Artemis for Essar

Vol 15, PW 14 (26 Jan 12) News in Brief

Norwegian seismic contractor Dolphin Geophysical has quoted a rock-bottom rate in a ‘reverse auction’ held by Essar Oil, for a proposed seismic shoot at its offshore Mumbai block MB-OSN-2005/3.

Essar wants to shoot 700-sq km of 3D using a ‘multi-streamer’ vessel. It held a ‘reverse auction’ on January 11, asking bidders Dolphin, Polarcus, Fugro, SeaBird Exploration, Reflect Geophysical and PGS to further lower their original quotes.

Dolphin originally quoted around $8m for its seismic survey vessel Artemis Arctic, at present shooting 3D for Oil India in the eastern offshore. “But Dolphin dropped its quote to $5.7m as soon as the auction began,” says an industry source.

“Nobody else went lower.” Dolphin’s rate is less than half the prevailing market price.

“Yet no mobilisation or ‘de-mobilisation’ charges are involved,” we hear. Artemis is expected to finish her Oil India job in February.

After official clearances come through, she could take about a month to complete the Essar job.