Dolphin announces new 3D streamer acquisition technology purchase from WesternGeco

Dolphin has purchased the proven WesternGeco Q-Marine* point-receiver marine seismic system for the Polar Empress following the previous announcement that a selection of next generation streamer technology would be made in 2014.

This purchase of the Q-Marine system is a first step towards a potential opportunity for purchase of a WesternGeco IsoMetrix* marine isometric seismic technology which is enabled by a revolutionary streamer design that combines measurements of the total seismic pressure wave field and its gradient-both vertically and crossline.

IsoMetrix* marine seismic system has brought true three-dimensional data to the market, GeoSphere* real-time reservoir mapping that positions the well as much as possible in the best part of the reservoir, and BroadBand Sequence* fracturing that helps ensure that each fractured zone contributes to production.

The adoption of WesternGeco field-proven technology will allow Dolphin to offer the most advanced and efficient seismic acquisition systems to our clients assisting in exploration and production of hydrocarbon reserves.

According to the company the combination of new technology platforms and our powerful solution capabilities will make Dolphin a leading marine geophysical company.

The initial Q-Marine system purchase will consist of complete seismic equipment outfitting with sixteen full-length streamers, steering arrangements, and source and control systems.

When the Dolphin charter of Polar Empress begins in April 2015, she will carry the highest nominal streamer inventory in the seismic industry.

The announcement made today further indicates that Dolphin has entered into a completely fully-financed lease agreement with Schlumberger of approximately USD 40 million, to be repaid in equal installments including interest over 38 months.

Further, Dolphin will invest additional USD 5 million in frontend towing equipment to enable super-wide configurations.

The announcement has come at a time when Schlumberger has said it will be reducing its WesternGeco fleet as lower commodity prices lead to short-term cost cutting measures by exploration companies.

In the announcement Schlumberger added that it would reduce its fleet size to 9 survey and 6 source vessels by the end of 2014 from the previously held 15 survey and 8 source vessels by the December 2013.