Spectrum charters GXT seismic vessel

Spectrum has signed a long-term contract with GX Technology (GXT), a subsidiary of ION Geophysical Corp., for the 12-month charter of the GGS Atlantic seismic vessel.

Offshore staff

WOKING, UK -- Spectrum has signed a long-term contract with GX Technology (GXT), a subsidiary of ION Geophysical Corp., for the 12-month charter of the GGS Atlantic seismic vessel.

TheGGS-Atlantic will acquire long-offset 2D seismic data for ION GXT's BasinSPAN program, a portfolio of global, ultra-deep seismic data.

Spectrum will increase the source array capacity of theGGS Atlantic to satisfy GXT's requirements, with an investment of approximately $1 million.

TheGGS Atlantic will begin work for GXT when the current KNOC project offshore Yemen is completed, around the beginning of August.

The contract includes a 12-month option extension and allows for the vessel to complete a Reliance Industries Ltd. contract off the east coast of India. This is a contractual obligation of Spectrum's former parent company GGS ASA.

07/11/2008

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