Norwegian ocean bottom Seismic services provider Magseis returned to profitability in the second quarter of 2017 as revenues rose to $19.4 million from work done in Saudi Arabia and Norway.
The company said its survey for Saudi Aramco with the Artemis Athene vessel in the Red Sea, as well as OBN work for ConocoPhillips in the Eldfisk field, off Norway, had booted revenue substantially compared to prior year’s 2Q revenue of $7.7 million.
Magseis posted a profit of $3.3 million for the quarter, compared to a net loss of almost $4 million a year ago.
“As we have stated previously, this region holds significant potential for OBS and we are working closely with our partner BGP towards securing further work in the Red Sea to follow on from the ongoing project.”
Magseis said its mobile ROV crew was also delivering a strong performance.
“This crew is participating in several tenders for late 2017/2018 and we see that our strategy of working
Production of the 6,000 new MASS nodes is underway and will be ready by Q1 2018, Magseis said. With a total of 14,000 MASS nodes Magseis will be one of the two largest suppliers of OBS node technology, the CEO said.
The Marine Autonomous Seismic System, Magseis’ OBS acquisition system encompasses small, autonomous sensor capsules which are inserted into an optimized steel cable.
The sensor capsules, data downloading and battery management onboard the vessel are handled by an automated system developed by Magseis based upon established industrial robot technology. The system has been designed to handle large numbers of sensor capsules.
Magseis said of the outlook for the ocean bottom seismic market: “OBS market tender volumes continues at the higher pace that we have observed since the beginning of 2017. As we expand our capacity into 2018 – growing to a MASS node inventory of more than 14,000 nodes, our industry leading technology and strong operating track record places Magseis in a unique position to capture a substantial share of the OBS market. On this basis, we will work to deliver on our vision to bring down acquisition costs for our clients and re-shape the OBS market as we grow.”