Seismic vessel operators finished 2022 with a boost from new contracts and rising utilisation for survey work
PGS will use two vessels in Brazil in 2023 to undertake time-lapse geophysical (4D) surveys over the Barracuda and Caratinga oil fields in the Campos basin, for state energy group Petrobras.
PGS plans to mobilise Ramform Victory to acquire the seismic data and PGS Apollo as a source vessel in Q2 2023, with the survey set to be completed in Q1 2024. The costs of mobilising Ramform Victory will be covered within the project contract.
PGS president and chief executive Rune Olav Pedersen said projects like these improve fleet utilisation in 2023. “Our visibility for 2023 is improving with increasing rates,” he said.
Also in Brazil, PGS will shoot a 3D seismic survey in the Santos Sul area using Ramform Tethys, which was mobilised to the site in December for a nine-month project.
PGS has secured prefunding for a large multi-client 3D seismic survey in the Norwegian Sea. This 12,500-km2 survey will involve an unnamed Ramform Titan-class vessel over two seasons, with mobilisation for the first season Q2 2023 and full survey completion scheduled for Q3 2024.
PGS has deployed Ramform Sovereign to undertake a new seismic survey offshore Sabah, Malaysia, starting in January 2023, after securing funding to expand its multi-client 3D seismic database. This survey is the sixth phase of multi-client acquisitions in the prolific Sabah region where Petronas and international energy companies, such as Shell, intend to conduct exploration drilling from 2024.
These contracts helped PGS to report revenues of US217M in Q4 2022, up from US$210M in Q4 2021. Contract revenues were US$111M and multi-client late sales revenue was US$92M in Q4 2022.
“Our Q4-produced revenues increased 44% year-over-year and are another confirmation of an improving marine seismic market,” said Mr Pedersen. “Following relocation of most of our vessels early in the quarter, production has been strong. Contract rates continue to improve, and our Q4 contract revenues are the highest since Q4 2014.”
Shearwater GeoServices Holding won contracts to conduct two 4D seismic surveys over the Jubarte, Baleia Anã and Tartaruga Verde fields in the Campos basin offshore Brazil, with the first set to commence Q3 2023 and the other in Q1 2024.
Petrobras will use data from these surveys to monitor the movement of oil within the fields since the previous 3D surveys were acquired, thus these are known as 4D surveys.
“We have a strong track record in Brazil and a well-established relationship with Petrobras,” said Shearwater chief executive Irene Waage Basili.
At the end of 2022, CGG and TGS announced plans for a new 3D multi-client survey offshore Brazil and a contract and an ocean bottom node (OBN) multi-client seismic survey in Norway.
In Brazil, they will shoot the Foz do Amazonas Phase II survey, covering 11,425 km2 of data to support exploration efforts in the basin. They expect initial data from the survey to be available Q4 2023, with final products available from Q3 2024.
In Norway, both companies will undertake a dense OBN seismic survey in the Sleipner area of the North Sea, starting June 2023. Separately, TGS will undertake a multi-client 2D seismic programme offshore Bangladesh, in partnership with SLB and Petrobangla Q1 2023.
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