inApril Lands Seabed Seismic Systems Deal with Geo Energy Group
inApril, the Norwegian offshore technology company, has struck a deal, potentially worth $25-30 million, for Venator, its node-based seabed seismic acquisition system.
The company has signed the letter of intent (LOI) with the Kazakhstan company Geo Energy Group (GEG) to supply a Venator system, starting with a test project this autumn in the Caspian Sea. GEG will tender inApril’s Venator system in bids for upcoming ocean bottom seismic (OBS) contracts.
Last year GEG acquired the interests of Petroleum Geo-Services (PGS) in PGS-Khazar to expand its offshore seismic services within Russia and internationally.
Vidar Hovland, CEO of inApril, said: “We welcome this big step in bringing Venator to market. It marks the beginning of a new generation of independent accessible OBS technology. Oil companies and contractors have long recognized the benefits of the high quality data possible from seabed seismic, but have been put off by the acquisition cost of existing cable and node acquisition technologies.”
Vladimir Telbukhov, CEO of GEG, said: “We are pleased to become an early adopter of inApril’s technology. The Venator system’s obvious benefits in cost, efficiency and safety will be of great help in building our company’s seabed seismic acquisition offering and gaining highly competitive position in the market.”
In development since 2012, the Venator node-on-a-rope system, is designed to handle more than 10,000 seismic nodes from one vessel.
