Oslo, November 26, 2020 - Magseis Fairfield and CGG announced today their
completion of the 2020 acquisition of the largest OBN survey ever acquired in
the North Sea. The OBN Cornerstone 2020 multi-client survey in the UK Central
North Sea commenced in March 2020 and has already received significant industry
interest and prefunding. Approximately 1,650 km² of long-offset, full-azimuth
data have been acquired, with first images being made available in early 2021
and final PSDM data planned for release in Q4 2021. Further extensions of the
OBN Cornerstone survey are being considered for 2021.<br />
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Covering two highly prospective areas of the UK Continental Shelf, the OBN
Cornerstone 2020 survey project represented a total of 813,000 man-hours with
zero Lost Time Incidents (LTIs). Survey deliverables will benefit from CGG's
best-in-class OBN processing and advanced imaging technologies, providing a
step-change in seismic imaging quality and reservoir characterization detail and
bringing new insight to aid continued development of plays and existing fields
in the Central North Sea region.<br />
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This survey is specifically designed to address the challenges associated with
deeper, higher-risk Jurassic and Triassic plays, typically under high-pressure,
high-temperature conditions, and the presence of complex structural processes
associated with Permian salt movement. The combination of full-azimuth imaging,
additional fold and near-offset data will result in significant improvement of
deep illumination and noise removal, while helping to illuminate and image the
steep flanks and complex architecture created by salt diapirism. <br />
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Carel Hooijkaas, CEO, Magseis Fairfield, said: "As our clients have shifted
their focus from wider exploration to enhancing production from existing fields
and unlocking further potential near existing infrastructure, we see great
potential for collaborative OBN multi-client surveys. In mature areas where
generations of streamer data and reprocessing have yet to fully overcome complex
challenges, full-azimuth and/or converted wave data along with advanced
processing algorithms play a key role in maximizing value from existing
infrastructure. The OBN Cornerstone survey will bring new insight to complex
geology and deep targets. We look forward to continuing our collaboration with
CGG and the industry to explore potential for extensions in the coming seasons."
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For further information, please contact:<br />
Mark Ivin, CFO <br />
Tel: +47 94 88 86 06 <br />
Email: mark.ivin@magseisfairfield.com<br />
 <br />
or<br />
<br />
Carel Hooijkaas, CEO <br />
Tel: +47 48 04 92 77<br />
Email: carel.hooijkaas@magseisfairfield.com<br />
<br />
Magseis Fairfield is the global leading provider of ocean bottom seismic (OBS)
technology and data acquisition projects. The company has a flexible business
model with full scale node operations, as well as lease and sale models. The
Marine Autonomous Seismic System "MASS" nodes and the range of Z-nodes combined
with handling systems and source technology enables market leading deployment
speed and highly cost-efficient acquisition of data with exceptional quality.
The Company is headquartered in Oslo, Norway and has offices in US, Sweden, UK,
Brazil and Singapore.