Marine seismic player Polarcus has been awarded a seismic acquisition project in Australia.
The Oslo-listed company on Thursday said the contract, with an unnamed client, was for an XArray survey in Australia with a one-month duration.
Polarcus said the survey would begin in the first quarter of 2020, immediately following completion of the XArray project in Australia previously announced on October 17, 2019.
The Polarcus XArray is a seismic data acquisition configuration developed by Polarcus to deliver ‘superior’ data quality and make full use of today’s larger streamer spreads.
According to Polarcus, it improves both in-line shots by 100- 250 percent and cross-line bin density by up to 400 percent on any streamer separation and can be tailored to provide higher fold data, increase crossline sampling and improve acquisition efficiency.
Also worth reminding, the latest contract marks the third XArray award for Polarcus in Australia in October. The company on October 1 said that it had secured high industry prefunding for a multi-client project in Australia that would begin in Q4 2019 with an approximate duration of two months.
Polarcus has recently shared an optimistic outlook about the marine seismic business. In it, it has shared that the marine seismic spending growth expected to continue as global hydrocarbon demand increases and existing inventories deplete.
The company expects the oil companies will spend around $3.6 billion on marine seismic in 2020, up from $3 billion in 2018.
Offshore Energy Today Staff
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