Petroleaum Geo-Services drops newbuild vessel from lineup

Source: Petroleum Geo-Services

Petroleum Geo-Services's subsidiary Arrow Seismic Invest has informed Factorias Vulcano's subsidiary Factorias Juliana that it has exercised its right to terminate the shipbuilding contract for New Build number 535.
The company has also called upon the refund of EUR 40.5 million with the addition of interest. The amount is covered by bank guarantees. 

PGS has earlier informed that a termination would result in a material impairment charge and expects to record an impairment of approximately USD 80 million in the Q3 financial statements.



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