Magseis’ previously announced Letter of Intent (LOI) with BGP and China National Petroleum Corporation (CNPC), for the sale of 17,000 MASS I ocean bottom seismic nodes and four MASS Modular handling systems, has been converted into a signed sales contract.
Magseis signed the LOI with BGP Offshore for the sale of seismic equipment back in October 2018.
The LOI was conditional to obtaining necessary export licenses and a signed sales agreement between Magseis and BGP Offshore appointed company.
On Monday, December 17 Magseis said that the LOI had been converted into the sales contract.
According to the company, first delivery is expected in late fourth quarter 2018 with last delivery expected by the end of the third quarter 2019.
The company also confirmed that necessary governmental approvals have been obtained, including relevant export license from the Norwegian Ministry of Foreign Affairs.
In recent company news, Magseis in December obtained competition clearance for the acquisition of Fairfield Geotechnologies’ seismic technology business. The transaction entails Magseis acquiring data acquisition, nodal and system sale & rental activities including all shares in Fairfield’s wholly owned UK subsidiary WGP Group.
Offshore Energy Today Staff