Seismic companies’ effort to cut vessel supply during the downturn appear to be aiding recent market improvements, with French giant CGG saying oil companies may sense that vessel supply is getting tight.
Marine seismic accounts for just a tiny sliver of oil companies’ total spending on offshore oil services. But it is still one of the most closely watched bellwethers of the sector because an uptick for seismic reveals oil companies’ sentiments, as well as foreshadowing work for rigs and offshore support vessels.
