Magseis Set to Expand Fleet

Norwegian seabed seismic services player Magseis said it has entered into an LOI with an undisclosed provider of offshore vessels regarding a potential charter of one of their vessels.

In addition, the agreement includes an option for the lease of certain seismic equipment.

The company said it expects that Q1 2017 revenues will be at least in line with Q4 2016. With the recent announcement of an extension to the ongoing survey in the Red Sea backlog now amounts to more than USD 65 million for 2017 and the company said it is ready to embark on its previously announced expansion plans.

“The Board will consider the potential equipment financing in their evaluation of alternatives and make an announcement on the preferred financing strategy in due course,” Magseis said in its Oslo Exchange filing on Monday.

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