Ecuador’s government has reached an agreement with Schlumberger to start repaying a debt accumulated over the last few years, according to a Reuters report. The government also said the oilfield service major had agreed on new investments to the tune of US$1 billion.

The debt, which Schlumberger in March calculated at US$1.1 billion, has been giving the company a headache, pressuring its first-quarter results. Talks on the repayment had stalled for a few months and Schlumberger started to get impatient.

Ecuador, which is the smallest member of OPEC, has had a tougher time than other members. In addition to the oil price slump, the country suffered a devastating earthquake last year, with damages estimated at US$3 billion and more than 660 people killed.

More     Link

Quarterly EBITDA boosted by solid multi-client sales

• Revenue at $350m
  • GGR: solid Multi-Client quarterly sales boosted by Mexican and Brazilian licensing rounds
  • Equipment: persistent low volumes
  • Contractual Data Acquisition: good marine operational performance in very challenging market conditions
• EBITDAs¹ at $120m
• Group Operating Income¹ at $(3)m
• Capex at $78m and Free Cash Flow¹ at $(24)m
• Net debt up at $2,497m at end of June with liquidity down to $315m
• Net income at $(170)m

2017 Market outlook unchanged

• 2017 operating results still expected in line with 2016, based on different mix:
  • Multi-Client: sales supported by good positioning in key basins
  • Equipment: low volumes in a context of uncertain recovery horizon
  • Data acquisition: still hampered by low exploration spending with the usual unfavorable seasonality in H2

More     Link

CGG
Société Anonyme with a share capital of €17,706,519
Registered office: Tour Maine Montparnasse, 33 avenue du Maine, 75015 Paris
No.: 969 202 241 – RCS Paris

CGG announced today that its interim report for the period ending June 30, 2017 and its Form 6-K for the second quarter and first half of 2017 were filed with the Autorité des Marchés Financiers (AMF) and the SEC on July 28, 2017 respectively.

Both documents are available on the Company’s website (www.cgg.com) under the Investors/Financial Reports section.

A printed copy of these documents is available upon request, free of charge, if you call our Investor Relations Department at: +33 1 64 47 35 46, or send an email to invrelparis@cgg.com or write to: CGG – Investor Relations Department – Tour Maine Montparnasse, 33 avenue du Maine, 75015 Paris, France.

Link

 

TGS will release its Q2 2017 results at approximately 07:00 CEST on 3 August 2017. CEO Kristian Johansen and CFO Sven Børre Larsen will present the results at 09:00 CEST at the Hotel Continental, Stortingsgata 24/26 in Oslo, Norway. The presentation is open to the public and can be followed live on the internet at www.tgs.com.

The slides from the presentation will also be available in PDF format at both the TGS and Oslo Stock Exchange websites.

CEO Kristian Johansen and CFO Sven Børre Larsen will host a conference call on 3 August 2017 at 15:00

CEST (09:00 EDT). Attendees may want to call 5-10 minutes before to ensure registration and access.

• Norwegian attendees are invited to call + 800 51084 or + 47 2100 2610
• International attendees are invited to call 0800 358 6377 or + 44 (0)330 336 9105
• US attendees are invited to call +1 866-548-4713 or +1 719-325-2213

Participants will need to quote the following confirmation code when dialing into the conference: 5950879.

Link

What exciting information will be released today? How well will the French seismic company have performed in Q2-17? We shall see…..

Link

The release this month of bathymetry data by Geoscience Australia has revealed seafloor maps with a resolution 15 times higher than those previously produced using satellite data. The bathymetric survey, conducted by Fugro during Phase One of the search for missing flight MH370, has provided a detailed map of the seafloor topography in the search area.

Following the disappearance in March 2014 of the Malaysia Airlines flight, the southern Indian Ocean search, led by the Australian Transport Safety Bureau (ATSB), was acknowledged as one of the largest marine surveys ever conducted. Geoscience Australia supported the ATSB, providing specialist advice and capability and an understanding of the remote environment in which the search was conducted.

Fugro deployed specialist survey vessels, equipped with sidescan and multibeam sonar equipment mounted on towed and autonomous underwater vehicles, to collect high resolution sonar images of the seafloor. The 278,000 square kilometres of data collected also included additional bathymetry data from Fugro’s survey vessels as they transited to and from the remote search area.

In January 2017, the governments of Malaysia, Australia and the People’s Republic of China jointly announced the suspension of the deepwater search. Following their commitment to publicly release the data acquired during the survey and search operations, the Phase One data is now available in multiple formats via the Geoscience Australia website.

More     Link

SeaBird Exploration is pleased to announce that it has signed a letter of intent to conduct a shallow water 3D seismic survey in the West Africa region. The project is anticipated to commence during H1 2018 and will have a duration of approximately two months. SeaBird will be using the Voyager Explorer for the project.

Link

Canada’s top court on Wednesday handed aboriginals a partial victory on the need to be consulted on resource projects, throwing out permits to conduct seismic testing for oil and gas in the north but dismissing a separate
attempt to quash changes to an Enbridge Inc pipeline.

In the two separate but related cases, the Supreme Court found that while the Canadian government holds ultimate responsibility for ensuring consultations with First Nations are adequate, it can rely on the national energy regulator’s process to fulfill that in oil- and gas-related matters.

More     Link

WE LOOK FORWARD TO SEE YOU IN RIO DE JANEIRO
from July 31st to August 3rd at the SulAmérica Convention Center, booth #40

Petter Steen-Hansen and Johan Jungholm from our sales team will be attending and are available to show examples and answer questions.

We are excited to tell you more about the latest developments of our proprietary MASS technology to enable large scale, efficient and cost effective OBS acquisition services. We have a lot of interesting projects ongoing, so please stop by to learn more about how Magseis is re-shaping the Ocean Bottom Market:

• Next generation cable vessel with more than 10,000 nodes and 1,000km cable
• High density, high accuracy OBS in ultra-deep water using the Node Deployer
• MASS Modular – Magseis has currently commenced operating its industry leading mobile and scalable OBN system
• MASS Reservoir Monitoring
• Source Isolation – another milestone for significant cost reduction of OBS.

Link

On 22 August 2017, the Oil and Gas Authority (OGA) and the Oil and Gas Technology Centre (OGTC) will jointly host a Technology Forum at the Aberdeen Exhibition and Conference Centre (AECC).

This event will focus on how technology can help unlock these future oil and gas developments in the upcoming 30th Offshore Licensing Round.

It will bring operators, prospective investors and technology developers together and will cover technology areas that are critical for the economic development of marginal fields, including seismic, well construction, subsea tie-backs, and efficient standalone facility concepts. The agenda includes presentations by the OGA on acreage and opportunities available in the licensing round, by the OGTC on support available to technology development, and slots for technology providers to showcase technologies to assist in exploration and development.

More     Link