Magseis, BGP Awarded Red Sea Contract Extension

Magseis has, together with its partner BGP, been awarded an extension to the ongoing contract with BGP Arabia and Saudi Aramco to acquire additional ocean bottom seismic data block in the Red Sea. The project has an expected duration of 6-7 months and is expected to commence during April 2017.

The survey features complicated surface and geological conditions with a combination of deep and shallow marine work. The combination of Magseis’ OBS technology (MASS) and BGP’s transition zone expertise ensured the extension to the consortium. M/V Artemis Athene, Magseis’ OBS vessel, will be used for the survey.

Commenting on the extension, Magseis CEO Idar Horstad said: “We are very pleased to receive this new award that demonstrates our ability to deliver large and complex projects. We view this as a sign of confidence from our end- client Saudi Aramco and a confirmation of the high-quality product that our joint operation delivers.

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