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Wavefield Inseis ASA (OSL:WAVE) Wavefield Inseis today announced that they have been awarded a long term contract for 3D seismic services by ONGC. Commencing during the fourth quarter this year the contract is for a programme of 3D surveys offshore India to be acquired each season through to 2011. The total contract value is in excess of $170million.
The first season's programme will be acquired by the Geowave Commander which will be mobilized from Europe. This significantly increases Wavefield's market share in the region and will strengthen our Singapore office operation.
Earlier in the year Wavefield acquired a 2D project offshore India and this valuable operational experience will positively impact on this first large 3D contract in the country. Commenting on the award, CEO Atle Jacobsen stated "This is not only our first 3D in India, this 3 year contract is also our largest to date and our first with ONGC for whom we are delighted and proud to be providing services on such a prestigious project".
For further information, contact:
Rick Donoghue, VP Marketing and Sales Tel: +44 1293 897466, Email: rick.donoghue@wavefield-inseis.com
About Wavefield Inseis ASA Wavefield Inseis ASA is a Norwegian marine geophysical company providing proprietary data acquisition services and offers a portfolio of non-exclusive Multi Client data to the global exploration community, developed in partnership with oil companies and governments. Our range of products includes long offset 2D, high capacity 3D, 4D, Multi-azimuth and Wide-azimuth data acquired with highly specified vessels and the latest seismic equipment, including our OPTOWAVE(TM) multi-component ocean bottom cable (4C OBC) system for permanent seismic 4D monitoring that uses optical sensor technology. We are also in the process of launching a new concept for EM acquisition and data analysis. From our main offices in Bergen and Oslo, Norway, and our other locations in London, Houston, Singapore and Perth, Wavefield Inseis has a global reach, with activities worldwide.
