Seismic Apparition GmbH: Signs Exclusive Technology Agreement with Magseis ASA

Seismic Apparition GmbH: Signs Exclusive Technology Agreement with Magseis ASA

Seismic Apparition and Magseis have signed an exclusive Technology Agreement to jointly develop and implement a new innovative technology that will reduce the operational time for Ocean Bottom Seismic. Technology development will be completed over the next 9 months and commercial field tests are scheduled for 2018.

Unlike existing techniques for increasing the number of sources used in the industry today, Source Isolation technology delivers full fold, full-length isolated sources and offers the unique prospect of reservoir quality data from efficient exploration configurations.

Cost reduction is one of the key drivers for the broadening and expansion of the OBS market and with the implementation of this technology the cost to acquire OBS data can be reduced by 30-50%. The Source Isolation technology will be applicable both for reservoir 4D projects and more regional surveys.

Johan Robertsson, CEO of Seismic Apparition GmbH, said, “We are delighted to be teaming up with Magseis ASA for the introduction of our Source Isolation technology for Ocean Bottom seismic services. We have a strong IP portfolio and a pipeline of complementary products that we will be continuing to engineer going forward. Our collaboration with Magseis, which is exclusive for OBS, is an important first step for us and we are excited about helping Magseis improve both quality and productivity at the same time”.

Idar Horstad, CEO of Magseis AS, said “Since Magseis was founded in 2009 we have challenged the cost of acquiring OBS data. The combination of our efficient, robust and reliable MASS technology with the Source Isolation technology from Seismic Apparition, will enable Magseis to deliver the same high quality OBS data to our customers at a significantly lower cost. We are confident that this will be instrumental in increasing the size of the OBS market.

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Seismic Apparition GmbH

Seismic Apparition is based in Zurich, Switzerland, and is a technology-focused company which is developing a series of products to be used by seismic acquisition companies to improve seismic quality whilst simultaneously improving productivity. Source Isolation, the first offering, will transform the seismic market by providing full-fold, full-length isolated shot data without any of the compromises and constraints inherent in all other techniques for simultaneous source acquisition practiced in industry today. The intention is to enable seismic contractors to provide reservoir quality data from exploration configurations. Seismic Apparition continues to build a strong patent portfolio to protect its technology.

Magseis ASA

Magseis is a rapidly growing Norwegian geophysical company providing ocean bottom seismic (“OBS”) acquisition. The Company’s proprietary Marine Autonomous Seismic System (“MASS”) enables highly cost-efficient acquisition and delivers superior data quality. The Company is headquartered in Oslo, Norway and has offices in Norway, Sweden and Singapore.

For further information, please contact:

Johan Robertsson, CEO Seismic Apparition
Tel: +41 79 5953086

Idar Horstad, CEO Magseis
Tel: +47 91 53 62 58

Mikkel Ektvedt, CFO Magseis
Tel: +47 91 84 84 88