Shearwater GeoServices and CGG have cancelled plans to establish a marine streamer technology partnership.
Shearwater GeoServices and CGG have cancelled plans to establish a marine streamer technology partnership. Due to the downturn in the oil and gas industry, triggered by the Covid-19 pandemic, Shearwater and CGG have jointly agreed to suspend negotiations regarding the partnership.
In June 2019 Shearwater and CGG entered a strategic partnership for marine seismic acquisition services and the creation of a new streamer technology company.
As part of the deal in which Shearwater purchased five streamer vessels jointly owned by CGG Marine Resources Norge and Eidesvik Offshore, the two companies agreed to create a technology partnership, under the Sercel brand name and CGG’s majority ownership, for the development, manufacturing, commercialization and support of marine streamer seismic acquisition systems.
‘Due to the downturn in the oil and gas industry, triggered by the Covid-19 pandemic, CGG and Shearwater have jointly agreed to suspend negotiations around creating a marine streamer equipment JV. Both Shearwater and CGG confirm their commitment to the technology advancements needed in the industry and remain open to explore future cooperation on technology in the years to come,’ said Irene Waage Basili, the CEO of Shearwater GeoServices.
Meanwhile, Shearwater GeoServices has won a contract for a large 3D seismic acquisition and depth processing contract in the Europe, Africa and Middle East (EAME) region. The survey, for a national oil company, is expected to take six months to complete, commencing in Q4.
