Shearwater Secures Five-month Extension for Offshore Survey in Brazil

October 27, 2020

Oceanic Sirius - Credit: Shearwater

Oceanic Sirius – Credit: Shearwater

Seismic survey services company Shearwater GeoServices has won a five-month contract extension for CGG’s Brazil Nebula multi-client survey.

This extension-period starts in the late fourth quarter of 2020 and will be conducted by the Oceanic Sirius vessel.

To remind, Shearwater had first won the contract with CGG for the Nebula project in July 2020.

“The extension provides a solid addition to our firm backlog for the northern winter, and austral summer season”, said Irene Waage Basili, the CEO of Shearwater GeoServices. 

“We are pleased to continue to work with CGG on this major survey offshore Brazil,” Basili said.

It is interesting to note that Shearwater’s Oceanic Sirius vessel, was once owned by CGG.

Shearwater in January completed the strategic vessel transaction with CGG following an agreement signed in June 2019.

The transaction included the takeover of CGG’s five high-end seismic vessels, and the five-year capacity agreement for marine seismic acquisition services between Shearwater and CGG became effective. 

The transaction included the five streamer vessels, and two legacy vessels, previously owned by CGG and Eidesvik, five complete streamer sets previously owned by CGG, and a long-term capacity agreement granting Shearwater a guaranteed cash flow and activity level for a period of five years.

The capacity agreement includes a minimum commitment of two vessel-years annually over the agreed five-year period which yields an attractive cash flow and activity level for Shearwater and ensures CGG access to strategic capacity for its future multiclient projects through Shearwater’s global fleet of high-end 3D vessels. 

With the completion of the vessel transaction, CGG exited the marine data acquisition business.