Seabed Geosolutions Secures $70M Contract from Petronas Carigali

Fugro, the Netherlands-based geotechnical, survey, subsea and geoscience service provider, announced earlier this week that Seabed Geosolutions will carry out a major Ocean Bottom Cable (OBC) contract for Petronas Carigali Sdn. Bhd. in Malaysia on the Temana and D18 fields. The project will start at the end of the first quarter of 2014 and is expected to take approximately six months to complete. The contract value is around $70 million.

With this contract Seabed Geosolutions has secured a good backlog for 2014 for its data acquisition activities using seabed cables. The majority of this backlog is firm. In 2013 seabed data acquisition using cables suffered from low utilization.

Seabed Geosolutions was formed in February 2013 as a joint venture of Fugro and CGG. It collects geophysical data on the seabed through an array of imaging technologies for oil and gas companies, with a focus on the development and production phases of oil and gas fields.


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