The seismic market has deteriorated further over the past few months and now companies are facing a tough winter season and falling rates, say analysts.

Day rates, which are already under pressure, could decline by 10% over the next two years (see table).

One reason is that multi-client (MC) campaigns have served as an artificial buffer to prop up day rates and have also obscured the market’s true vessel capacity, according to specialist analysts at DNB Markets.

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