Magseis ASA (“Magseis”) is pleased to announce it has entered into an agreement with Shell Global Solutions International B.V. (“Shell”) for the further joint development of a system to deploy Magseis’ MASS technology in ultra-deep water with great precision. The agreement regulates the further work leading up to a full-scale pilot test which is planned for completion early Q1 2016 and through to the commercial deployment of the system which is planned for early 2017. The project will be jointly financed by Shell and Magseis with a significant contribution from Innovation Norway.
“The agreement marks an important milestone in our work to capitalize on the unique characteristics of our sensors (small size, low cost, depth rated to 3000 metres) in order to supply highly efficient ocean bottom seismic (“OBS”) acquisition in ultra-deep water with the positioning accuracy required for 4D work. This system will be an important add-on to our product portfolio and, based on the feedback from clients, we believe it holds great commercial potential,” says Magseis CEO Ivar Gimse.
For further information, please contact:
Mikkel Ektvedt, CFO
Tel: +47 91 84 84 88