OYO Geospace Provides Seismic Monitoring for Statoil’s Fields (Norway)

OYO Geospace Provides Seismic Monitoring for Statoil's Fields (Norway)

OYO Geospace announced that it has accepted a non-binding letter of intent with the international energy company Statoil to provide 600 kilometers of seabed seismic reservoir monitoring system for the Snorre and Grane fields on the Norwegian continental shelf.

Under the letter of intent, Statoil is contractually obligated to pay OYO Geospace $2.5 million for certain pre-award work related to a potential final contract. The final contract, if it is awarded in October 2012 contingent on partner approval, as the letter of intent anticipates, would result in total revenue of approximately $160 million over a three-year period.

The letter of intent is cancellable by Statoil at any time prior to the execution of definitive contract documentation. At this time, there can be no assurance that definitive contract documentation will be agreed and entered into, or that OYO Geospace will receive the benefits of the proposed contract.

OYO Geospace designs and manufactures instruments and equipment used by the oil and gas industry in the acquisition and processing of seismic data as well as in reservoir characterization and monitoring activities. The company also designs and manufactures equipment and film for the thermal printing industry worldwide.

Press Release, September 11, 2012

Share this article

Follow Subsea World News

Events>

<< Jul 2016 >>
MTWTFSS
27 28 29 30 1 2 3
4 5 6 7 8 9 10
11 12 13 14 15 16 17
18 19 20 21 22 23 24
25 26 27 28 29 30 31

OSV CHARTERING CONTRACT MANAGEMENT SEMINAR

New revised agenda for 2016, including the following topics:
What happens if hire remains unpaid?…

read more >

12th Annual Deepwater Intervention Forum

The 12th Annual Deepwater Intervention Forum presented a first-hand look at emerging and proven technologies which offered real-world…

read more >

ONS 2016

The ONS Conference is known as one of the world’s most important oil, gas and energy fora, giving the delegates a sneak peek into the future…

read more >

SMM 2016

SMM Hamburg 2016 is the leading international forum of the maritime industry.SMM offers the unique chance for exhibitors and trade visitors…

read more >