With The Seismic Market Gaining Traction In Brazil, Shearwater Adds Tenth Vessel To Fleet

Written by Paulo Nogueira

Published on 22/05/2019 at 05:12

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Shearwater GeoServices, the seismic services company, decided to put the tenth vessel into active operation for the Northern Hemisphere summer season of 2019, due to a strong backlog of orders, as the marine seismic acquisition market gains strength.

According to Shearwater’s statement on Tuesday, this extensive fleet is being put into operation based on a solid backlog and provides marine seismic acquisition services that encompass towing and seabed activities in response to the growing demand for geophysical services from E&P companies and multiple clients worldwide, including Brazil.

The high activity from clients and the successful integration of marine seismic acquisition assets and operations from Schlumberger, acquired by Shearwater in November 2018, over the past six months, has provided Shearwater with a 33-month order book at the end of May, with projects for clients such as Equinor and Shell, Aker BP, and TGS.

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For comparison, in the same period last year, the company had three vessels in operation and a 14-month backlog. Measured by revenue, the backlog has increased fourfold compared to the previous year without compromising project margins.

“It has been a very busy six months. We have already activated six cold-stacked vessels and have one more underway in response to growing demand for our high-end assets, operational capabilities, and leading solutions,” said Irene Waage Basili, CEO of Shearwater GeoServices.

Contracts awarded so far in 2019 include 3D and 4D projects for Shell and Equinor, from offshore Australia to the Barents Sea, Ocean Bottom Seismic (OBS) for Aker BP and Equinor in the North Sea, as well as a major survey in Brazil by TGS.( Read more here)

Shearwater also received a high-density multi-azimuth 3D seismic acquisition contract over the SNE field off the coast of Senegal from Woodside.

The company added that the backlog for processing and imaging services has also grown significantly due to the strengthening of its market position, which has also led to new clients for the Reveal software business.

Irene Waage Basili added: “It is a strategic priority for Shearwater to have critical mass and scalability to ensure efficient and competitive operations. It also allows us to attract and retain the best people in the industry, continue investing in technology development, and be a long-term partner for all our clients.”

With The Seismic Market Gaining Traction In Brazil, Shearwater Adds Tenth Vessel To Fleet

Shearwater GeoServices, the seismic services company, decided to put the tenth vessel into active operation for the Northern Hemisphere summer season of 2019, due to a strong backlog of orders, as the marine seismic acquisition market gains strength.

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