Haugesund / Bergen, 5th February 2022: OCTIO, a subsidiary of Reach Subsea ASA (“Reach”), has secured a multi-year geophysical monitoring contract with A/S Norske Shell for the Ormen Lange field. OCTIO has delivered services to A/S Norske Shell for over a decade, and this contract further solidifies the long-standing relationship between the two parties.
“OCTIO welcomes the opportunity to continue to support A/S Norske Shell at Ormen Lange, Norway’s second-largest gas field, with our cost-efficient gWatch technology, which increases gas production in a sustainable fashion,” said Leon Løvheim, CEO of OCTIO.
OCTIO’s contract with A/S Norske Shell is valid until January 2026, with two one-year extensions.
OCTIO deploys proprietary gWatch service to deliver gravimetry and seabed subsidence measurements and has set an industry standard for accuracy and efficiency of gravimetry surveys.In 2020, OCTIO completed the 7th gWatch survey for A/S Norske Shell at the Ormen Lange field. A/S Norske Shell acquires these measurements every second year to refine field recovery strategy and increase gas production.
OCTIO gWatch surveys complement or replace 4D seismic at 1/10 of the price and 1/3 of the delivery time. With gWatch, customers reduce the frequency of, or completely remove the need for, 4D seismic surveys, improve reservoir management, and optimize subsea infrastructure across the shelf and deepwater gas fields.
License partner companies at the Ormen Lange field are A/S Norske Shell (operator), Petoro AS, Equinor Energy AS, INEOS E&P Norge AS, and Vår Energy AS.
For further information, please contact:
Leon Løvheim, CEO of OCTIO, leon.lovheim@octio.com
Birgitte Wendelbo Johansen, CFO of Reach Subsea ASA, bwj@bwjreachsubsea-no