Seabed Solutions Bags $125M Deal from ADNOC for Ghasha-Butini Field Survey

Fugro, the Netherlands-based  geotechnical, survey, subsea and geoscience service provider, disclosed Monday that Seabed Geosolutions -- its joint venture with France's CGG -- will soon mobilize for the variation order that was signed today by Abu Dhabi National Oil Company (ADNOC) with CGG to conduct a shallow water seabed survey. The survey is over the Ghasha-Butini field, located offshore the United Arab Emirates, will take around 12 months and has a value of around $125 million. The recent successful completion of the Hail-Shuweihat survey has promoted this variation order, confirming ADNOC’s confidence in Seabed Geosolutions’ ability to operate safely and efficiently.

In addition, Seabed Geosolutions has mobilized for an ocean bottom cable survey in Asia Pacific with a value of approximately $55 million. This survey is expected to be finished in the fourth quarter of 2015.

In the current challenging market, with severe pressure on oil companies’ exploration and production spend, these new contracts highlight how Seabed Geosolutions’ seabed seismic services enable its clients to collect seismic data for mature exploration, field development and enhanced production in areas with potential for low cost oil and gas production.

Seabed Geosolutions was formed in February 2013 as a joint venture between 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.