Spectrum has signed a long-term contract with GX Technology, a subsidiary of ION Geophysical Corp., for the 12-month charter of the GGS Atlantic seismic vessel. The GGS-Atlantic will acquire long offset 2-D seismic data for ION GXT's BasinSPAN program, a portfolio of global, ultra-deep seismic data libraries that enable geoscientists to better understand petroleum systems, from source rocks to the reservoir traps.

The contract includes an option for a further 12-month charter period and allows for the vessel to complete a Reliance Industries Limited (RIL) contract off the east coast of India which is a contractual obligation of Spectrum's former parent company GGS ASA.

Spectrum will increase the source array capacity of the GGS Atlantic to satisfy GXT's requirements, with an investment of approximately US $1 million.

The GGS Atlantic will commence work for GXT when the current KNOC project offshore Yemen is completed. The mobilisation from Yemen is anticipated at the beginning of August.