PGS and ExxonMobil Modify South America Survey Deal

Norwegian seismic player PGS said that its contract with ExxonMobil for the 3D survey in South America has been redefined to exclude one of the vessels from the previously announced campaign.

The contract, announced in November last year, had two vessels planed for a total duration of approximately 13 vessel months and an estimated value in excess of $75 million.

However, the vessels Ramform Atlas and Ramform Tethys have been on paid standby from December 23, 2018, due to unresolved issues affecting the survey.

ExxonMobil has notified PGS that the Ramform Atlas is no longer required. PGS will receive payment for mobilization, work performed, standby and demobilization.

PGS said it expects to deploy the vessel on a MultiClient program or contract survey shortly, but will incur idle time relating to steaming and possibly standby before starting an alternative project.

ExxonMobil plans to deploy the Ramform Tethys to acquire a 4D survey offshore Guyana. The vessel will continue on paid standby until it begins the redefined program.

PGS expects the vessel to be operating in the area for at least three months.

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