Three-year seismic capacity reservation deal expands Shearwater and TotalEnergies’ collab

Norwegian marine geoscience and technology company Shearwater GeoServices and France’s energy giant TotalEnergies have expanded their collaboration with the signature of a three-year firm capacity reservation agreement (CRA) for global marine seismic streamer acquisition services.

The CRA is said to reflect the longstanding relationship between the companies straddling across geophysical data collection and analysis, supporting exploration effort, production monitoring and carbon capture and storage (CCS) activities.

The agreement guarantees a minimum of 18 vessel months of activity for Shearwater’s seismic fleet.

According to Shearwater, the capacity deal is the first of its kind with a major E&P company and will, besides providing valuable visibility for both parties and utilization for Shearwater, also offer a great platform for potential further collaboration across other services.

“Shearwater seeks to evolve the global marine seismic market through technology innovation and by developing new commercial models. We are proud to deliver on plan through this strategic collaboration with TotalEnergies, a longstanding client of Shearwater and one of the true explorers in our industry,” said Irene Waage Basili, CEO of Shearwater.

“We are very pleased to have reached this agreement with TotalEnergies. Our aligned interests and a focus on new frontier areas makes us a very complementary fit, and we look forward to start delivering on this agreement supporting TotalEnergies global exploration strategy.”

In early October 2024, Shearwater announced it was set to carry out an ocean bottom node (OBN) survey in Block 32 over the Louro and Mostarda fields for TotalEnergies, scheduled to begin in January 2025 and take two and a half months.

Later the same month, Shearwater secured its second contract with the French company for a project offshore Angola.