Petrobras, a global energy leader, and Shearwater, one of the leading seismic acquisition companies, have signed a Memorandum of Understanding (MOU) for joint development and execution of scientific research and technology innovation within seismic processing and acquisition focused on data quality, value and acquisition efficiency.

The five-year agreement comes in addition to previously announced co-operations between the two companies regarding Marine Vibroseis and for Reveal software licensing. The MoU establishes a governance platform supporting Petrobras’ and Shearwater’s joint effort to innovate technologies that improve insights to the subsurface and enhance data value, while also reducing the time, cost and environmental impact of seismic acquisition projects.

"This co-operation seeks to bolster our ongoing engagement in geophysical R&D and innovation, thereby accelerating the exploration and development of energy resources. By leveraging advanced technologies together, we aim to significantly enhance geophysical technologies and achieve superior operational efficiency, ultimately driving innovation and sustainability within the industry," said Roberta Mendes, General Manager of R&D&I at Petrobras.

"We are excited to broaden our collaboration with Petrobras, a company that shares our commitment to seismic research and innovation,” commented Irene Basili, CEO of Shearwater. “Shearwater is a company driven by curiosity and the desire to answer questions, explore, and to accelerate the responsible use of resources. Petrobras and Shearwater share a strong commitment to jointly solving big challenges and through that creating long-term value for both companies and society at large.”

About Shearwater Geoservices Holding AS

Shearwater is a global marine geoscience and technology business that specialises in collecting data offshore. The organisation uses state-of-the art seismic vessels and equipment to explore the seabed and processes the data using market-leading proprietary software. These insights help clients understand the Earth and make informed decisions about accelerating responsible use of its resources. Shearwater's headquarter is in Bergen, Norway, with more facilities all around the globe. The company employs around 1,200 people.

About Petrobras

Petrobras has upwards of 100 production platforms, 16 refineries, 30,000 kilometers of pipelines and more than 6,000 service stations. Our proved reserves are around 14 billion barrels of oil, a figure expected to double in the next few years. With the discovery of oil and gas in the pre-salt region, Brazil may become the world's fourth biggest oil producer in 2030.

We have built a track record of overcoming challenges since 1953, when the company was created. The main one was developing technology to explore and produce oil in deep and ultra-deep waters, where upwards of 90% of our reserves are nestled. With innovation and daringness, we are now the Brazilian company that makes the applies for the most patents in Brazil and abroad.