Norway’s Equinor has entered into framework agreements with PGS and Shearwater GeoServices for 4D towed streamer seismic acquisition on the Norwegian continental shelf.
The two-year firm deal is starting in 2021, with two additional two-year options and can also be applied for the UK continental shelf.
“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 will acquire two 4D GeoStreamer monitoring surveys in 2021 over Fram and Tordis/Vigdis fields. The first survey should commence in June 2021. Total duration for the two 2021 projects is around two-and-a-half months.
PGS has also won 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.
“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,” says Rune Olav Pedersen, president & CEO in PGS.
