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So, while the wide-tow pioneer holds the record for the most equipment being towed, Polarcus holds the record for towing the largest areal spread. Flexible capacity is really seismic vessels equipped to explore on short notice, but currently without solid order books to keep them in operation. The global marine seismic streamer vessel fleet has been substantially reduced from its mid levels. Almost one-hundred have been stacked in the past months. It also places more importance on post-acquisition data processing needed to clean the data and also the forward processing algorithms applied for the new geometry.

Essentially, an entire extra global fleet of marine seismic vessels are currently stacked. Neither of these vessels had a swimming pool. Every dollar over that arbitrary price may open up more money making opportunities for both license operators and exploration companies. Having a large spread of multi-sensor streamers operating optimally requires attention and maintenance in-sea. It is not just about vessel capacity, but a paradigm shift in how to optimize the entire value chain from acquisition to imaging.

Simply, seabed seismic is encroaching on the marine seismic streamer market share. So, divorce and online dating there still remains a marine seismic streamer vessel over-capacity problem for a combination of reasons. The first two were put into operation prior to the collapse in oil prices. Other innovative geophysical exploration companies developed their own broadband seismic streamer acquisition techniques to serve the new demand for broadband. Truth is that dynamic markets driven by competition and innovation are always in flux.

News – Marine Seismic Survey

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Enterprises need to generate profit. So, acquiring data must be as efficient as possible.

However, being able to acquire simultaneous source data reduces the data acquisition time. Vessels are considerably more expensive to operate than computer systems applying complex algorithms. In a current marine geophysical exploration market with razor thin margins, approaching cost savings from the vessel operations and support side makes sense. This may be because of weather, currents, or marine life migrations, to name a few. This is also why vessels are taken out of operation and stacked.

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Dolphin especially was affected by the dramatic decline in oil prices which halted deep water exploration programs. The principal cost of a marine seismic survey has traditionally been tied directly to the cost of operating the marine seismic streamer vessels. Apparently, company executives were planning for resurgence in demand that never arrived. In general, wide-tow capable vessels are more expensive to operate.

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One seismic streamer vessel operator has continued to grow their operational streamer capacity from pre-collapse levels. The market has changed dramatically and therefore so has the time and money equation.

Every exit is an entry somewhere else. But, more relevant is that in a cost sensitive environment where vessel utilization is of principal importance, it is difficult to find customers to pay for much beyond the vessel cost base. It is their intelligent decisions and steady leadership which determines enterprise performance.

This market sector is analyzed as an indicator of the overall health of the deep water offshore oil and gas industry. The uncertainty for all new-builds is will they be able to generate the margins needed to accommodate their debt in only two years? The second is that automation applied to an inefficient operation will magnify the inefficiency. In seabed seismic, the sensors are stationary and the source moves. This has brought a warning to international companies that they may remain liable for the close down costs of assets in the event that new owners are not be able to handle operation expenses.

Toward a New Horizon in the Marine Seismic Streamer Industry

Vessels sometimes need to re-survey areas for a variety of reasons related to unpredictable weather and currents. Both Polarcus and Dolphin competed exclusively in the marine seismic streamer market. There is a lot of seasonality in the vessel market.

Those days are behind and not every survey is in such a frontier area. By combining dual-sensor data, broadband data is acquired. Polarcus has bare-back charter leases on two of its vessels, but in certain respects maintained its fleet pretty well in through the downturn and posted some impressive vessel utilization rates. Seabed seismic has acquired multi-sensor broadband data for a long time. Because of the extra cost due to transits, the expanding market also made it more difficult for companies operating smaller fleets to compete because of the costs incurred going to new projects.

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Regardless, when streamers are operating, the equipment needs to be monitored and maintained. The real impact on the market is that the current global fleet can complete surveys faster because it is composed of larger vessels. The collapse in oil prices and their anticipated, albeit prolonged, resurgence has fundamentally changed customer priorities and how their interests are best served. In the current environment, cost is the priority because there is no immediate profit-making incentive.

The successful business model for marine seismic streamer data acquisition and processing in the future still remains unclear. Seabed seismic has not had the same limitations of bandwidth which towed streamer seismic has had. The diversity in what is offered to customers in combining both novel acquisition techniques with innovative data processing and imaging solutions will provide customers with an abundance of choices. Finding the technical experts to work on long projects offshore is made easier when living conditions are of a high standard. This is where the time and cost efficiencies are realized.

In a growth market of opportunities, operating small fleets was actually a commercial disadvantage in terms of servicing global demand. But, the living conditions on that vessel were several grades above both the Dickerson Tide and Western Atlas. For the past two years, the industry has been trying to assess what kind of downturn this is. To reduce the expense of vessel transits project campaigns could be planned regionally.