Equinor Extends 4D Permanent Reservoir Monitoring Contract with CGG

OE Staff
Tuesday, January 18, 2022

French seismic data specialist CGG has secured a three-year contract extension to keep operating a dedicated permanent reservoir monitoring (PRM) imaging center in Equinor’s Stavanger offices. 

Equinor’s asset teams analyze the 4D seismic images delivered by CGG’s imaging experts within days of acquisition to optimize production management and recovery from the Johan Sverdrup, Snorre, and Grane fields in the Norwegian North Sea.

The extended PRM imaging contract will run from January 1, 2022, until December 31, 2024. Financial details were not disclosed.

In a separate statement on Tuesday, CGG said it had agreed with Pramena Investment & Anacap Financial Partners a sale and leaseback of Galileo, its headquarter building located in Massy, France. The closing of this transaction is expected in Q2 2022.

Yuri Baidoukov, CGG CFO, said: "We are pleased to announce this sale and leaseback agreement. This transaction emphasizes CGG's continuing efforts to reduce its cost base and strengthen its balance sheet.”

Categories: Energy Geoscience Activity Europe Seismic

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