Shearwater awarded two 3D seismic projects off the coast of India

Shearwater Geoservices AS (Shearwater) received two separate letters of award from Oil and Natural Gas Corporation Limited (ONGC), each corresponding to a significant offshore 3D seismic survey off the coast of India. Together, both projects total approximately 15 vessel months of work.

The contracts, which will utilize two of Shearwater's high-capacity 3D vessels, include a nine-month project on the west coast of India and a six-month survey on the country's east coast.

Both projects are anticipated to commence in early Q4 2026, significantly enhancing vessel utilization visibility into 2027.

"These contracts represent a significant addition to Shearwater's order book under attractive terms and in a strategically important market. We have consolidated a strong position in India with continuous presence since 2016, leveraging our industry-leading capabilities and local market knowledge. 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 that drives regional value creation," stated Irene Waage Basili, CEO of Shearwater.

Currently, the projects are in the award phase and are progressing towards definitive contract signing, expected in Q3.