Oslo Axess-listed geophysical company Magseis says it has won another extension to gather ocean bottom seismic (OBS) data in the Red Sea for Saudi Aramco.

Magseis says the contract extension is being done together with its partner, Chinese geophysical company BGP International, and BGP Arabia.

While no value has been disclosed, analysts at Arctic Securities estimate the share of the contract going to Magseis at about $50m.