Magseis technology and presence in China and the Middle East secures LOI

Ivar Gimse, founder and SVP of Business Development together with Tone Trudeng, sales & Marketing Manager have both travelled frequently to China and the Middle East visiting clients and networking within the industry. Their in depth knowledge and confidence in the efficiency of MASS is now paying off with a major LOI with BGP-Offshore of China, our long term partner on the Red Sea survey.

Over the last several years Magseis has been networking in China and the Middle East, and has been working in the region continuously for almost 3 years. The recent LOI for the sale of seismic equipment, 17 000 nodes and four automated handling systems, to BGP Offshore, a subsidiary of China National Petroleum Corporation (CNPC), is a landmark and a major steppingstone in our growth strategy.

BGP Offshore has been using Magseis MASS technology for almost 3 years on their Red Sea project, and have seen excellent data quality along with reliable performance. A data recovery rate of 99.5 % over the last 16 months speaks for itself. It’s clear that their experiences and confidence in our technology combined with very positive feedback from end users have played a significant role in our selection as technology provider for their Abu Dhabi campaign.

The Abu Dhabi campaign will be the largest seismic survey in world history. Performance of the technology BGP select is obviously a critical factor for their success.
In Magseis we are proud to see our strategy coming to fruition over time. Delivering quality data from reliable and efficient operations with close collaboration with our clients in their native waters has demonstrated the confidence we have in our technology and our knowledge of the market.

It’s no secret that OBS data provides better imaging than traditional streamer seismic. This applies to improved illumination of reservoirs, imaging below gas clouds, imaging underneath field installations and transition zone. We do also see that seabed seismic is penetrating the Multi Client market providing the next generation high quality data sets for near field exploration. Our MASS technology has been successfully used on more than 15 surveys. Deploying more than 200 000 nodes globally since 2013 and its reputation is gradually spreading across the market.

Magseis MASS technology continues to open eyes with its versatility in deployment methods, allowing use of the same nodes in extremely varied water depths and seabed conditions. Not least of these is the success of the surveys in the Red Sea.

Magseis continues its strategy to develop and produce nodes as well as expand the number of operations in a growing market. The Magseis business model combines execution of full-scale seismic surveys globally using MASS nodes with lease – and sale of MASS nodes outside of our core areas of operations.