Statoil signs OYO for preliminary seabed seismic work

Statoil (OSE:STL; NYSE:STO) has signed a non-binding letter of intent for OYO Geospace (NASDAQ:OYOG) to supply a 600-km (373-mi) long seabed seismic monitoring system for Snorre and Grane fields on the Norwegian continental shelf.

Offshore staff

HOUSTON –Statoil (OSE:STL; NYSE:STO) has signed a non-binding letter of intent for OYO Geospace (NASDAQ:OYOG) to supply a 600-km (373-mi) long seabed seismic monitoring system for Snorre and Grane fields on the Norwegian continental shelf.

Statoil will pay OYO $2.5 million for preliminary work related to a potential final contract. If awarded in October, the project value would be $160 million across three years.

Statoil can cancel the project at any time prior to execution of a definitive contract.

9/5/2012

More in Geosciences