Shearwater GeoServices has announced a more than sevenfold increase in 2020 backlog to 65 vessel-months at the start of 2020, up from nine vessel-months at the same time a year ago.
Shearwater GeoServices has announced a more than sevenfold increase in 2020 backlog to 65 vessel-months at the start of 2020, up from nine vessel-months at the same time a year ago.
This backlog includes 24 months of the minimum commitment in the recently signed capacity agreement with CGG for two vessel-years annually over a five-year period, but excludes the minimum commitment to collect data for WesternGeco under the deal to take over operation of its vessels.
Shearwater completed the deal with CGG in January in which the company took ownership of five fully equipped high-end seismic vessels and two legacy vessels and seismic equipment including five complete streamer sets. Shearwater now has a fleet of 23 vessels, including three OBS MPVs and two dedicated source vessels.
The two companies also announced that a joint venture, under CGG’s Sercel brand, for research and development, manufacturing, commercialization and support of marine streamer seismic acquisition equipment is on target to be finalized in the second half of 2020.
‘We see great value for the industry in creating a competitive provider of state of the art and competitively priced streamer technology. The purpose of the JV is to develop best of breed technologies under the Sercel brand name, capitalizing on its long history of delivering leading technologies to the seismic acquisition market,’ Irene Waage Basilli, CEO of Shearwater, said.
Last month, Shearwater announced the award of three Isometrix 4D towed streamer projects by Equinor, and a 4D Qseabed Ocean Bottom Seismic (OBS) project by Lundin Norway for the 2020 North Sea summer season.
In November, Shearwater announced the award of the largest-ever 4D campaign in the Asia Pacific region by Woodside covering up to six fields in late 2019 and into 2020. It was the second 4D award by Woodside in 2019.
‘We have announced several projects for execution this year including several 4D awards cementing our leading position in this segment. The 4D project pipeline for 2020 is strong,’ Waage Basili added.
Meanwhile, Shearwater’s acquisition of the TGS Argentina survey was expanded to include a second vessel and 11 vessel months overall.
In response to increased regional activity, the company in 2019 opened an office in Rio de Janeiro in August and completed seven months of acquisition in Brazil, as well as executing its first project offshore Colombia supported by a newly established local branch office.
Other contracts include projects for Shell in the Black Sea and a number of surveys in the North Sea for customers such as Lundin and Total. This capped a strong year for the multi-purpose vessel fleet, which through the year executed 12 vessel months of ocean bottom seismic, as well as source, 2D and 3D projects for various customers.
‘2019 was an active year led by the integration of the WesternGeco business, vessel reactivations and successful execution of several acquisition projects,’ said Waage Basili. ‘We start 2020 with a strong platform for growth in our backlog, with the world’s largest high-end fleet as well as cutting-edge processing and imaging technology. The guaranteed cash flow and activity level from the capacity agreement give vastly improved visibility.’
Meanwhile, Shearwater’s processing and imaging business reported a 65% increase in 2019 revenue versus 2018, and a 50% increase in backlog versus this time last year. Shearwater has signed processing and imaging master services agreements with two international oil companies.
Last year the company announced a technology collaboration with Equinor and the Norwegian Research Council for the next generation marine seismic source technology.
