CGG has been awarded a three-year contract extension to continue operating a dedicated permanent reservoir monitoring (PRM) imaging center in Equinor’s Stavanger offices.
Equinor’s asset teams analyze the 4D seismic images delivered by CGG’s imaging experts within days of acquisition in order to optimize production management and recovery from the Johan Sverdrup, Snorre and Grane fields in the Norwegian North Sea.
Peter Whiting, EVP, Geoscience, CGG, said: “This contract renewal recognizes the unparalleled experience CGG has gained over the last decade as the industry’s preferred imaging partner for major offshore PRM projects. This imaging center is an excellent example of the market-leading dedicated seismic imaging solutions and in-house technical excellence we deliver to clients worldwide.”
The extended PRM imaging contract will run from 1 January 2022 until 31 December 2024. CGG’s team of experts in Norway will leverage the company’s latest high-end 4D and velocity model building technologies to continue delivering seismic images of the highest quality within tight turnaround times to meet client requirements.
In other news, CGG has announced the signature of a binding offer with Pramena Investment & Anacap Financial Partners for the sale and leaseback of Galileo, its headquarter building located in Massy, France. Closing of this transaction is expected in Q2 2022.
Yuri Baidoukov, CGG CFO, said: “We are pleased to announce this sale and leaseback agreement. This transaction emphasizes CGG’s continuing efforts to reduce its cost base and strengthen its balance sheet.”
