PGS cold stacks ‘Ramform Viking’

Norwegian marine geophysical company, Petroleum Geo-Services ASA (PGS), has decided to cold stack its 3D seismic vessel Ramform Viking.

According to the company, the decision was made in order to further reduce cost and capital expenditures, and to improve utilization. The company said it would cold stack the vessel after it completes a MultiClient project offshore East Newfoundland in late October this year.

The vessel was originally scheduled for a yard stay and classing in Q1 2016, which will be deferred. PGS added that in-sea equipment from the Ramform Viking would be used on vessels in operation. Furthermore, the company said the move would decrease its capital expenditures related to maintenance in 2016 by approximately $50 million.

In addition to the ‘Ramform Viking’, PGS has earlier announced that the ‘Ramform Explorer’ and ‘Ramform Challenger’ would be cold stacked after the end of the North Europe acquisition season this year. The company added that cold stacking of the three Ramform vessels would reduce quarterly cash costs by approximately $25-30 million with full effect from Q1 2016.

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