing fields, and our Ocean Bottom Node services offer a powerful tool to this end," says Carel Hooijkaas, CEO in Magseis Fairfield.  

"We have taken decisive action to align costs and capex in a challenging market, to protect our operational and financial flexibility and ensure a good entry into 2021. This program is a confirmation of our leading market position, and we are glad to see that we are now beginning to expand our backlog further into next year", says Hooijkaas.   

The program will start in May 2021, and potential work in subsequent years will be of similar scope.

To remind, back in April, Magseis Fairfield announced cost-cutting measures which included layoffs and furloughs.

Citing increased market uncertainty due to the coronavirus and lower oil prices, Magseis Fairfield said it would implement measures to cut SG&A by a further 30% and capital expenditure by 50% compared to previously communicated levels.  

The company at the time did not say how many people would be affected by the layoffs and furloughs. 

Categories: Geoscience Subsea North Sea Activity Europe Seismic OBN

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