Green Energy Group secures OBN source contract in the Eastern hemisphere as late-Q1 activity builds

Marine seismic services provider Green Energy Group (Seabird Exploration) has announced that it has received a letter of intent (LOI) for a new ocean bottom node (OBN) source contract from an undisclosed client operating in the Eastern hemisphere. The contract, expected to commence by late Q1 2022, will run for approximately 90 days, according to the company’s announcement on February 12.

While financial details remain confidential, the Cyprus-based geophysical player noted that preparations are underway to mobilize the necessary assets for project execution. The LOI reinforces Green Energy Group’s continued position in the niche OBN source market—a segment that has seen increasing demand as offshore oil and gas operators double down on data-rich, high-fidelity seismic campaigns for reservoir characterization and development planning.

The new contract also adds operational momentum to the Oslo-listed company’s recovery outlook for 2022, following a pandemic-induced lull across the broader seismic services sector.

What does Green Energy Group’s latest OBN win mean for its offshore services outlook in 2022?

The ocean bottom node (OBN) contract marks a strategic operational win for Green Energy Group, formerly known as Seabird Exploration, as it continues to reposition itself within a recovering offshore exploration services market. The company did not disclose the client’s identity, location details, or vessel deployment plans, but confirmed the project is slated for execution in the Eastern hemisphere—an area encompassing key offshore basins from Southeast Asia and the Middle East to East Africa.

The upcoming project will contribute to fleet utilization during the tail end of Q1 and into Q2 2022, a critical window for the seismic industry given the typical seasonal ramp-up in offshore operations following the northern hemisphere winter. Green Energy Group stated the expected duration of the contract is close to 90 days, implying a multi-vessel or multi-spread mobilization, likely involving source vessels tasked with supporting the client’s OBN campaign.

Why are ocean bottom node surveys gaining traction in offshore exploration?

OBN technology is emerging as a preferred seismic acquisition method for offshore exploration and development due to its superior imaging capabilities—especially in complex subsurface settings and obstructed production environments such as those near existing infrastructure or salt bodies. Compared to traditional towed streamer surveys, OBN campaigns offer improved signal-to-noise ratio, enhanced azimuthal coverage, and repeatability for 4D seismic programs.

For operators in mature or high-resolution geologies, such as deepwater Gulf of Mexico, West Africa, or Asia Pacific gas basins, OBN has become a vital enabler of field development optimization. The technology’s value proposition extends beyond exploration, helping asset teams refine well placement, monitor reservoir depletion, and enhance production planning.

Green Energy Group has carved out a focused role in this space as a source vessel provider for OBN campaigns, a less capital-intensive and more nimble service niche compared to owning full node inventories or operating long-duration proprietary surveys. This allows the Cyprus-based company to align with large OBN contractors and E&P clients conducting time-limited, high-resolution campaigns.

How is Green Energy Group navigating its repositioning strategy after Seabird Exploration?

Formerly known as Seabird Exploration, the company rebranded as Green Energy Group ASA in 2021 as part of a broader strategic pivot to align with evolving offshore energy trends. While the core business remains anchored in marine 2D and 3D seismic data acquisition, Green Energy Group has been actively exploring adjacent segments, including renewable energy site surveying and CO₂ storage feasibility support—both of which share operational synergies with its existing seismic fleet and expertise.

The company’s main operating model continues to leverage its legacy as a source vessel operator in niche projects, rather than attempting to compete with vertically integrated geophysical majors in full-spectrum services. Its asset-light, partnership-driven approach has helped it weather the cyclical downturn of the oilfield services sector while maintaining relevance as E&P clients recalibrate their exploration and development budgets.

What is the financial and operational status of Green Energy Group as of early 2022?

Green Energy Group is listed on the Oslo Børs (Oslo Stock Exchange) and operates with a relatively lean balance sheet compared to full-scale offshore seismic players. The company ended Q3 2021 with modest revenues and a cautious outlook, reflecting the slow pace of contracting recovery across the sector. However, the announcement of a new OBN contract in February 2022 suggests that early green shoots are returning for niche marine service providers positioned in specialized segments such as source operations.

As of the latest financial reports available before this announcement, Green Energy Group had signaled that contract visibility was improving, though vessel utilization remained lumpy. The company has also hinted at selective bidding strategies focused on profitable work scopes, avoiding low-margin commoditized segments of the seismic value chain.

Analysts covering the offshore seismic sector have generally expressed cautious optimism about the 2022 outlook, citing improving Brent oil prices, rising offshore investment in Asia and the Middle East, and increasing activity around carbon storage and renewable site surveys as supportive demand drivers. However, sentiment remains tempered by vessel overcapacity, tender delays, and price competition from larger integrated players.

What are the broader implications for the offshore seismic market heading into 2022?

Green Energy Group’s contract win coincides with a slow but visible turnaround in offshore seismic contracting, particularly in high-spec niches like OBN and 4D surveys. The marine geophysical industry has faced one of its most challenging periods over the past five years, marked by capex pullbacks, oil price volatility, and a demand shift toward brownfield optimization rather than greenfield exploration.

Yet as of early 2022, many operators are revisiting exploration in proven basins and ramping up infill development around existing assets—conditions that favor targeted, high-resolution seismic acquisition. OBN continues to gain share in this environment due to its ability to deliver clearer subsurface images and integrate well with legacy data. For smaller players like Green Energy Group, this creates an opportunity to capitalize on short-cycle, high-precision surveys without requiring the upfront investment burdens of full OBN ownership or global fleet deployment.

The Eastern hemisphere—especially regions such as Southeast Asia, India, and the Middle East—has emerged as a hotspot for such campaigns, driven by a mix of national oil company programs, independent operators seeking production upside, and new carbon storage feasibility studies.

What comes next for Green Energy Group following this OBN contract?

With the OBN source contract now in hand, Green Energy Group is expected to proceed with vessel mobilization and planning for a late-Q1 2022 deployment. The 90-day duration suggests potential follow-on opportunities or options, depending on client satisfaction and basin-specific results. The company has not disclosed whether the LOI will convert into a firm contract, though it is standard industry practice for such letters to precede formal award.

Looking ahead, Green Energy Group is likely to continue focusing on asset-light, partner-based execution in technically demanding projects that reward its operational flexibility. While details of future contracts or vessel utilization have not been made public, the firm’s rebranding, strategic focus on green energy synergies, and return to contract flow all signal a cautiously improving trajectory for 2022.