Page 44: of Offshore Engineer Magazine (Jan/Feb 2013)

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consecutive year, fracturing, stimulation and horizontal drilling skipsteknisk were most commonly cited among operators as having the greatest impact on their spending plans.

However 3D/4D seismic was also highly infuential, placing third, refecting the focus on exploring

Geology & Geophysics new, unconventional plays.

Period of stability 2013 could, in fact, be a period of

Coming soon: for Dolphin Geophysical.Sanco Sword comparative stability for marine seismic contractors, with the market of the industry. In this case, the of the few start-ups which seems close to equilibrium in terms of prime mover is David Lamb, to have crossed over to the survey demand and availability of who was, until mid-2011, CEO of mainstream, the Dubai-based vessels. This is probably something Refect Geophysical, a subsidiary of company Polarcus, may soon start to celebrate from the contractors’ Singapore-based shipping company making noises about building point of view because whenever Otto Marine. more vessels. If the company can there is an upturn, it’s never The plan is a variation of afford it, this seems to make sense. long before investors, notably many similar start-ups. Dragon Its original game plan was to go

Norwegian shipping interests, Geophysical is actually part of big from the start and launch, as decide to make a play. Already three distinct business units in quickly as possible, a feet of eight there is talk of Rieber Shipping Dragon Energy Holdings. Dragon vessels, so that it would have the and Sanco both contemplating the Offshore will be responsible for capacity to compete across the construction of new vessels. This the construction operations and globe. may not be entirely a bad idea if the systems integration of four, The Polarcus feet is actually introduction of modern, 3D vessels ultra-modern, 16 streamer seismic down to six available vessels under prompts the retirement of less vessels. Dragon Maritime will its management. The two smallest effcient vintage. provide worldwide maritime newbuilds in the feet, which are No one would be at all surprised operations for the vessels; and only capable of towing six to eight if Dolphin Geophysical, which has Dragon Geophysical will provide streamers, have been off-loaded. only been in business for a couple seismic acquisition survey services In 2011, the Russian company of years, emerges as a potential including non-exclusive surveys Sovcomfot took the Ulstein SX133 buyer for any newbuilds on offer. It and data processing services. The X-Bow design Polarcus Selma on a came up with the money to charter intention is to expand the fve-year bareboat charter, renaming the last two vessels which Sanco non-exclusive business to generate the vessel Vyacheslav Tikhonov began to construct without a named cash-fow for the company while after a well-known Russian actor. buyer – Sanco Swift due out this the vessels are under construction. More notoriously, Vladimir Putin, year and Sanco Sword due out in The exclusive data acquisition at the time Prime Minister of the 2014. The intention is to enable the service will commence on the Russian Federation, accepted the company to move more seriously delivery of the frst two vessels, role of guardian of the vessel at a into the high-end, 3D seismic of which there is no sign of an naming ceremony in the Russian market. The same rationale could order yet. The management team Black Sea city of Sochi. see Dolphin purchase more new is all said to have over 20 years’ Late last month, Polarcus was in capacity if the fnancing can be experience in the sector. Lamb the fnal throes of negotiating with found. himself was at one time involved in the Turkish Petroleum Corporation CGGVeritas estimates that it Multiwave Geophysical, an earlier (TPAO) for the sale and refagging will be 2015 before there is any Norwegian investor-backed marine of the Polarcus Samur, augmented signifcant increase in the global seismic company which also ended with the provision by Polarcus vessel count – 75 vessels compared up being bought by CGGVeritas. of seismic data acquisition, with 60-odd right now. It will be The Dragon Geophysical start-up management and crewing services interesting to see whether Dragon moves, whether fruitful or not, for the vessel. TPAO plans to use

Geophysical is part of the mix by merely serve to underline that the 3D vessel to conduct extensive then. This looks to be a classic, the business climate is favorable seismic exploration of the offshore speculative venture launched for marine seismic and therefore continental shelf off Turkey in both during an upturn in the fortunes propitious for investment. One the Black and Mediterranean Seas.

OE | January 2013 oedigital.com 46 oe_G&G.indd 46 03/01/2013 13:38