Cold-stacking Ramform Viking - Focusing on Cash Preservation
September 2, 2015 Oslo, Norway: To further reduce cost and capital expenditures, and to improve utilization PGS has decided to cold-stack the Ramform Viking after she completes a MultiClient project offshore East Newfoundland in late October this year.
The vessel was originally scheduled for a yard stay and classing in Q1 2016, which will be deferred. In-sea equipment from the Ramform Viking will be used on vessels in operation and reduces the Company's capital expenditures related to maintenance in 2016 by approximately $50 million.
In addition to the Ramform Viking, PGS has earlier announced that the Ramform Explorer and Ramform Challenger will be cold-stacked after end of the North Europe acquisition season this year. Cold-stacking of the three Ramform vessels will reduce quarterly cash costs by approximately $25-30 million with full effect from Q1 2016.
|FOR DETAILS, CONTACT:|
Bård Stenberg, VP IR & Corporate Communications
Mobile: +47 99 24 52 35
Rune Olav Pedersen, General Counsel & SVP Communications and Marketing
Phone: +47 67 51 57 06
Mobile: +47 90 81 63 37
PGS is a focused Marine geophysical company that provides a broad range of seismic and reservoir services, including acquisition, imaging, interpretation, and field evaluation. The Company's MultiClient data library is among the largest in the seismic industry, with modern 3D coverage in all significant offshore hydrocarbon provinces of the world. The Company operates on a worldwide basis with headquarters in Oslo, Norway.
For more information on PGS visit www.pgs.com.
The information included herein contains certain forward-looking statements that address activities, events or developments that the Company expects, projects, believes or anticipates will or may occur in the future. These statements are based on various assumptions made by the Company, which are beyond its control and are subject to certain additional risks and uncertainties. The Company is subject to a large number of risk factors including but not limited to the demand for seismic services, the demand for data from our MultiClient data library, the attractiveness of our technology, unpredictable changes in governmental regulations affecting our markets and extreme weather conditions. For a further description of other relevant risk factors we refer to our Annual Report for 2014. As a result of these and other risk factors, actual events and our actual results may differ materially from those indicated in or implied by such forward-looking statements. The reservation is also made that inaccuracies or mistakes may occur in the information given above about current status of the Company or its business. Any reliance on the information above is at the risk of the reader, and PGS disclaims any and all liability in this respect.