Top 5 Companies Dominating the Global Seismic Services Market

The global seismic services market is expected to grow at a CAGR of 5.20% in the forecast period of 2024-2032. As per the analysis by Expert Market Research, the market is expected to be driven by the rising demand for seismic services in the oil and gas sector.

Seismic services including surveys are key tools in the oil and gas sector, as it enables professionals to identify prospects, assess potential resources, reduce risk and even quantify reserves.  The International Association of Geophysical Contractors endorses seismic surveys as both cost-effective and highly effective, highlighting their crucial role in exploration strategies. Seismic surveys are typically conducted at a speed of about 4.5 to 5 knots (~5.5 mph), and the sound source is typically activated at 10-15 second intervals.

The rising technological advancements in seismic imaging technology and data processing are further improving the sector's ability to locate offshore resources. Moreover, the impact of seismic surveys is significantly being reduced with the increasing innovative technologies and rising importance of environment-friendly practices.

In July 2023, Egypt announced its plan to invest USD 1.8 billion to drill new gas wells as part of offshore exploration in the Mediterranean Sea and the Nile Delta.

As per the seismic services market report, the emergence of 4D seismic technology is allowing for the mapping of potential reserves with accurate reservoir characterization and seismic monitoring. Additionally, the growing exploration activities in unconventional reservoirs are further increasing the adoption of 4D seismic technologies.

Companies provide high-quality seismic data interpretation, prospect evaluation, quantitative interpretation, reservoir modelling and seismic-based reservoir monitoring services for oil and gas sector enabling highly efficient working.

Figure: Global Oil and Gas Upstream Capex (USD Billion)

In March 2024, UK-based oil and gas firm Spirit Energy awarded a contract to Shearwater Geoservices to conduct seismic survey in the East Irish Sea, as part of the Morecambe Net Zero (MNZ) carbon capture and storage (CCS) project. The data acquired through the survey is anticipated to support all subsequent models and mapping for CCS initiatives.

In July 2024, Electromagnetic Geoservices ASA agreed for a fully pre-funded offshore Ocean Bottom Node (OBN) seismic survey in the Barents Sea. The survey is carried out in collaboration with Velocitas Geo Solutions, making it EMGs first venture into seismic node projects.

Top 5 Seismic Services Companies in the World:

Schlumberger Limited

Schlumberger Limited is a global technology company, with operations in more than 100 countries. SLB conducts its businesses through four segments namely Digital and Integration, Reservoir Performance, Well Construction and Production Systems. The company provides borehole seismic, geosolutions software, multiclient data library, seismic imaging, seismic survey design and modelling, seismic data processing, and seismic drilling solutions among others through its seismic services category.

Viridien (CGG S.A)

Viridien is an advanced technology, digital and Earth data company employing about 3,500 people worldwide. The company is listed on the Euronext Paris SA under the symbol VIRI. The company provides seismic services such as monitoring services, well site services, and geological services among several others. The company provides its solutions to five continents across the globe.

TGS-NOPEC Geophysical Company ASA

TGS is a leading integrated energy data and services company, providing advanced technology and solutions across the energy value chain. The company has offices in the UK, Egypt, Brazil, Kuala Lumpur, and Perth with a workforce of about 2,000. The company’s stock is traded on the Oslo Stock Exchange (TGS) and is part of the OBX Index of the 25 most liquid shares on the exchange and the OTCQX Market (TGSNF and TGSGY).

Halliburton Company

Halliburton is a leading provider of products and services to the energy sector. The company has the presence of more than 40,000 employees across the globe. The company helps customers in locating hydrocarbons and managing geological data, drilling and formation evaluation, well construction and completion, and optimising production throughout the life of the asset. Halliburton provides borehole seismic services such as FiberVSP™ service and Odassea™ Subsea Fiber Optic Solution.

Furgo N.V.

Furgo serves sectors such as energy, infrastructure and water markets, both on land and at sea, globally. Furgo employs 11000 individuals across 55 countries across the globe. Some of the specialities include geotechnical onshore and nearshore services, geotechnical offshore services, offshore survey services, subsea services, geospatial services, seabed geo-solutions, renewable energy, and offshore wind. Specialists in ground engineering in the country provides comprehensive geophysical survey services and site characterisation to ensure the success of projects.