ONGC awards $170 mn order to Norway firm
A Business Correspondent
Wavefield Inseis ASA, the Norwegian company providing marine
geophysical services using highly specified vessels and the latest seismic
equipment, has been awarded a long-term contract for 3D seismic services by ONGC
Ltd, a press release issued by Wavefield said. Commencing during the fourth
quarter of this year, the contract is for a programme of 3D surveys offshore
India to be acquired each season through to 2011. The total contract value is in
excess of $170 million.
The first season's programme will be acquired by the M/V Geowave Commander which
will be mobilised from Europe. This significantly increases Wavefield's market
share in the region.
Earlier in the year Wavefield had acquired a 2D project offshore India which
will "positively impact" its first large 3D contract in the country. Commenting
on the award, CEO Atle Jacobsen stated, "This is not only our first 3D in India.
This three-year contract is also our largest to date and our first with ONGC for
whom we are delighted and proud to be providing services on such a prestigious
[October 20-26, 2008]