Landmark contract for Magseis

Landmark contract for Magseis

Magseis has received a letter of intent from CNPC for the sale of ocean bottom nodes and handling systems.

Magseis  has entered a Letter of Intent (“LOI”) with BGP Offshore, China National Petroleum Corporation (“CNPC”), for the sale of 17,000 MASS I ocean bottom seismic nodes and four MASS Modular handling systems.

The seismic equipment will be delivered in several batches beginning in Q1 2019 through Q3 2019.

The LOI is conditional to obtaining necessary export licenses and signed Sales Agreement between Magseis and BGP Offshore appointed company.

“The Sales Agreement for the MASS I ocean bottom seismic nodes add further flexibility and diversification to the Magseis business model which includes full scale operations of seismic node surveys, lease of nodes and sale of nodes,” says CEO Per Christian Grytnes.

Earlier in September it became known that Magseis received a Letter of Intent (“LOI”) for a full operation with its proprietary MASS nodes for an Ocean Bottom Seismic survey in the Americas. Based on Magseis availability of Nodes, the operation will commence at the latest in Q1 2019 and last for approximately 2 months. This is Magseis’ first project in the Americas.

“This LOI makes us confident that Magseis will increase its relative market share and in addition address a much larger market which used to be dominated by more traditional seismic techniques,” says  CEO Per Christian Grytnes.

Magseis has 3 ongoing OBC surveys fot the time being: In the Red Sea with Saudi Aramco, South-East Asia and Northern Europe.