Digital Energy Journal- Statoil to install OYO seabed seismic monitoring on Snorre and Grane fields

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Statoil to install OYO seabed seismic monitoring on Snorre and Grane fields

Wednesday, September 5, 2012

Statoil has signed a 'non binding letter of intent' with Houston seismic instrumentation and equipment company OYO Geospace to install 600km of a seabed seismic monitoring system on the Snorre and Grane fields on the Norwegian continental shelf.

Statoil has agreed to pay OYO Geospace $2.5m for pre-award work related to the contract.

A decision about making the final contract will be made in October 2012, contingent to the approval of unspecified "partners".

The contract value is approximately $160m over a 3 year period.

Statoil is able to cancel the letter of intent at any time before the definitive contract is executed.

OYO Geospace designs and manufactures instruments and equipment used by the oil and gas industry for acquisition and processing of seismic data. It also designs and manufactures equipment and film for the thermal printing
industry.

Associated Companies
» OYO Geospace

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