Shearwater GeoServices: Awarded large seismic survey for Total and Eni

 

 

 

Shearwater GeoServices: Awarded large seismic survey for Total and Eni

Shearwater GeoServices (“Shearwater”) has been awarded a 10,000 square kilometer marine seismic acquisition services contract by Total and Eni for their 2018 exploration program located approximately 300 kilometers offshore Myanmar.

Shearwater will deploy the vessel “Polar Empress” for the survey which is expected to take about six months, commencing in January 2018.

Irene Waage Basili, CEO of Shearwater commented, “We are pleased to be awarded this significant contract with two oil majors known for their high HSE & quality standards and requirements for leading operational performance. Shearwater has undertaken a significant effort since its inception to pre-qualify for work with major oil companies. We see this recent award as a validation of that strategy, and appreciate the positive engagement of our clients to achieve this”.

Total and Eni are the operators of the two blocks to be surveyed, YWB and MD-04, off the coast of Myanmar.

The “Polar Empress” vessel was built in 2015, has a capacity of up to 22 streamers, and is one of the most powerful and efficient seismic vessels in the world.

This contract is the second significant recent award to Shearwater, following the November award by an NOC for a 5-6 months contract for which it started mobilizing the vessels “Polar Duchess” and “Polar Marquis” in December.

“The seismic market remains challenging, but on the back of a solid operational performance in 2017 in combination with recently awarded contracts, Shearwater is well positioned through the winter season and for 2018 as a whole”, said Irene Waage Basili.

Shearwater GeoServices is a marine geophysical services company jointly owned by GC Rieber Shipping ASA and RASMUSSENGRUPPEN AS.  The company has a fleet of four modern seismic vessels, a broad offering of high quality geophysical services including advanced software, processing and acquisition techniques, and two owners with complementary skills and collectively a long experience in the industry.

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DownUnder Geosolutions: HPC Optimizes Energy Exploration for Oil and Gas Startups

 

 

 

 

DownUnder Geosolutions: HPC Optimizes Energy Exploration for Oil and Gas Startups

In its quest to meet the world’s ever-increasing demand for energy, the oil and gas industry has become one of the largest users—and leading innovators—of high performance computing. As natural resources deplete, and the cost of accessing them increases, highly sophisticated computational modeling becomes an essential tool in energy exploration and development.

Advanced computational techniques provide a high-fidelity model of the subsurface, which gives oil and gas companies a greater understanding of the geophysics of the region they propose to explore. A clearer picture of the earth enables targeted drilling, reduced acquisition costs, and minimal environmental impact. In an industry where time is money, powerful and sophisticated computational modeling provides a competitive advantage.

Finding economically viable reserves is akin to finding a needle in a haystack. The journey from green-field exploration to first-oil is long and expensive. Energy companies rely heavily on seismic data, and the modeling derived from the data, to provide insight and guidance to the exploration process. When an exploration well in deep water can cost more than $100 million (US), the cost of drilling inaccurately is enormous. High quality and fast processing and analysis of seismic data are paramount to a successful exploration and development program.

A single seismic survey can result in hundreds of terabytes of data and require many months of processing on some of the world’s largest supercomputers. Converting the raw data into useful models of the subsurface requires complex algorithms, highly tuned for the most sophisticated computer hardware. The seismic processing industry has been at the forefront of implementing innovative computational techniques, hardware, and advanced cooling solutions as it continues to demand the most efficient HPC to deliver its service.

Based in Perth, Australia, DownUnder GeoSolutions (DUG) is a leading global geoscience company that provides essential services to energy companies to enable them to accurately locate new and productive sites for hydrocarbon extraction. From its four sites in Perth (Australia), London (UK), Kuala Lumpur (Malaysia), and Houston (USA), DUG offers a wide range of products and integrated services for oil and gas exploration and production. To achieve this, DUG requires enormous compute power for processing and imaging seismic data and generating high-resolution models of the subsurface.

Growing from humble beginnings in 2003, in a shed in the founding partner’s backyard, DUG has grown to become a major service provider for the oil and gas industry. Investing heavily in research, development, and advanced technologies has enabled DUG to undertake some of the largest processing projects in the industry.

The process of developing a high-quality, three-dimensional (3D) model of the Earth’s subsurface is extremely complex. First, a seismic survey is performed, which records the reflected sound waves from hundreds of thousands of sound impulses made on the Earth’s surface. This data is then processed to remove various types of coherent and random noise, leaving just the primary signal of interest. The reflectors in the data are then spatially located using an earth model, into a 3D volume, producing images of the reflectors in the subsurface. From this data set, the earth model can be updated and the imaging performed again. Many iterations of refinement lead to a very accurate earth model and correct placement of the reflecting geological layers beneath the Earth’s surface.

A processing cycle such as this can take many months to complete. And the compute requirements for a geophysics company continue to increase, with survey areas constantly growing, and with increasing shots and receiver densities. These factors have led to a data explosion, where a project’s input data is measured in hundreds of terabytes.

Simultaneously, processing is using increasingly complex computational methods, which produce more accurate images and earth models at the expense of floating point operations per second (FLOPS). Upgrading to a more accurate computational algorithm can lead to an orders-of-magnitude increase in the computational effort required.

Couple the increased computational requirements with decreasing project timelines and the result is an environment where fast, powerful, efficient HPC is crucial.

DUG adopted and implemented massive clusters based on the Intel Xeon Phi 5110. co-processor. While this computing environment was sufficient to meet current demand, it did not have the capacity for the company’s growing customer base and new technologies.

DUG wanted a flexible and powerful HPC system that could handle large-scale seismic processing and imaging, address escalating demand for advanced algorithms, increase operational efficiency while reducing total cost of ownership, integrate into the DUG ecosystem, and effectively leverage the years of code and algorithm optimization undertaken.

DUG worked with Intel to develop an innovative, energy-efficient solution capable of handling the demanding workloads and escalating compute demands. DUG complemented its existing systems with thousands of the latest systems based on the Intel Xeon Phi processor 7210. Each processor has 64 cores and handles up to 256 simultaneous threads for fast, seamless processing. The clusters are homogeneous and all algorithms can run on the same CPUs, so DUG does not need to target different parts of the cluster with different algorithms. The homogeneous cluster also enables DUG to optimize and prioritize workload scheduling and to process a single job across the entire cluster for faster results.

DUG upgraded its Houston supercomputer, nicknamed “Bubba,” with Intel Xeon Phi processors, doubling its compute power to 12 petaflops single-precision. The company is now upgrading its Houston computer room to give Bubba the ability to grow to a 120-plus PF machine by 2018. DUG is upgrading its other supercomputers, “Bruce” (Perth), “Bohdi” (Kuala Lumpur), and “Bazza” (London) to coincide with new offices and data centers currently under construction. DUG is moving toward an exascale system based on Intel Xeon Phi processors in 2018.

The new supercomputers enable DUG to reduce run times, increase efficiency, and extend the company’s capabilities. Bubba can now run 12,900 square kilometers of 5-kilometer aperture pre-stack migration, or 7,200 square kilometers of large aperture 3D SRME (3D surface-related multiple elimination) in 24 hours. DUG’s HPC environment can run the latest emerging techniques, such as large-scale full waveform inversion (FWI), which uses the entire seismic wavefield to generate high-resolution velocity models for imaging and characterization. The new machine is able to run 3D FWI up to high frequencies of 60 Hz, for example.

DUG also uses other cutting-edge technologies in its data center. One remarkable innovation is its unique modular cooling system, in which servers are immersed in circulating dielectric fluid, eliminating the need for fans and offering considerable energy savings. Combining the Intel Xeon Phi processor with DUG’s proprietary cooling method has enabled the company to significantly reduce its computer footprint and has reduced power consumption by 40 percent. The running costs of HPC systems are commonly evaluated using the power usage effectiveness (PUE) metric. DUG has achieved a PUE of 1.05, considerably better than the PUE of high-efficiency “green” data centers.

Moving to Intel Xeon Phi 7210 processors  in DUG’s Houston, London, Kuala Lumpur, and Perth data centers enables greater supercomputing power in significantly smaller spaces. The improved processors require less peripheral equipment on the motherboard, use less energy, and reduce the space required for housing the equipment. This has allowed DUG to install systems with more than 10 petaflops into less than 100 square meters of floor space in a normal office building.

DUG provides hardware and software to marine geophysical company Polarcus*, fitting out its fleet of seagoing vessels for marine seismic data acquisition. Dr. Stuart Midgley, DUG’s systems architect, notes that space is very limited on each vessel, so the onboard supercomputing system must be extremely powerful for data processing and imaging, yet consume minimal electrical power and occupy a limited footprint.

“Marine seismic acquisition has unique restrictions. We can only have a few hardware racks onboard and are limited in weight, space, power, and cooling,” Midgley explains. “All our seagoing systems utilize Intel Xeon Phi to get the maximum supercomputing power in the smallest space allotted. Previously very limited fast-track processing could be delivered; however with the Intel Xeon Phi onboard we can provide denoised, 3D-demultiple, and imaged products in the time it takes the vessel to get back to port.” DUG hardware and software solutions provide industry-leading onboard processing.

Midgley stressed that DUG’s ongoing investments in the latest HPC technology from Intel is a competitive advantage for the company. “The oil and gas industry faces major challenges every day,” he says. “Our clients know that we can provide better quality data and faster insights than our competitors. Even in a downturned market we are expanding and taking on the most challenging projects in the industry.”

According to Midgley, Intel technologies dramatically reduce the time required to accomplish the task. “With Intel’s support, every optimization we do for our systems running the Intel Xeon Phi processor 7200 increases performance of DUG’s technology,” he points out.

Many other innovative HPC technologies from Intel such as Intel Solid State Drives and its Ethernet networking have improved DUG’s data quality, accuracy, and analysis speed. As a result, DUG’s supercomputing systems run faster, more reliably, and have improved energy efficiency. The new processors provide more FLOPS-per-watt by utilizing less electricity, while simultaneously delivering much faster computing. Enterprise-grade equipment means data integrity with full data checksumming, from DRAM all the way to bytes on spinning platters.

Midgley explains that Intel technology has helped DUG meet its large-scale challenges. “For one very large project, the surveyed area covered 24,000 square kilometers and had 200 terabytes of raw input data,” he says. “The latest Intel Xeon Phi processors allowed us to accomplish in seven to eight months what previously would have taken years.”

DUG’s research and development team design, code, and optimize the numerical algorithms to take full advantage of the Intel Xeon Phi processors. This has resulted in the shortest time-to-solution in the industry—while utilizing the highest quality algorithms and without compromising data quality. No shortcuts were needed.

Despite the added computing power, the latest CPUs require less energy to perform the computation-heavy tasks. “At our facilities, we have limits on the amount of power we can access,” Midgley says. “Lower energy consumption by the processors means we can get more flops within our energy budget.”

The latest  processors and other HPC technologies from Intel enable DUG to process its client’s data faster, more efficiently, and more accurately. The solution is energy efficient and requires less physical space than most supercomputers. DUG clearly sees a positive return on its investment in HPC technology, and, in turn, is able to deliver better services at a lower cost.

Midgley believes the new HPC adds to DUG’s value proposition. “Every advancement in supercomputing performance DUG adopts allows us to obtain higher-quality geophysical data at an even higher fidelity and return more insightful information to our clients,” he says. “This empowers them to make the most informed decisions about new drilling sites and maximizes the potential return from each hydrocarbon reserve. Intel’s investments in HPC technology are central to our business. Every improvement in performance is a competitive advantage for us.

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First Break: Seismic shift in technology

 

 

 

First Break: Seismic shift in technology

When accused of regularly forecasting a gloomy future for the marine seismic business as currently set up, this column is  guilty as charged. There is no reason to rehearse all the reasons why the current economic model does not work. From a shareholding perspective over a couple of decades, there are only one or two companies that have consistently made money on the acquisition side (where the big money is to be made). Their formula for success can be summarized in the two words ‘asset light’. Others have profited from the highs of the good years but not enough to offset the lows of the cycle.

Despite this financial malaise, a feature of the period in question, and earlier years, has been the extraordinary inventiveness of the community of geoscientists which serve the industry. The hall of technology fame would include 2D, followed by 3D and then 4D marine seismic, controlled source electromagnetic (CSEM) surveys, ocean bottom seismic including permanent reservoir monitoring, and solid streamers. Not many industries can claim this level of innovation, and the list excludes the less capital-intensive changes in acquisition methods such as broadband, dual sources, and wide-azimuth. It also leaves out the huge advances made in seismic survey navigation and positioning, the use of massive computing power to process phenomenal volumes of data, plus imaging, visualization and other interpretation/data integration aids.

The trouble with much of this enterprising technology has been the near prohibitive capital cost and the inability to reap sufficient rewards in an over-supplied, highly competitive and volatile marketplace. Arguably a catalyst for a necessary disruption to the business model is nigh. It is coming from technology that has been with us for a long time but conforms almost perfectly to the 30 year rule, i.e., three decades to reach full adoption by a notoriously conservative oil and gas industry.

We are of course talking about ocean bottom seismic (OBS), which is finally shaking off its niche status. The obvious evidence is the number of OBS projects underway or being commissioned worldwide. The percentage share of OBS in the marine seismic survey market has in fact been creeping up over the last ten years or so. However, we are now seeing a much sharper increase. In 2005, the share was no more than 5%, which rose to over 15% by 2015. This was followed by a dramatic dip in 2016 attributed to delays in tendering, permitting and mobilization. However, 2018 looks like being a bumper year with some analysts predicting a 30% share by 2020 and still rising. That would be a market approaching $2 billion in value. Compare that with the towed streamer market which analysts estimate to have been worth a little over $3 billion in 2016.

There are currently eight bonafide seabed seismic survey operators of which Seabed GeoSolutions (SBGS), the joint venture between Fugro and CGG; FairfieldNodal, WesternGeco, BGP and Magseis, a relative newcomer to the big time, are the main players. More on the fringes are Geokinetics, OceanGeo, a subsidiary of ION Geophysical, and SAExploration (SAE). To this mix should be added Geospace Technologies, a significant supplier of nodes and cables, and inApril. This latter Norwegian company is bidding to enter the market as the first independent supplier of a low cost automated node deployment and recovery system.

The scope of current OBS surveys is unequivocally worldwide meeting a variety of E&P oil company objectives. Applications also vary in scale and water depth confirming growing oil company confidence in the technology and its economic viability. Some highlights of recently completed, current or commissioned work for FairfieldNodal include offshore Trinidad for BP, Shell and EOG, offshore Brazil for Petrobras (Libra), in the Gulf of Mexico for BP (Mad Dog) and various North Sea projects for AkerBP; SBGS has projects for Petrobras (Libra and Buzios) plus a likely contract for Shell’s Bonga field, offshore Nigeria, in addition to historic long term work in the Middle East; WesternGeco has been heavily involved in the Gulf of Mexico for Pemex, and will be on Oseberg (Statoil) this summer; BGP has a large scale BP survey offshore Indonesia; and Magseis continues a long term project with BGP in the Red Sea for Saudi Aramco and did recent work on Eldfisk in the North Sea for ConocoPhillips.

In 2018 more OBS contracts, likely involving more of the available players and equipment suppliers, are expected to cover some notably large scale and/or long-term projects, in the Middle East, South America, the Gulf of Mexico, West Africa and the North Sea. The rise in the fortunes of OBS is the result of big improvements in the operations and equipment and more acceptance of the technology from oil companies. This perfectly coincides with a significant shift in the requirements of the oil and gas E&P sector operating in the ‘new normal’ lower oil price environment. Even in the early days of ocean bottom cable (OBC) and ocean bottom nodes (OBN) in the 1990s, there was never any doubt that placing recording sensors on the seabed would produce an imaging result far superior to anything towed-streamer could provide. The problem for both systems was the cost, low speed, complexity and reliability of seabed operations. Early on, the processing of multi-component data was also considered a challenge. However, the value for limited reservoir characterization and monitoring projects was at least recognized and some bigger oil companies availed themselves of the limited options.

It remained the case that if OBS could ever develop rapid deployment and retrieval of equipment from the seabed at a reasonable cost, it would be a killer application for oil companies. For a long time, however, a technology debate raged over the virtues of cable versus node thereby confusing a risk averse, potential oil company clientele.
In the meantime, the towed streamer operators managed to muddy the waters, so to speak. They were able to undermine the claims for OBS by satisfying the demand for 4D seismic with much cheaper monitoring and repeat data acquisition using towed streamer technology. Oil companies were therefore prepared to forego the better quality data promised by far costlier seabed seismic options. Many of the same cost-benefit arguments applied when oil companies began to balance the benefits of towed streamer against OBS for wide-azimuth surveys to image complex geology. Towed streamer again tended to win out. It is hard to pinpoint exactly when oil company perceptions about OBS began to change. The most significant technology breakthrough was probably persuading oil companies that OBN solutions were the way forward. Deploying and retrieving nodes compared with cable was shown in most applications to be more flexible, less complicated and include a healthy element of redundancy in case of node failure. In fact, nodes have proved to be almost 100% reliable and are no cause for concern.

Today virtually every tender for OBS specifies a node solution. This also reflects the R&D investment by OBS operators and equipment manufacturers. This has been focused on providing the most cost-effective deployment and recovery of nodes. The resulting improvements have come at just the right time for oil companies. Because of severe budget restraints and the adequate supply of crude worldwide, their short-term strategy has typically concentrated on optimizing production from existing resources and near field prospects which, if developed, can be tied into existing platform, pipeline or other export facilities. This is exactly the market which OBN is best suited for. With every step forward in efficiency and competitive price, the prospect of OBN becoming a serious rival to towed streamers in the exploration field looms larger. One or two OBN-related companies clearly see as an end game a scenario where towed streamer will only be the preferred option for large seismic exploration projects, which are already less common. FairfieldNodal, SBGS, Magseis and inApril are developing asset light portable solutions that can operate from a vessel of opportunity. inApril already markets its, as yet untried, Venator equipment as a complete, off-the-shelf, fully automated OBN system available for installation on a variety of vessels. SBGS (Manta), FairfieldNodal (ZXPLR) and Magseis (MASS), which has a research agreement with Shell, are in their different ways heading in the same automation direction in order to drive the costs down.

TGS, which has already had experience with OBS, is said to be looking at more multi-client projects, so it is game on with regard to the exploration aspirations of the OBN operators and suppliers. The surprise is that none of the major towed-streamer seismic contractors have entered the OBS market. Right now lack of finance for R&D or technology acquisition may be hard to justify to stakeholders. WesternGeco is the exception to the extent that it is renting node equipment for specific projects, some of which require a hybrid approach employing both towed streamer and OBS to provide full coverage. But parent company Schlumberger is not thought to be developing a solution of its own.

PGS withdrew from the OBC market many moons ago and now only retains a seabed seismic interest in fibre-optic solutions for permanent reservoir monitoring (PRM). The PRM market remains problematic. A popular view is that nodes will be able to provide the requisite life of field reservoir monitoring without the need for recording cable buried in the seabed with all the associated reliability risks.

Encouraging perhaps for PGS is that Geospace Technolgies, the provider of all the conventional seabed cable PRM systems worldwide, says the only potential projects being talked about will be fibre-optic based. In the meantime, FairfieldNodal recently bought WGP from Thallasa Holdings, which provides the monitoring service for most existing PRM projects.

As part of the deal, the company agreed to purchase a 20% stake in an acoustically operated ‘flying node’ seabed seismic project being developed by WGP sister company Autonomous Robotics (ARL). Fanciful though this concept may be, it suggests that OBN has a previously unanticipated profitable future.

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EMGS: MC revenues related to the APA 2017 awards

 

 

EMGS: MC revenues related to the APA 2017 awards

On 16 January 2018, the Norwegian Ministry of Petroleum and Energy (the “MPE”) announced the awards of new production licenses through the Awards in Pre-defined Areas (APA 2017) licensing round.

Based on the offered awards, Electromagnetic Geoservices ASA (the “Company” or “EMGS”), expects to realise net uplift revenues of approximately USD 1 million from data-licensing agreements related to the Company’s multi-client library.

The uplift revenues, which are subject to the Company’s customers’ formal approval of the awards offered by the MPE, will be recognised in the first quarter of 2018.

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TGS: Announces three new onshore seismic projects in North America

 

 

 

TGS: Announces three new onshore seismic projects in North America

TGS announces three new onshore seismic projects; Sanderson, West Hackberry and Dawson in prolific North American basins.

The West Hackberry 3D multi-client seismic survey is located north of TGS’ Loyal 3D Complex in the Anadarko Basin. This new project will encompass 777 km2 predominantly in Garfield County in the state of Oklahoma.  The Hackberry Complex will target a high potential area in the core of the prolific Mississippian Chester and Meramec intervals of the SCOOP/STACK play fairway.

The Sanderson 3D multi-client seismic survey is TGS’ third seismic project in the Permian Basin and is located along the eastern flank of the Delaware Basin to the east of TGS’ West Lindsey 3D. This new project will encompass 464 km2 predominantly in Pecos County, Texas and provide modern, high resolution 3D seismic data to an area that is seeing high interest from E&P companies. Strong potential exists in multiple zones including the Artesia Group on the shelf, the Delaware sands and the prolific Wolfcamp, as well as the historic deep productive trends in the Siluro-Devonian and Ordovician Ellenburger.

The Dawson 3D multi-client seismic survey is located in the province of British Columbia, Canada and provides a complimentary addition to our existing footprint in this region. This new project will encompass approximately 70 km2 providing enhanced imaging solution of the Montney shale formation.

Permitting on all three surveys has already commenced and data acquisition is expected to begin within first half of 2018. Preliminary data will be available in Q2 and Q3 2018. The data will be processed by TGS utilizing its modern land imaging technology.

“With support from our clients, TGS continues to strengthen our onshore position.  I am pleased to announce such a diverse portfolio of new seismic projects in key shale basins of North America, such as the Permian Basin, SCOOP/STACK and the Montney.  With our growing onshore seismic library, combined with our vast database of well data and interpretive products, TGS is uniquely positioned to help our customers develop the best data driven subsurface models to aid their exploration efforts,” commented Kristian Johansen, CEO for TGS.

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ION Geo: Provides an update on the WesternGeco litigation

 

 

 

ION Geo: Provides an update on the WesternGeco litigation

ION Geophysical Corporation (NYSE: IO) today announced that the Supreme Court granted certiorari in the previously-reported lawsuit of WesternGeco L.L.C. v. ION Geophysical Corporation, agreeing to review the lower court’s judgment for legal error on whether a patent holder can obtain lost-profits damages for use of ION’s products outside of the United States.  We would like to take this opportunity to provide information about the case and its current status.

WesternGeco sued ION and one of ION’s customers for patent infringement in 2009.  In 2012, a jury issued a verdict in favor of WesternGeco and awarded WesternGeco damages for reasonable royalties and lost profits.  The lost-profits damages were based on the use of ION’s products outside of the United States.  On appeal, ION argued that WesternGeco was not entitled to lost-profits damages for two reasons: one, that under applicable law, WesternGeco cannot recoup lost profits for the overseas use of ION’s products by ION’s customers; two, that lost-profits can only be recouped from a direct competitor, and that ION and WesternGeco are not direct competitors in this market.

The United States Court of Appeals for the Federal Circuit agreed with ION on the first issue and, as a result, overturned the award of lost-profits damages.  Since the court decided in favor of ION on this first issue, it did not decide the second issue, which ION reserved the right to re-visit in the future.

WesternGeco filed a petition for a writ of certiorari asking the United States Supreme Court to review the Court of Appeals’ ruling, and on January 12, 2018, the Supreme Court granted WesternGeco’s petition.  WesternGeco and ION will now submit briefs to the Supreme Court on the merits of the Court of Appeals’ ruling.  We expect that the Supreme Court will hold oral argument in April 2018 and will issue a decision by the end of June 2018.  ION firmly believes in its legal position on this issue and that the Federal Circuit made the correct decision.  If the Supreme Court upholds the Court of Appeals’ decision, the case will be over and ION will owe no further damages.

If the Supreme Court overturns the Federal Circuit’s decision, the case will be remanded back to the Court of Appeals, at which point ION will present its second argument for eliminating the award of lost profits.

Other proceedings may have an impact on WesternGeco’s ability to recover lost profits damages even if WesternGeco prevails in the Supreme Court.  ION was a party to a challenge to the validity of WesternGeco’s patents by means of an Inter Partes Review (“IPR”) with the Patent Trial and Appeal Board (“PTAB”).  While the patent infringement lawsuit was pending on appeal, the PTAB invalidated four of the six patent claims that formed the basis for the jury verdict in this case.  WesternGeco appealed that decision to the Court of Appeals for the Federal Circuit, which is scheduled to hear oral argument on January 23, 2018.  If the Court of Appeals affirms the PTAB’s invalidation of the patents, that may provide a separate ground for reducing or vacating any lost-profits award.  In addition, there may be additional bases for challenging the amount of any lost-profits damages, which remain to be litigated in further proceedings.

“We understand this is an important area of law for the Supreme Court to consider and we will continue to defend vigorously against WesternGeco’s claims and the award of lost-profits damages,” stated Brian Hanson, ION’s President and Chief Executive Officer.  “We firmly believe our legal position is correct and we will advocate our position forcefully in the Supreme Court.  While we would like to see closure to this litigation as soon as possible, if the Supreme Courtreverses the decision, we are confident about re-visiting our second argument at the Court of Appeals.  In addition, we believe the IPR process underway is also very positive for our legal position.  This is clearly a David and Goliath situation where a company like Schlumberger has the luxury of unlimited legal expenditure without having to rationalize the additional expense of continuing these proceedings.  In any case, if the Supreme Court does not put this issue to rest this year, we expect this lawsuit will continue for years, potentially beyond 2020.”

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CGG: Supports E&P digitalisation with smart data solutions

 

 

 

CGG: Supports E&P digitalisation with smart data solutions

CGG has repositioned its Data Management Services business as Smart Data Solutions after extending its E&P data optimization portfolio to deliver global digitalization solutions.

Smart Data Solutions has rapidly expanded its offerings and investments, and is now actively engaged in projects that address the digital transformation programs of its global oil and gas industry customers, complementing its widely used data management technology and services.

CGG Smart Data Solutions is well placed to assist the industry in transitioning data management from a support function to a value generator, providing new business insights and enabling effective data-driven strategies. Being an early adopter of emerging technologies, such as machine learning and public cloud, Smart Data Solutions can provide both better access to, and increased value extraction from, E&P data, answering the challenges of data availability and integration into an analytics-ready format. Advanced data technologies integrate the deep expertise of CGG’s scientists and our unique taxonomy for classification, built on over 50+ years’ experience of geoscience data generation and analysis. Together, this delivers data integrity, efficient corporate workflows and effective solutions for the day-to-day needs of corporate and national database clients.

Combining existing services with increasingly automated conversion, classification, extraction and unification technologies, Smart Data Solutions enables E&P companies to convert inactive data and information into valuable machine-accessible formats. Legacy collections of structured, semi-structured and unstructured data can be converted and delivered faster than ever before. Using advanced Extract, Transform and Load technology and expert services, these data are made available alongside current volumes in next-generation platforms that meet the industry’s data management requirements well into the future.

Sophie Zurquiyah, COO, Geology, Geophysics & Reservoir, CGG, said: “As a leading provider of geoscience data, technology and integrated solutions, CGG is uniquely qualified to work with its clients on their digitalization agendas. Our Smart Data Solutions are helping them meet the challenges of digitally transforming, effectively managing, and extracting the full value from their geoscience data so that they gain new insights and better meet their E&P goals.”

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CGG: Provides FY-17 Trading Update

 

 

 

CGG: Provides FY-17 Trading Update

Full-Year 2017 CGG Group Revenue was up 10% year-on-year, standing at $1,320 million compared to $1,196 million in 2016.

Group Q4 revenue stood at $400 million, compared to $328 million in Q4 2016, as a combination of GGR at $256 million, Equipment at $116 million, Contractual Data Acquisition at $40 million and Elimination at $12 million. Within GGR, Multi-Client Q4 revenue was at $160 million, above expectations, while Equipment and Contractual Data Acquisition revenues were in line with our expectations.

Thanks to the relatively good Q4 Multi-Client revenue, 2017 Group EBITDAs (before restructuring costs) should be higher than expected, showing an increase above 10%, instead of an expected stability compared to 2016 EBITDAs ($328 million), for a less favorable cash generation. Restructuring costs related to the Group industrial Transformation Plan and its financial restructuring are estimated at $187 million for the whole year 2017, including $26 million booked in Q4.

Net debt amounted to $2.640 billion as at December 31, 2017 (at a €/$ closing exchange rate of 1.20), versus $2.571 billion as at September 30, 2017 (at a €/$ closing exchange rate of 1.18), with a cash balance at $315 million as at December 31, 2017. Such higher than expected year-end liquidity level was due to tight cash management, lower level of capex and better cash collection. However the cash generation is negative in 2017, as expected, due to lack of positive change in working capital versus 2016.

As indicated on December 1, 2017 the c. €112 million rights issue with preferential subscription rights and allocation of free warrants to shareholders is expected to be launched shortly, with the settlement and delivery of the various securities issuances provided for under the restructuring plan expected to occur by the end of February 2018.

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Schlumberger: Faculty for the Future

 

 

 

Schlumberger: Faculty for the Future

Forums bring together women in science, technology, education and mathematics from around the world.

The Schlumberger Foundation’s Faculty for the Future program supports women from developing and emerging countries to pursue PhD or post-doctorate studies in science, technology, engineering and mathematics (STEM) at leading academic institutions worldwide. Upon completion of their grants, Fellows return to their home countries and become ambassadors of STEM education. The goal of the program is to reduce the international gender gap in STEM disciplines.

Since the program’s launch 13 years ago, the Foundation has hosted 17 in-person gatherings for Faculty for the Future Fellows. The annual meetings are held in association with universities where Fellows are pursuing their studies, and bring together both current Fellows and program alumnae.

The most recent Forums took place in Cambridge, United Kingdom and Bandung, Indonesia. At the Forum in Indonesia, there were over 60 Fellows and alumnae in attendance, and the gathering in the UK brought together over 40 participants.

During the Forums, the Fellows engage with distinguished scientists and hear accomplished leaders share their insights on topics such as how to support the next generation of females in STEM. Through knowledge-sharing sessions and panel discussions, participants learn skills and techniques to improve their chance of successfully impacting their community—both in their fields of science and socially, by creating conditions to enable more girls and women to follow their path.

Schlumberger Foundation president, Roseline Chapel, notes that “Through the Faculty for the Future Forums the Fellows become part of an international network of women leaders in STEM. The Forums provide the opportunity to dialogue about the unique challenges facing women in scientific disciplines and inspire the Fellows to return to their home countries with ideas to strengthen the teaching and research faculties of their home institutions as well as to support future policy-making in STEM.”

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Polarcus: Awarded 3D marine seismic project in South America

 

 

 

Polarcus: Awarded 3D marine seismic project in South America

Polarcus Limited (“Polarcus” or the “Company”) (OSE: PLCS) is pleased to announce that the Company has received a letter of award for the acquisition of a 3D marine seismic project in South America.

The project will commence in Q1 2018 and has a scheduled duration of approximately 2 months.

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