Shearwater enters strategic technology collaboration with ConocoPhillips
Shearwater GeoServices Holding AS, (“Shearwater”) announces a technology sale and transfer agreement between its US subsidiary Shearwater GeoServices Software Inc. and ConocoPhillips Company (“ConocoPhillips”), involving seismic imaging technology that will be implemented in Shearwater’s Reveal software (“Reveal”).
With this partnership, the companies will collaborate closely to allow Shearwater to incorporate ConocoPhillips’ Compressive Seismic Imaging (“CSI”), and other imaging-related algorithms into Reveal. CSI enables geoscientists to reconstruct more accurate and higher quality seismic images with less data, and has enabled ConocoPhillips to improve decision quality, reduce cost and improve efficiency when exploring new areas. The technology will be commercialized for existing and future customers.
“This is a significant collaboration agreement for both companies, and a commitment by Shearwater to developing and deploying state-of-the-art technology and software to the benefit of our clients”, said Simon Telfer, SVP Seismic Processing and Imaging at Shearwater. “Partnering with clients on technology is a key element of our strategy, enabling them to increase value-add from their core activities by leveraging the Reveal seismic platform.”
As part of the collaboration, ConocoPhillips will become a user of Shearwater’s industry leading Reveal seismic processing and imaging software while Shearwater has committed to support future development and use of the CSI technology, and to provide ConocoPhillips with potential future seismic acquisition design and imaging services. The agreement also involves world-leading high-performance computing infrastructure with over 4,500 compute nodes and 50 Petabytes of storage, which will be deployed throughout Shearwater’s seismic acquisition fleet.
Compressive Seismic Imaging
CSI uses algorithms to optimize the process of selecting nonuniform data collection points instead of the traditional method of using uniform sampling, which involves collecting data on a regular grid. It enables geoscientists to reconstruct higher-quality, more-accurate images with less data.
Shearwater Reveal is the only seismic imaging and processing software designed and built entirely in the 21st century. It provides time and depth processing and imaging for both land and marine environments from within a single user interface. Shearwater uses Reveal internally for all processing projects, ensuring continuous development. The software is licensed to oil and gas companies, contractors, consultants and is used by academia for both teaching and research.
For further information
Simon Telfer, SVP Software, Processing & Imaging, Shearwater GeoServices, phone: +44 1892 956112
Jonas Gade Christensen, Strategy and Investor Relations Manager, phone: +47 94 42 55 11
About Shearwater GeoServices Holding AS
Shearwater GeoServices Holding AS is a global, customer-focused and technology-driven provider of marine geophysical services. The company has the world’s largest fleet of high-end seismic vessels and a portfolio of proprietary technologies and software that provide customers with a full-range of towed streamer and ocean bottom geophysical acquisition techniques, efficient surveys and high-quality data. Shearwater has an industry-leading cost position and a strong balance sheet. Headquartered in Bergen, Norway, Shearwater is owned by RASMUSSENGRUPPEN AS, Schlumberger, and GC Rieber Shipping ASA.
(Source: Shearwater GeoServices)