Company Name

Magseis Fairfield

ISIN

NO0010663669

Market

Oslo Børs

Symbol

MSEIS

Oslo/Houston, 27 December 2019 - Magseis Fairfield has been awarded two consecutive deepwater ocean bottom node (OBN) projects in the Gulf of Mexico by an undisclosed repeat customer.

The surveys will be carried out in the Mississippi Canyon and Garden Banks areas and will cover a total area of more than 900 square kilometers. Work is scheduled to commence in the second quarter of 2020 and is expected to take approximately 100 days.

The award of these two projects demonstrates our technology leadership position in the Gulf of Mexico. This ZXPLR crew has been in high demand, and the award strengthens our 2020 backlog significantly, says Carel Hooijkaas, CEO of Magseis Fairfield.

The ZXPLR crew led by the REM Saltire node handling vessel was established in the Spring of 2019 and has since been in continuous demand for projects in the Gulf of Mexico. This contract extends the project coverage for this crew through August 2020.

For further information please contact:

Carel Hooijkaas, CEO
Tel: +47 480 49 277
Email: carel.hooijkaas@magseisfairfield.com

or

Mark Ivin, CFO
Tel: +47 948 88 606
Email: mark.ivin@magseisfairfield.com

This information is subject of the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act.

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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