Norwegian energy group Equinor has awarded survey contracts to two offshore seismic companies.
The group has awarded one two-year framework agreement for 4D monitoring surveys on the Norwegian continental shelf and another specific framework agreement for 4D monitoring surveys at the Gullfaks field to PGS. The first survey is scheduled to start in June, and the total duration for the two projects is estimated at around 2.5 months.
“We are very pleased to be awarded these important framework agreements. We operate in a cyclical industry with low visibility, and longer-term contracts improve our order book and financial predictability in a challenging seismic market. An important part of our strategy is to maintain leadership in the production 4D segment. The confidence Equinor shows by awarding us these frame agreements confirms our strong position in the 4D market, the reliability of our Ramform vessels and the superior data quality provided by our GeoStreamer technology,” said Rune Olav Pedersen, president & CEO of PGS.
Additionally, Shearwater GeoServices signed a new long-term frame agreement with Equinor for 4D seismic services on the Norwegian continental shelf.
Under the frame agreement, Shearwater has been awarded an initial survey over the Heidrun Field in the Norwegian North Sea. The company will allocate one of its Isometrix vessels for the one-month survey, which starts in the second quarter.
The frame agreement has a firm period of two years starting in 2021 and includes two additional two-year option periods.