Shearwater GeoServices Holding AS (Shearwater) is pleased to announce the award of a 4D Ocean Bottom Seismic (“OBS”) survey at the Edvard Grieg field for Lundin Energy Norway.

The SW Cook and SW Tasman will conduct the one-and-a-half-month project (3 vessel months) in the North Sea during the 2022 summer season using its Qseabed crews. This marks Shearwater’s return to the Edvard Grieg field to perform a third repeat 4D monitor survey.

Per Eivind Dhelie, Senior Geophysicist in Lundin Energy Norway comments:

“The previous 3 surveys in 2016, 2018 and 2020 provided us with very high quality 4D images of the Edvard Grieg reservoir. These have been used to optimize the infill well locations on the field and supported an extended plateau production of approximately five years as well as increased the field reserves by more than 50 million barrels oil equivalent. We have also made breakthroughs in reducing the turnaround time for 4D processing to less than 10 days after last shot. Our continued commitment to the Qseabed system is a testament not only to the equipment but also the crews, the vessels and all involved parties, and that we see that they are strongly committed to delivering on such an important project for our company.”

Irene Waage Basili, CEO of Shearwater comments:

“It is not a trivial endeavour to deliver a complete seismic acquisition solution combining the highest quality sensor technology, vessels, and expert crews to develop time-lapse data that has the potential to transform returns from producing fields. An attitude of long-term commitment to technology innovation by our clients is a key contributor to this success. During this project, we will test next-generation technology together with Lundin demonstrating our commitment to delivering high-quality 4D images into the future.”

About Shearwater GeoServices Holding AS

Shearwater GeoServices Holding AS is a global, customer-focused and technology-driven provider of marine geophysical services. The company has the world’s largest fleet of high-end seismic vessels and a portfolio of proprietary technologies and software that provide customers with a full-range of towed streamer and ocean bottom geophysical acquisition techniques, efficient surveys and high-quality data. Shearwater has an industry-leading cost position and a strong balance sheet. Headquartered in Bergen, Norway, Shearwater is owned by RASMUSSENGRUPPEN AS, Schlumberger, and GC Rieber Shipping ASA.

About Lundin Energy

Lundin Energy is an experienced Nordic oil and gas company that explores for, develops and produces resources economically, efficiently and responsibly. We focus on value creation for our shareholders and wider stakeholders through three strategic pillars: Resilience, Sustainability and Growth. Our high quality, low cost assets mean we are resilient to oil price volatility, and our organic growth strategy, combined with our sustainable approach and commitment to decarbonisation, firmly establishes our leadership role in a lower carbon energy future. (Nasdaq Stockholm: LUNE).