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Shearwater c GeoServices Completes Vessel Transaction with CGG

Gasoil News - Published on Wed, 15 Jan 2020

Image Source: Shearwater GeoServices CGG
Shearwater GeoServices Holding AS has completed the strategic vessel transaction with CGG, including the takeover of five high-end seismic vessels, and the five-year capacity agreement for marine seismic acquisition services between Shearwater and CGG became effective. Preparations for the joint creation of a new streamer technology company continues with expected completion in the first half of 2020. The transaction includes the five streamer vessels, and two legacy vessels, previously owned by CGG Marine Resources Norge AS and Eidesvik Offshore ASA, 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.

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Posted By : Yogender Pancholi on Wed, 15 Jan 2020
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