Thalassa Holdings, through its subsidiary WGP Group Ltd., has executed a joint-venture (JV) arrangement with P-Cable 3D Seismic AS to commercialize P-Cable's patented 3D seismic technology.

The benefits of P-Cable's technology includes the ability to produce low cost, high-resolution 3D seismic data with rapid deployment and retrieval from small vessels, as well as high-production rates (up to 25 sq km per day) and the ability to acquire data in shallow waters, said Thalassa.

WGP will be the operational and administrative partner of the JV with P-Cable supplying the technology.

Thalassa also confirmed that the JV has secured its first contract with an agreement to provide seismic data acquisition surveys using the P-Cable 3D seismic technology for Spring Energy Norway AS. Spring Energy is focused on the mature and immature areas of the Norwegian continental shelf. Mobilization has already begun and the surveys are expected to commence shortly and to last for four months.