SCAN Geophysical has provided an operational update with its third quarter report for 2008 in which the company has cited record revenues with three vessels in operation.
OPERATIONS AND VESSELS
M/V Geo Searcher
On July 6, M/V Geo Searcher commenced the 9,000+ Km 2D survey for Petrobras off Portugal. The vessel was equipped with a 10 Km solid streamer for this survey and had a good performance with 11 days down time throughout the quarter.
The survey is anticipated to be completed during November and a new contract in a different region is expected to commence after demobilization of the Petrobras survey and crew change around November 20.
M/V SCAN Resolution
On September 1, M/V SCAN Resolution successfully completed the challenging Mariscal Sucre 2,500 Km2 3D programme for PDVSA off north-eastern Venezuela, an area heavily influenced by strong currents and salinity problems caused by the Orinoco river. Despite the challenging area the vessel successfully completed acquisition of the 2,500 Km2 survey.
The 3D work area presented a classic example of why SCAN's 4-streamer 3D system is an important configuration in especially challenging areas where a larger in-water towed configuration would have been more vulnerable to the severe elements.
After completion of the survey, the vessel demobilised and headed to Curacao to undertake the planned class docking throughout September and until October 26. An additional compressor was installed onboard the vessel to allow for more redundancy and the dry dock took more time than planned.
Upon completion of the class docking, the vessel headed back to Venezuela and has commenced acquisition of the previously announced ten months contract for PDVSA. The 3,300 Km2 3D program named
M/V SCAN Stigandi
SCAN's new addition to the fleet, M/V SCAN Stigandi, commenced its very first survey for PetroVietnam in the Caribbean region on July 25. This survey was most successful and was completed on August 31,
Then the vessel was transiting back to the Bahamas on September 6 to make the planned installation of an azimuth thruster, providing the vessel with 3D capabilities. However, the entry into the shipyard was delayed caused by the hurricanes Gustav and Ike, which severely affected the area during August/September.
The vessel is expected to be completed on November 7 and is now preparing for mobilization for an expected 4-5 months 2D contract in Latin America.
SCAN is building three 10 streamer vessels at the ABG Shipyard in India. On July 2, SCAN announced a performance related agreement signed with the shipyard. Since then the progress in the yard has been very good, especially for the first vessel M/V SCAN Empress.
M/V SCAN Empress
As a result of the performance related agreement, the number of welders and outfitters assigned to M/V SCAN Empress has doubled since beginning of June. M/V SCAN Empress reached an important milestone on October 1, when she was successfully launched.
Upon launching the main engines, propulsion system, auxiliary engines, seismic compressors, switchboard and gun- and streamer winches were all installed onboard the vessel together with additional various ship systems. The erection of the seismic hangar will soon be completed.
SCAN has contracted two external companies, one specialist for installation of back deck hydraulics, the Singapore based MSE, and the other the Norwegian company Maritime Montering for production and installation of the vessel's accommodation.
By using these two companies, the most long lead items are handled by well reputed and recognized specialists with solid track record. MSE is experienced with installation of back deck hydraulics for other major
After the vessel was launched on October 1, the outfitting has progressed well. The ship's systems are expected to be completed by the end of February 2009 and the sea trials are expected to be conducted during the second half of March 2009 while finalising the installation of the hydraulics and the accommodation.
Complete seismic sea trials are expected to be performed during the first half of April 2009 and the M/V SCAN Empress is expected to be operational from mid April 2009.
M/V SCAN Finder
The construction of the M/V SCAN Finder progressed well during the quarter with many blocks being built in parallel. The erection of the blocks started towards the end of the quarter and is now well underway.
Occasionally welders assigned to M/V SCAN Finder have been temporarily moved to M/V SCAN Empress to catch up with welding work after heavy rain during the monsoon period. As a result the M/V SCAN Finder is behind schedule, but since the end of the monsoon, resources have been permanently reassigned to the vessel and progress in block production has been good since then. It is also already evident that the number of skids assigned to M/V SCAN Finder has increased. SCAN expects delivery to take place in third quarter 2009.
M/V SCAN Superior
The construction of M/V SCAN Superior recovered during August. A high number of skids have been allocated to allow good progress in the block building. SCAN expects delivery to take place in fourth quarter 2009.
M/V Geo Searcher is progressing well on the large survey for Petrobras off Portugal. The survey is anticipated to be completed during November and the vessel is expected to commence on a new contract in another region subsequent to the demobilization of the Petrobras survey and crew change around November 20. There are ongoing negotiations for further contracts well into 2009 for the vessel.
M/V SCAN Resolution has commenced acquisition of the previously announced ten months contract for PDVSA. The 3,300 Km2 3D program named Dragon Norte, also located on Venezuela's northern cost, is the largest program to date awarded to SCAN. SCAN also sees further contract opportunities in Venezuela and in this region.
The installation of the Azimuth thruster on M/V SCAN Stigandi is expected to be completed on November 7, and the vessel is now preparing for mobilization for the next 4-5 months contract in Latin America. SCAN sees further contract opportunities in this region.
Due to the ongoing investments in the newbuild programme, further financing will be required. The current financial turmoil and lower oil prices are expected to impact the seismic exploration market, but the fundamentals still point to a strong demand due to the low reserve replacement ratio. SCAN is still receiving strong interest and requests for its services on a world-wide basis and at this point in time, SCAN continues to foresee a strong seismic market for nearest two to three quarters.
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