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Magseis Awarded Contract Extension for New OBS Survey in the Red Sea

Source: www.gulfoilandgas.com 12/5/2017, Location: Middle East

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Magseis has together with is partner, BGP, been awarded an extension to the ongoing contract with BGP Arabia and Saudi Aramco to acquire additional ocean bottom seismic data in the Red Sea.

The new survey has an expected duration of more than seven months and will commence in January 2018. The survey features complicated surface and geological conditions with a combination of deep and shallow marine work. The combination of Magseis' OBS technology (MASS) and BGP's transition zone expertise ensured the extension to the consortium. M/V Artemis Athene, Magseis' OBS vessel, will be used for the survey.

Commenting on the award, Magseis' interim CEO Per Christian Grytnes said: "We are very pleased to receive this new award that demonstrates our ability to deliver large and complex projects. We view this as a sign of confidence from our end client Saudi Aramco and a confirmation of the high-quality product that our joint operation delivers".

This information is subject of the disclosure requirements according to section 5-12 of the Norwegian Securities Trading Act

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