Spectrum Inks Deal for 2D Seismic Vessel GGS Atlantic

Spectrum ASA has signed a long term contract with a prestigious seismic service company for a 12-month charter of the seismic vessel, the GGS Atlantic. The Atlantic will acquire long offset 2D seismic data mainly in the Far East. An option is included for a further 12 month charter period.

The contract allows for the vessel to complete an outstanding contractual obligation to finalize the Reliance contract (GGS ASA obligation) off the east coast of India. Spectrum will increase the source array capacity of the GGS Atlantic to 6,000cu inches to satisfy client requirements, an investment of approximately $1 million.

The annualized contract revenue should be in the range of $20-23 million depending on acquisition productivity rates and vessel utilization. The GGS Atlantic will commence work on this charter when the current project for KNOC offshore Yemen is completed. The mobilization from Yemen is anticipated in the last part of August.