Kuwait collection for Petrofac
UK contractor Petrofac has collected a new contract with Kuwait Oil Company for work on new oil and gas pipelines.
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Analysts boost seismic specialist
Published 09.03.2010 12:26:10 by John Bradbury
British-based seismic specialist Spectrum has been boosted by positive remarks from two Norwegian financial analysts after a presentation about its forward plans for this year and beyond including new multi-client work.Norway's Pareto Securities said Spectrum was “... positioned for Multi Client expansion with the financial flexibility to grow both organically and strategically,” while First Securities said the company's forward programme was “well timed.”
Furthermore Pareto said Spectrum was aiming to make the most of a window of opportunity in the 2D multi-client seismic market and noted plans for a 50% rise in investment spending this year.
The remarks came after Spectrum presented its fourth quarter 2009 results in Oslo to the financial community and indicated plans for a new multi-client survey which is to be launched in the first half of this year.
One programme will focus on the eastern Gulf of Mexico, marking the fourth phase of Spectrum's Big Wave multi-client data project which is due commence by the second quarter this year, using a third-party vessel for the seismic acquisition programme. This survey is due to feature 12,000 line km of high-quality long-offset data, with both pre-stack time and depth migration processing.
A second multi-client programme will feature reprocessing of 19,000 km of data over the US East Coast, which is due to be completed by the third quarter this year.
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