Vessel Allocation Q1 2016

April 5, 2016: Oslo, Norway, PGS routinely releases information about 3D vessel utilization after the end of each quarter.

Summary of vessel utilization:

 

Approximate allocation of PGS operated 3D towed streamer capacity
 

Quarter ended
March 31,
Quarter ended December 31,
  2016 2015 2015
Contract seismic 68% 31% 40%
MultiClient seismic 22%  32% 33%
Steaming 10% 14% 9%
Yard 0% 5% 8%
Standby 0% 18% 10%

           
The Q1 2016 vessel allocation excludes the four cold-stacked 3D vessels Ramform Challenger, Ramform Explorer, Ramform Valiant and Ramform Viking. The Company took delivery of the chartered vessels Sanco Swift and Sanco Sword in February 2016 and the new build Ramform Tethys in March. Neither of these vessels was set in operation in Q1 and they are not included in the Q1 2016 vessel allocation.

PGS will release its Q1 2016 financial results on Tuesday May 3, 2016, at approximately 7:00 am Central European Time (CET). A corresponding presentation and conference call are scheduled for 8:00 am CET the same day, followed by an additional conference call at 3:00 pm CET.

FOR DETAILS, CONTACT:
 

Bård Stenberg, VP IR & Corporate Communications
Mobile:  +47 99 24 52 35

 

 

****

Petroleum Geo-Services is a focused marine geophysical company providing 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. PGS operates on a worldwide basis with headquarters at Lilleaker, Oslo, Norway.

For more information on Petroleum Geo-Services visit www.pgs.com.

 

This information is subject to the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act.