Aker Solutions, TGS Pen Sub-Surface Velocity Cube Agreement

Aker Solutions' geo business has signed a six-year frame agreement with TGS to cooperate in supplying regional sub-surface velocity cubes - hiQbe(TM) - for the UK Central North Sea area.

The agreement is valid for a period of six years, with optional extensions, from 29 May 2012. In addition, TGS has options to extend the agreement to other areas on the UK continental shelf.

"This is a very good agreement for us, with an important seismic company with whom we share a successful history of velocity cube co-operation on the Norwegian continental shelf," says Bengt Larssen, president of Aker Solutions' geo business.

hiQbe(TM) stands for regional high quality velocity cube and consists of hundreds of seismic stacking velocity data sets, and checkshots from hundreds of wells, all processed into one regionally consistent velocity cube, with anisotropy corrections.

It is created using proprietary Aker Solutions' technology.

"We are one of the largest sub-surface consultancy businesses on the Norwegian continental shelf. This co-operation confirms our technology and is recognition of our competence. As a result, we will be looking at expanding our capacity within this niche market," adds Larssen.

Aker Solutions' geo business delivers products and services through the whole subsurface value chain, from exploration to production, and is a leading velocity and depth conversion provider.

"We consider hiQbe(TM) to be a leading product for regional work, saving our customers time and money, with pre-tied regional wells and a complete earth velocity model for seismic depth conversion without disruptions," said Larssen.

Aker Solutions' contract party is Aker Geo AS.