Shearwater Geoservices, a Norwegian offshore seismic vessel company, has secured a significant win in the Indian market. The company has received two separate letters of award from India's ONGC, representing two large offshore 3D seismic surveys. These projects, set to commence in the fourth quarter of 2026, will utilize Shearwater's high-capacity 3D vessels and add approximately 15 vessel months of backlog. This is a substantial achievement for Shearwater, strengthening their position in a strategically important market and showcasing their industry-leading capabilities and local market knowledge. The awards are a testament to Shearwater's continuous presence in India since 2016, and their ability to secure attractive terms for their services. This win is particularly notable as it comes at a time when the company is looking to strengthen vessel utilization visibility into 2027. The projects are currently under LOA and are progressing towards final contract execution, expected during the third quarter. Shearwater's CEO, Irene Waage Basili, expressed her enthusiasm for the awards, highlighting the company's strong position in India and its commitment to leveraging its capabilities and knowledge of the local market. This achievement is a significant boost for Shearwater, as it not only adds to their backlog but also reinforces their reputation as a leading player in the offshore seismic industry. The company's ability to secure these projects in a competitive market is a testament to their expertise and the value they bring to their clients. Shearwater's success in India is a strategic win, and it will be interesting to see how they continue to leverage their position in this market. The company's focus on industry-leading capabilities and local market knowledge is a key differentiator, and it will be fascinating to observe how they continue to innovate and adapt to the evolving energy landscape.
