Shearwater GeoServices to Shoot Seismic for CGG in Brazil

July 1, 2020

Image Credit: Shearwater GeoServices
Image Credit: Shearwater GeoServices

Norwegian seismic survey company Shearwater GeoServices has received an award by the French seismic data company CGG for the Brazil Nebula survey extension.

"We are pleased to see this award by CGG and look forward to continuing the work by Shearwater crews in Brazil,” said Irene Waage Basili, the CEO of Shearwater GeoServices.

The project, which will start in July and will be conducted by the Oceanic Sirius, will take approximately 6 months to complete.

To remind, Shearwater has earlier this year completed the strategic vessel transaction with CGG following an agreement signed in June 2019.

The transaction included the takeover of five high-end seismic vessels, and the five-year capacity agreement for marine seismic acquisition services between Shearwater and CGG became effective. 

The transaction included the five streamer vessels, and two legacy vessels, previously owned by CGG and Eidesvik, five complete streamer sets previously owned by CGG and a long-term capacity agreement granting Shearwater a guaranteed cash flow and activity level for a period of five years.

The capacity agreement includes a minimum commitment of two vessel-years annually over the agreed five-year period which yields an attractive cash flow and activity level for Shearwater and ensures CGG access to strategic capacity for its future multiclient projects through Shearwater’s global fleet of high-end 3D vessels. 

With the completion of the vessel transaction, CGG exited the marine data acquisition business.




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