Shearwater Geoservices has received two separate Letter of Awards (LOA’s) from Oil and Natural Gas Corporation Limited ('ONGC'), each representing a large offshore 3D seismic survey offshore India. Combined, the two projects add approximately 15 vessel months of backlog.
The awards, which will utilise two of Shearwater’s high-capacity 3D vessels, include a nine-month project offshore India’s West coast, and a six-month survey on the country’s East coast. Both projects are expected to commence early in the fourth quarter of 2026, materially strengthening vessel utilisation visibility into 2027.
'These awards represent a significant addition to Shearwater’s backlog at attractive terms in a strategically important market. We have built a strong position in India with continuous presence since 2016, leveraging our industry-leading capabilities and knowledge of the local market. Our long-standing relationship with ONGC demonstrates our extensive operational track record and provides a solid foundation for continued activity across our fleet and the delivery of high-quality geophysical data supporting regional value creation' said Irene Waage Basili, the CEO of Shearwater.
The projects are currently under LOA and are progressing toward final contract execution, expected during the third quarter.
Source: Shearwater
