Finance secured for latest PGS seismic vessels

Offshore staff

OSLO, Norway – Petroleum Geo-Services ASA (OSLO:PGS) expects to take delivery next year of two new generation Ramform Titan-class vessels from Mitsubishi Heavy Industries.

These were ordered in April 2011, with options for a further two vessels.  Export credit financing is now in place for the newbuilds in Japan.

Total estimated cost for each of the two vessels is around $250 million, including commissioning and a comprehensive seismic equipment package, but excluding capitalized interest.



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