WGP: H1-17 Summary



Extract from the Thalassa Holdings group results for the 6 months ended 30 June 2017.

  • Completion of PRM surveys over Snorre and Grane in the North Sea
  • Completion of PRM survey over Ekofisk in the North Sea
  • Ongoing operations over Eldfisk In the North Sea

The seismic market’s recovery remains elusive, as the price of Brent crude dropped back during the first half of 2017 to around $50/bbl, and market commentators do not expect a recovery in seismic service day rates until at least mid-2018.

 Given the difficult market environment, WGP’s operational performance was solid and it successfully completed three and a quarter life of field surveys in the first half of 2017. Unfortunately, one of WGP’s projects continues to suffer from significant operational issues which are yet to be resolved. These issues have resulted in unacceptably high levels of downtime due to equipment failure. Fortunately, however, data quality has not been affected and data delivered is deemed better than 2016 by the client.

 In the first half of 2017 WGP continued with a solid HSE performance with zero recordable incidents for the period. Also, WGP’s quality, occupational health & safety and environmental management systems were successfully audited by BSI in May for their compliance with ISO 9001, 18001 and 14001.


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