PGS to take third Ramform vessel offline

Offshore staff

LYSAKER, NorwayPGS has decided to cold-stack its seismic acquisition vessel Ramform Viking after it completes a multi-client project offshore east Newfoundland in late October.

The vessel was originally due for a yard stay and classing in 1Q 2016, which will be deferred. Ramform Viking’s in-sea equipment will now be deployed on vessels in operation. This should cut PGS’ capex related to maintenance in 2016 by around $50 million.

Earlier the company announced it would cold-stack the Ramform Explorer and Ramform Challenger after the end of this year’s North Europe acquisition season.

Cold-stacking the three vessels should reduce its quarterly cash costs by $25-30 million from 1Q 2016.



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