Shearwater Wins Two Large 3D Seismic Surveys From ONGC Offshore India

Shearwater Geoservices has received two letters of award from ONGC for large-scale 3D seismic surveys offshore India. The awards cover a nine-month project off India's west coast and a six-month survey on the east coast, using two of the company's high-capacity 3D vessels. Both projects are expected to begin early in the fourth quarter of 2026, adding approximately 15 vessel months of backlog and strengthening vessel utilisation visibility into 2027.

 

Details of the Awards

 

Shearwater has secured two significant survey awards in India. The company received two letters of award from ONGC. Each represents a large offshore 3D seismic survey. Both surveys are located in Indian waters. The awards mark a substantial addition to the company's workload.

The two projects differ in location and duration. One is a nine-month project offshore India's west coast. The other is a six-month survey on the country's east coast. Both surveys will use Shearwater's high-capacity 3D vessels. The company will deploy two such vessels across the two projects.

 

Timing and Backlog Impact

 

The projects follow a clear timeline toward execution. Both are expected to commence early in the fourth quarter of 2026. This timing gives the company confirmed work heading into the following year. The awards materially strengthen vessel utilisation visibility into 2027. This forward visibility is valuable in the seismic survey market.

The combined projects add significantly to the company's order book. Together they add approximately 15 vessel months of backlog. This represents a meaningful boost to contracted future work. A stronger backlog provides greater certainty over vessel deployment. It also supports the company's revenue planning for the coming period.

 

Strategic Position in India

 

The awards reinforce Shearwater's established presence in India. Company leadership described them as a significant addition at attractive terms. India was characterised as a strategically important market for the company. The awards strengthen the company's position in this key region. This reflects a deliberate focus on the Indian market.

Shearwater's success builds on a long track record in the country. The company has maintained a continuous presence in India since 2016. This longevity has given it knowledge of the local market. It has also allowed the company to leverage its industry-leading capabilities. This combination of experience and capability underpins its competitive position.

 

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The Role of Seismic Surveys

 

The surveys provide essential data for offshore energy activity. 3D seismic surveys build detailed pictures of subsurface geology. This information helps operators understand reservoir potential beneath the seabed. Such data is fundamental to exploration and development decisions. High-capacity vessels enable the efficient acquisition of this data.

For a national operator such as ONGC, this data is critical. It supports the assessment and development of offshore resources. Large-scale surveys across both coasts broaden the operator's subsurface knowledge. This can inform future exploration and production activity. The scale of the awards reflects the importance of this data to the operator.

 

Path to Contract Execution

 

The awards remain at a preliminary contractual stage. The projects are currently under letter of agreement. This represents a commitment ahead of final contract signing. Both are progressing toward final contract execution. This execution is expected in the third quarter.

This staged process is typical for large survey contracts. Letters of award establish the intention to proceed with the work. Final contracts then formalise the commercial and operational terms. Moving from letter of agreement to signed contract confirms the projects. Until then, the awards represent a strong but not yet finalised commitment.