GGS Spectrum awarded over USD 10 Million worth of acquisition projects
05-02-2008 10:12
The GGS Atlantic, a seismic vessel owned and operated by seismic services company GGS-Spectrum, has been awarded USD $10 - 13 Million worth of contracts to conduct acquisition work during the first seven months of 2008.
Reliance Industries Ltd has awarded the vessel a contract offshore the East Coast of India to conduct a project in co-operation with Cellseis Geophysical Inc, a company with headquarters in Dubai. The project is scheduled to be undertaken during the months of March to June 2008 and the GGS Atlantic has already set sail from the Gulf of Mexico to mobilize for India.
The firm part of the contract has an estimated value for the company of USD 8.4 million and involves the acquisition of approximately 7,200 line kms of data. An optional extension depending on time and weather has a further estimated value of USD 2.8 million which would require the acquisition of another approximate 3,100 line kms of data.
Directly following the completion of the project offshore India, the GGS Atlantic will commence operations on another project for Korea National Oil Company offshore the coast of Yemen. This exercise will also be conducted in conjunction with Cellseis Geophysical Inc. It has an estimated value of USD 2.5 million and consists of approximately 800 - 1400 line kms of data. It is scheduled to be undertaken during the months of June to July 2008.
Trond Christoffersen, EVP Seismic Operations of GGS-Spectrum, is excited about the prospects of the recently refurbished vessel and the interest it has generated. He adds; "The GGS Atlantic represents a major addition to the resource base of the company and the range of seismic services already offered. With the capacity to provide reliable and cost effective 2D and small-footprint 3D acquisition, the vessel has proven to be in great demand and will contribute significantly to the company's revenue potential."
