Vessel Allocation Q2 2016
July 1, 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 June 30, | Quarter ended March 31, | |
| 2016 | 2015 | 2016 | |
| Contract seismic | 58% | 35% | 68% |
| MultiClient seismic | 21% | 42% | 22% |
| Steaming | 19% | 13% | 10% |
| Yard | 2% | 0% | 0% |
| Standby | 0% | 10% | 0% |
The Q1 2016 vessel allocation excludes the four cold-stacked 3D vessels Ramform Challenger, Ramform Explorer, Ramform Valiant and Ramform Viking. The vessel allocation also excludes Sanco Sword which has not yet been rigged.
The new build Ramform Tethys has been included in the vessel statistics 90% of the quarter and recorded 35 days of steaming from Japan before commencing operations in the North Sea mid-May. Rigging of the chartered vessel Sanco Swift was completed late April and the vessel is included in the vessel statistics 75% of the quarter.
PGS will release its Q2 2016 financial results on Thursday July 21, 2016, at approximately 8:00 am Central European Summer Time (CEST). A corresponding presentation and conference call are scheduled for 9:00 am CEST the same day, followed by an additional conference call at 2:00 pm CEST.
| FOR DETAILS, CONTACT: |
| Bård Stenberg, VP IR & Corporate Communications Mobile: +47 99 24 52 35 |
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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.