Norway: WGP Receives LoI to Provide Permanent Reservoir Monitoring Services for Statoil

WGP announces that it has received and executed a letter of intent with Statoil ASA, the Norwegian energy company listed on the Oslo and New York stock exchanges, to provide long-term seismic acquisition services for permanent reservoir monitoring of the Snorre and Grane oil fields in the Norwegian sector of the North Sea.

The seismic acquisition contract shall be for an initial fixed term until the end of 2017, with Statoil’s option to extend by two further terms of two years each. The first survey is scheduled to commence on 1 October 2013 over the Snorre field. The total seismic acquisition contract value, excluding any extensions, is approximately USD$32 million and up to approximately USD$65 million if Statoil exercises the options to extend the contract by a further four years.

The letter of intent also covers Statoil’s purchase of a bespoke dual portable modular source system (“D-PMSS™”), which WGP shall maintain and operate throughout the duration of the acquisition contract. The value of this contract is approximately USD$19.8 million and delivery of the system is anticipated to occur by 1 October 2013.

The procurement process for the D-PMSS™ has commenced and Statoil has agreed to meet all costs incurred by WGP in the event that final contracts are not executed.

It is anticipated that both contracts will be executed imminently.

“With 2013 marking WGP’s 10th anniversary of involvement with containerised source systems for Permanent Reservoir Monitoring (PRM) and frontier exploration projects WGP is delighted to commend this decade with such a prestigious contract with Statoil. During these 10 years the market for containerised source systems has developed, Statoil awarding this this work to WGP is a major milestone for the company and all our efforts, it validates our strategy of using PMSS™ for PRM and continues to build on the experience we have gained working with BP for their Valhall and CARSP operations. WGP intends to remain at the forefront of this technology with continuous development and ensure the provision of the best and future-proofed equipment solutions”, said Mark Burnett, WGP CEO.

Press Release, February 27, 2013; Image: Statoil

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