Norwegian geophysical company Magseis has entered into a letter of intent with an unnamed provider of offshore vessels regarding a potential vessel charter.
Magseis said in a statement on Tuesday that such agreement includes an option for the lease of certain seismic equipment. However, the company did not reveal any further details about the vessel provider nor the assignment for which the vessel will be hired.
The company further said it expects that its first quarter 2017 revenues will be at least in line with the last quarter of 2016.
With the recent announcement of an extension to the ongoing survey in the Red Sea , Magseis’ backlog now amounts to more than $65 million for 2017. Therefore, the company is ready to embark on its previously announced expansion plans, Magseis noted.
The geophysical company also added that its board will consider the potential equipment financing in its evaluation of alternatives.