Oslo-listed offshore seismic data acquisition firm Magseis Fairfield has secured 4D Ocean Bottom Node (OBN) survey gig in the Gulf of Mexico from an undisclosed repeat client.
The survey will be conducted with Magseis Fairfield’s ZXPLR technology. Start-up is expected in Q1 2022, and the project will run for about five months, with options for extensions, the company said.
"This award further strengthens our backlog in our core area of Gulf of Mexico and builds our 2022 visibility. We are pleased to see that customers continue to invest in their core assets to maximize recovery rates and cash generation” says Carel Hooijkaas, CEO in Magseis Fairfield.
The company did not share the financial details of the award.
Late in October, Magseis Fairfield reported revenue of $84.3 million and a gross margin of 30% in the third quarter 2021, citing higher crew utilization, improved project mix, overall strong project execution, and continued cash cost management.
Order backlog as of the end of September - so not including today's deal - was $247 million of which $67 million for delivery in 2021.
The company has recently painted an optimistic picture about future contract opportunities, saying that the need for increased oil and gas supply in the short-term to medium-term will translate into investments for increased recovery from already explored assets.
The company also expects a sharp recovery for greenfield projects from 2022, with CAGR of 20% between 2022-2025. In its quarterly report released in October, Magseis Fairfield said that 2022 market opportunities continued to grow in most regions, forecasting a 15% YoY market growth.
It said that some 50% of visible projects had been awarded, with key opportunities remaining in Europe, Americas, and Asia. The company, which is also diversifying its offering and venturing into carbon capture and offshore wind markets, said that there were multiple tendering opportunities for renewables projects in 2022.