PGS Sees Drop in Vessel Activity

Norwegian seismic player, Petroleum Geo-Services (PGS) has seen a further vessel-activity drop in the fourth quarter of 2016.

In the Q4 the vessel utilization on the contracted basis was 25 percent compared to 40 percent in the corresponding period in 2015.

On the multi-client seismic basis, the vessel utilization was 27 percent, compared to 33 percent in Q4 2015.

The company included the warm stacked vessel Ramform Vanguard in the statistics for the Q4.

In 2015, the company cold-stacked five 3D vessels, namely Ramform Challenger, Ramform Explorer, Ramform Valiant, Ramform Viking and Sanco Sword.

The percentage of the stacked/standby vessels was 29 percent in Q4 compared to 10 percent in Q4 2015.

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