Magseis Bags Seismic Deal in North Sea

Norwegian seabed seismic services player Magseis is in the process of finalizing a contract for the provision of a 4D seabed seismic acquisition survey in the North Sea.

Magseis will mobilize its MASS Modular crew for the project.

The duration of the contract is estimated at approximately two weeks and will start during the 2018 North Sea summer season, the company explained.

Magseis did not disclose the name of the client.

The Oslo-listed company has earlier this month reported revenue at USD 28.6 million, up from USD 13.1 million same time last year. In the third quarter of 2017 the revenue jumped close to 120 percent when compared to the prior-year quarter.

The company booked quarterly profit of about USD 9.6 million or 16 cents per share, which is Magseis’ best result so far, versus loss of USD 8.8 million or 23 cents per share in the prior-year quarter.

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