Seis News

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Further to previous announcements relating to the contemplated rights issue (the “Rights Issue”) by Electromagnetic Geoservices ASA (“EMGS” or the “Company”) and the resolution passed at the annual general meeting on 25 April 2017, the board of directors of EMGS has today approved the final terms of the RightS Issue.

The Rights Issue will comprise an offering of 58,634,735 new shares at a subscription price of NOK 2.45, representing a discount to the theoretical ex-rights price (TERP) of approximately 20% per cent based on the Company’s average closing share price of NOK 4.16 for week 24.

The gross proceeds to be raised in the Rights Issue will be NOK 143,655,100 and will be used to strengthen the Company’s financial position and for general corporate purposes.

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The Oil and Gas Authority (OGA) has announced a suite of measures designed to make data openly available and stimulate interest in the UK Continental Shelf (UKCS) ahead of the 30^th Offshore Licensing Round.

The 30th Offshore Licensing Round will focus on the more mature areas of the UKCS – some of which were last offered for licensing more than 40 years ago – and is expected to be the most significant offshore round in recent decades.

The measures announced today include:

• A series of freely available subsurface data packages for circa 140 relinquished discoveries, including well and seismic data (from Common Data Access), well tops (from OGA/BGS) and selected seismic images (from CGG, PGS and WesternGeco)
• Technical montages for 60 discoveries, including the discovery’s history, static and dynamic information and digital subsurface data to be used in interpretation software
• The launch of a technology event in Aberdeen in August, jointly hosted with the Oil and Gas Technology Centre (OGTC)
• An interactive map, showing undeveloped discoveries
• An interactive map, showing all licence relinquishments since 2014

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

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From Wikipedia: “A hackathon… is a sprint-like event in which computer programmers and others involved in software development… collaborate intensively on software projects. Some hackathons are intended simply for educational or social purposes, although in many cases the goal is to create usable software.”

While the above definition of Hackathon is correct, it is generic. The explicit purpose of the Paradigm Hackathon was to explore innovative concepts and ideas that could make their way into Paradigm commercial software and deliver significant new levels of productivity to our customers. The Hackathon is set up to free R&D teams from the constraints placed by roadmaps, processes, internal standards and methods, and allow them to run free in an environment of “organized chaos”.

The goal of the Paradigm Hackathon was to give all members of the Product and R&D teams an opportunity to flesh out new ideas that they might be passionate about but did not have time to work on during their daily schedule. As a guideline, the teams were informed of areas of strategic interest to Paradigm. These covered a wide range of categories, including improving software performance, usability and supportability, cross-domain integration, application of new science in each domain, software build and engineering innovations, cloud adoption, native cloud applications, and the application of machine learning to solve G&G problems.

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o optimize production and recovery from the increasingly challenging reservoirs in subsea projects, the industry is developing more sophisticated subsea processing equipment and control systems with a focus on flow assurance and monitoring asset integrity. But it takes more than individual technological improvements to achieve a step change in subsea operations.

The Schlumberger integrated subsea production system, born from the OneSubsea joint venture established in 2013, employs a pore to pipeline approach to meet these challenges. By combining reservoir analysis and production assurance with advanced subsea hardware engineering, OneSubsea is successfully delivering technology solutions that are substantially improving production performance and recovery.

This robust capability comes from the joined knowledge and experience of Schlumberger and Cameron implemented through early engagement with operators during field development. This deep understanding of reservoir dynamics, asset modeling, production assurance, and subsea production and processing technologies informs a unique, innovative perspective that translates into effective performance throughout the field’s life to increase return on investment.

Complementing the integrated system framework, OneSubsea is setting new technology benchmarks, such as the development of 20,000-psi subsea systems to meet the demands of high-pressure, high-temperature reservoirs. These systems complement current HPHT offerings and leverage the Cameron Group’s substantial experience with production trees and high-pressure, large-bore blowout preventers.

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As Switzerland’s national grid company, Swissgrid owns and operates the entire 3,800-kilometre extra high-voltage grid with responsibility for its maintenance, renewal and expansion. To provide standard processes and tools to maintain the grid documents and parameters to appropriate levels of quality, Swissgrid needs to record, classify and model its existing high-voltage lines. With its innovative asset inspection and modelling solutions, Fugro is to survey the entire network and its surroundings.

For this project Fugro will work with IED Gruppe, a service provider with a strong reputation and long history in the Swiss power market, who will contribute its local knowledge and engineering expertise. The goal is to create an accurate, uniform 3D-model of Swissgrid’s assets combined with intelligent, cloud-based analytics to extract valuable information on asset condition, vegetation infringements, operating distances and compliance with limit values.

“We are looking forward to working with Fugro, to get a consistent 3D-model of our network and to benefit from Fugro’s worldwide track record in virtual world asset management and survey activities,” commented Hans-Peter Moserr, Strategic Project Leader, Swissgrid. “This project will positively influence safety, security of supply, operating efficiency and control of transfer capacity of our transmission network under given conditions.”

The project is scheduled to start in June 2017, with lines to be surveyed throughout the country.

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Geoscientists in the oil & gas industry face many challenges in their quest to de-risk and drill the best wells and more confidently forecast production. CGG GeoSoftware geostatistical seismic reservoir characterization solutions are powerful allies in successfully tackling these complex subsurface challenges.

Two GeoSoftware solutions, HampsonRussell GeoSI and Jason RockMod, overcome limitations of conventional well-based reservoir modeling. Using seismic inversion, they ensure that the high-resolution model is accurate not only at the wells, but also between them. The limitation of seismic resolution associated with deterministic seismic inversion is lifted because geostatistical methods such as GeoSI and RockMod integrate data at different scales, including well log data. Geoscientists can easily generate multiple plausible realizations that help assess uncertainty in the reservoir model and decide whether to plan a new well location or select scenarios for flow simulation.

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A New York bankruptcy judge on Thursday granted several initial interim orders in favor of French oil services firm CGG after it filed for Chapter 11 bankruptcy to deleverage a balance sheet by nearly $2 billion, allowing the company to continue operations for the time being.

CGG Holding (U.S.) Inc., a geoscience service provider and equipment manufacturer for oil and gas exploration and production companies, commenced bankruptcy proceedings in the U.S. and France on Tuesday with just shy of $2.9 billion in total funded indebtedness

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