ONGC
Shearwater Geoservices has received two Letters of Award (LOAs) from Oil and Natural Gas Corporation (ONGC), each representing a significant 3D seismic survey in Indian waters.
Combined, the two projects will add around 15 vessel months to the company’s backlog.
The awards, which will utilise two of Shearwater’s high-capacity 3D vessels, include a nine-month project off the west coast of India and a six-month survey off the east coast of India. Both projects are expected to commence in early Q4 2026, significantly improving visibility of vessel utilisation into 2027.
“These awards represent a significant addition to Shearwater’s backlog at attractive terms in a strategically important market. We have maintained a continuous presence in India 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, delivering high-quality geophysical data that supports regional value creation,” said Irene Waage Basili, Shearwater’s CEO.
The projects are currently under LOA and are progressing towards final contract execution, which is expected in the third quarter.