TGS inks seismic contracts with Shearwater, Polarcus

January 20, 2017

Norway's TGS has inked two new seismic vessel contracts with Norwegian geoscience firms Shearwater GeoServices and Polarcus, for surveys in Europe.

Shearwater GeoServices has agreements for two surveys, one firm and one optional, starting between March and May 2017, and covering a total 15,000sq km, using two of Shearwater's high end 3D vessels.

Polarcus has a letter of award to acquire 30,000sq km of 3D multi-client data in Europe. About 20,000sq km of that will be acquired in 2017, using two Polarcus vessels using the firm's XArray multiple source acquisition method, starting early in Q2. The remaining 10,000sq km will be acquired in 2018, using up to two Polarcus vessels, starting early Q2 2018. 

Yesterday, TGS revealed it would be starting a new, industry funded multi-client acquisition project in 2017, the AM17 Atlantic Margin 3D in the Norwegian Sea.

AM17 is a 40,000sq km project in the central-southern Norwegian Sea covering largely open blocks in a relatively under-explored area with limited drilling to date.

TGS said new understanding of the geological development of the area opens up a variety of play models from rotated Jurassic and Cretaceous fault blocks, to stratigraphic and structural traps in Paleocene and Cretaceous turbidite/fan deposits.

Announcing its agreement with TGS, Shearwater said the scope of the firmly awarded survey equals to approximately six vessel months and requires a wide tow spread for which the Shearwater vessels are designed. The optional scope equals to four additional vessel months.

Shearwater GeoServices is a new marine geophysical company jointly owned by GC Rieber Shipping and Rasmussengruppen. 

Irene Waage Basili, CEO of Shearwater GeoServices comments: "The contracts represent continuous utilization for two of our vessels for the spring and summer season supporting our strategy to build solid backlog for our fleet in a highly competitive marketplace. Being a newly established company we are proud to already have built such a strong backlog with demanding clients, demonstrating our customer's confidence in our ability to deliver."

Shearwater GeoServices has a fleet of four modern seismic vessels, Polar Empress, Polar Duke, Polar Duchess, and Polar Marquis, previously owned by GC Rieber.

Image: Shearwater's Polar Marquis. 



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