PGS Vessel Activity Drops Slightly

Norwegian seismic player, Petroleum Geo-Services (PGS), has seen a slight drop in vessel activity in the first quarter of 2017.

In the Q1, the vessel utilization on the contracted basis was 53 percent compared to 68 percent in the corresponding period in 2016.

On the multi-client seismic basis, the company has seen a drop in vessel utilization of 1 percent, standing at 21 percent, compared to 22 percent in Q1 2016.

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

The percentage of the stacked/standby vessels was 11 percent in Q1 compared to 0 percent in Q1 2016.

During the quarter the company has taken delivery of Ramform Hyperion vessel, which will be included in Q2 vessel utilization statistics.

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