CGG, Magseis Fairfield Secure Pre-funding for North Sea Survey

July 29, 2020

Cornerstone Map  Credit: Magseis Fairfield
Cornerstone Map Credit: Magseis Fairfield

Oslo-listed seismic survey company Magseis Fairfield has together with its partner CGG secured pre-funding from another oil major for the extension of the OBN Cornerstone multi-client survey in the North Sea.

Magseis Fairfield did not say who the oil major was, but said the pre-funding confirmed the industry interest in the area and reduced Magseis Fairfield's relative exposure in the project. 

"Together with CGG we are bringing together leading nodal acquisition and data processing technologies to re-image this mature basin with superior imaging quality. The project was developed in close collaboration with the industry, and we are confident that higher-quality data will generate value creation opportunities for our clients," says CEO Carel Hooijkaas in Magseis Fairfield. 

Per the OBN survey firm, the UK Oil and Gas Authority's 32nd offshore license round includes a significant number of blocks in the project area and is expected to generate further interest in the Cornerstone multi-client data.

The project had already been granted partial pre-funding from another oil major when it was announced in November 2019. 

The survey started in March 2020 and will with this extension run to the end of 2020 North Sea season. 

Planning for next year's program is well underway, as not all pre-funded commitment areas will be covered during this season. 

"For us this is further supports our multi-client strategy and provides a significant further de-risking of this project. As earlier communicated, we have taken decisive action to preserve our financial flexibility and ensure a good entry into 2021, and this supports those efforts," says Hooijkaas.



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