Visiongain's new Marine Seismic Equipment and Acquisition Markets 2016-2026 report indicates that the marine seismic market will see capex of US$273 million on equipment and $2.7 billion on acquisition in 2016.
The fall in the price of oil has resulted in oil companies reacting by cutting exploration investments. This in turn has resulted in marine seismic acquisition companies making major cuts with regards to spending in order to remain profitable during this market downturn, Visiongain says.
Recovery in the marine seismic market will occur in line with the recovery of the oil price. Seismic data acquisition is expected to recover faster than the equipment market as companies can seek opportunities in both multi-client and proprietary work to utilize the availability of vessels and equipment, according to Visiongain.
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