Magseis Fairfield in Mexico's First Deepwater OBN Survey

March 27, 2020

Rem Saltire - Image by Neil C McBride - MarineTraffic
Rem Saltire - Image by Neil C McBride - MarineTraffic

Offshore seismic data acquisition company Magseis Fairfield has secured a deepwater Ocean Bottom Node project offshore Mexico.

According to Oslo-listed Magseis Fairfield, work is scheduled to start in the third quarter of 2020 and will take approximately 60 days.  The survey will be carried out in water depths of 2,000 to 2,600 meters.  

"The award adds further to the backlog for Magseis Fairfield's proven existing ZXPLR crew, led by the REM Saltire node handling vessel. The new award increases the crew's backlog into the fourth quarter 2020, following the two deepwater OBN programs announced in December 2019," the company said Friday.
"This award demonstrates our leading position in the deepwater OBN market and strengthens our 2020 backlog. The work is for a repeat customer who completed a survey in the US Gulf of Mexico earlier in 2020, and we very much look forward to working for them in Mexico later his year," says Carel Hooijkaas, Magseis Fairfield CEO.

Per the seismic company, this is the first deepwater OBN survey in Mexico following the 2013 Energy Reform.

Crew changes may be affected due to travel restrictions

In a separate statement on Friday, the OBN firm also tackled the situation with the coronavirus pandemic and the current low oil prices.

"The company is glad to report that no employees have so far been infected. None of our employees that are in proactive self-quarantine have experienced any symptoms."  

"The coronavirus has so far not had any material effect on ongoing operations. Travel restrictions may affect crew changes going forward, and the company is working with the crews and local authorities to manage the situation. The company has stress-tested its supply chain and bought forward critical supplies to ensure continuity of operations."

"Office personnel has retreated to remote work from home and are only allowed into the office with approval from their manager," the company explained.

Furthermore, Magseis Fairfield said:" The company keeps close contact with its customers as the industry adjusts to the new environment and finds that their focus remains on finding ways to improve reservoir management and increase recovery factors to continue to create value in a low oil price environment."  
 
"As part of the restructuring of the Group, Magseis Fairfield in February 2020 completed its refinancing through an equity issue of approximately USD 30 million, and through replacing a bank term loan with a revolving credit facility of approximately USD 30 million. The company's asset light business model enables Magseis Fairfield to preserve cash in a more uncertain business environment, while at the same time retaining the ability to ramp-up rapidly to execute on new project opportunities," it added.

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