Norwegian Players Win Survey Contracts in India

Norwegian survey players scoop survey deals off India
Argeo secures contract by India's National Centre for Polar and Ocean Research worth $14.5m for near-seabed exploration in the Indian Ocean to identify seafloor sulphide deposits. The Argeo Searcher vessel begins data acquisition in mid-February in Mauritius, while Shearwater GeoServices wins a deal with India’s Oil and Natural Gas Corporation for a survey project in the Cauvery Basin.
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Norwegian geophysical services company Argeo has secured a contract worth NOK 154m ($14.5m) from India’s National Centre for Polar and Ocean Research. The contract involves conducting a near-seabed exploration survey and data analysis to identify and delineate massive seafloor sulphide deposits in the Indian Ocean.

The Argeo Searcher vessel is scheduled to arrive in Mauritius in mid-February for data acquisition, with the project expected to be completed by late May. Additionally, Argeo and Shearwater GeoServices, an offshore geophysical services company, formed a strategic alliance in 2023, with Argeo acquiring the seismic vessel SW Bell from Shearwater for $6m in cash and about 20.1m shares in the company.

In a separate deal, Shearwater GeoServices won a contract with India’s Oil and Natural Gas Corporation (ONGC) to conduct a survey project in the Cauvery Basin, located off the country’s east coast. Set to begin in the early months of 2024, the project will cover a 4,600 sq km area in the Bay of Bengal, utilizing the SW Empress vessel to carry out the survey. This marks a significant expansion of Argeo and Shearwater’s presence in the Indian Ocean region.

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