Company Name

Magseis Fairfield

ISIN

NO0010663669

Market

Oslo Børs

Symbol

MSEIS

Oslo, November 26, 2020 - Magseis Fairfield and CGG announced today their completion of the 2020 acquisition of the largest OBN survey ever acquired in the North Sea. The OBN Cornerstone 2020 multi-client survey in the UK Central North Sea commenced in March 2020 and has already received significant industry interest and prefunding. Approximately 1,650 km² of long-offset, full-azimuth data have been acquired, with first images being made available in early 2021 and final PSDM data planned for release in Q4 2021. Further extensions of the OBN Cornerstone survey are being considered for 2021.

Covering two highly prospective areas of the UK Continental Shelf, the OBN Cornerstone 2020 survey project represented a total of 813,000 man-hours with zero Lost Time Incidents (LTIs). Survey deliverables will benefit from CGG’s best-in-class OBN processing and advanced imaging technologies, providing a step-change in seismic imaging quality and reservoir characterization detail and bringing new insight to aid continued development of plays and existing fields in the Central North Sea region.

This survey is specifically designed to address the challenges associated with deeper, higher-risk Jurassic and Triassic plays, typically under high-pressure, high-temperature conditions, and the presence of complex structural processes associated with Permian salt movement. The combination of full-azimuth imaging, additional fold and near-offset data will result in significant improvement of deep illumination and noise removal, while helping to illuminate and image the steep flanks and complex architecture created by salt diapirism.

Carel Hooijkaas, CEO, Magseis Fairfield, said: “As our clients have shifted their focus from wider exploration to enhancing production from existing fields and unlocking further potential near existing infrastructure, we see great potential for collaborative OBN multi-client surveys. In mature areas where generations of streamer data and reprocessing have yet to fully overcome complex challenges, full-azimuth and/or converted wave data along with advanced processing algorithms play a key role in maximizing value from existing infrastructure. The OBN Cornerstone survey will bring new insight to complex geology and deep targets. We look forward to continuing our collaboration with CGG and the industry to explore potential for extensions in the coming seasons.”

For further information, please contact:
Mark Ivin, CFO
Tel: +47 94 88 86 06
Email: mark.ivin@magseisfairfield.com

or

Carel Hooijkaas, CEO
Tel: +47 48 04 92 77
Email: carel.hooijkaas@magseisfairfield.com

Magseis Fairfield is the global leading provider of ocean bottom seismic (OBS) technology and data acquisition projects. The company has a flexible business model with full scale node operations, as well as lease and sale models. The Marine Autonomous Seismic System "MASS" nodes and the range of Z-nodes combined with handling systems and source technology enables market leading deployment speed and highly cost-efficient acquisition of data with exceptional quality. The Company is headquartered in Oslo, Norway and has offices in US, Sweden, UK, Brazil and Singapore.

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