You are here

Equinor Awards Long-term Frame Deals to Seismic Players PGS and Shearwater

10th March 2021

Equinor has awarded PGS and Shearwater GeoServices framework agreements for 4D towed streamer seismic acquisition on the Norwegian continental shelf (NCS). The agreements have a total estimated value of around NOK 700 million.

The Ramford Vanguard seismic vessel. (Photo: Ole Jørgen Bratland)

“This is a new way of working with seismic suppliers. We are moving away from annual tenders towards a more long-term collaboration model. This will ensure improved predictability and more sustainable rates for suppliers in the seismic industry that is traditionally exposed to significant cyclicality,” says Peggy Krantz-Underland, Equinor’s chief procurement officer.

PGS and Shearwater have been awarded generic framework agreements covering 4D seismic services on the NCS for a firm period of two years starting in 2021. The agreements include two two-year options and can also be applied for the UK continental shelf.

“4D seismic gives us better data to map remaining oil and gas resources as the reservoirs are being produced. These contracts will help us optimize the reservoir drainage and place new wells, and thereby achieve our ambition of recovering 60 percent of oil and 85 percent of gas on the NCS,” says Charlotte Bøe Tjølsen, vice president of petroleum technology operations in Equinor.

PGS has also been awarded a specific framework agreement for 4D seismic services at the Gullfaks field. The agreement comprises an exclusive right to acquire up to three surveys prior to 2031.

PGS and Shearwater are Norwegian seismic suppliers with strong technical solutions, modern and well-equipped vessels and a good track record for Equinor.

The new agreements will create important activity for the suppliers. The offshore operations will be supported by PGS’s office in Oslo and Shearwater’s offices in Bergen and Gatwick.

Related topics: