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GC Rieber jv GeoServices wins Total, Eni contract for seismic work offshore Myanmar

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GC Rieber Shipping joint venture company Shearwater GeoServices is making greater inroads into Southeast Asia with the award of a large seismic survey for Total and Eni offshore Myanmar.

Shearwater, GC Rieber Shipping’s 50%-owned geoservices joint venture with RASMUSSENGRUPPE, has been awarded a 10,000 sq km marine seismic acquisition services contract by Total and Eni for their 2018 exploration program, located approximately 300km offshore Myanmar, the company said in a press release.

This is Shearwater’s second major contract in Asia in recent months. In November, the company sealed a 3D broadband marine seismic acquisition contract from India’s ONGC working for about five months in its 2017/2018 season.

Shearwater has started mobilizing the vessels Polar Duchess and Polar Marquis in December for this job.

Shearwater will deploy the vessel Polar Empress for the new survey contract, which is expected to take about six months, commencing in January 2018. No financial details were disclosed.

The 2015-built Polar Empress has a capacity of up to 22 streamers, and is one of the most powerful and efficient seismic vessels in the world.

Shearwater ceo Irene Waage Basili said: "We are pleased to be awarded this significant contract with two oil majors known for their high HSE & quality standards and requirements for leading operational performance. Shearwater has undertaken a significant effort since its inception to pre-qualify for work with major oil companies. We see this recent award as a validation of that strategy, and appreciate the positive engagement of our clients to achieve this".

Total and Eni are the operators of the two blocks to be surveyed, YWB and MD-04, off the coast of Myanmar.

"The seismic market remains challenging, but on the back of a solid operational performance in 2017 in combination with recently awarded contracts, Shearwater is well positioned through the winter season and for 2018 as a whole", said Waage Basili.

Shearwater GeoServices has a fleet of four modern seismic vessels, and a broad offering of high quality geophysical services including advanced software, processing and acquisition techniques.

The marine geophysical services company was formed in 2016 after GR Rieber made a series of ill-fated expansions into Singapore and the Southeast Asian market with tie-ups with Bumi Armada and Otto Marine and the setting up of a Singapore office that did not really work out.