PGS Gets Loan for Ramform Titan-Class Vessels

Nippon Export and Investment Insurance (NEXI) has decided to provide Buyer’s Credit Insurance for loans extended to PGS Titans AS, a subsidiary of Petroleum Geo-Services ASA (PGS) of Norway.

The loans provided by Sumitomo Mitsui Banking Corporation are used for the purchase of two Ramform Titan-class vessels for three-dimensional (3D) sea bottom resource exploration, which are manufactured by Mitsubishi Heavy Industries, Ltd in Nagasaki, Japan.

Sumitomo Mitsui Banking Corporation and Japan Bank for International Cooperation (JBIC) will co-finance the PGS loans and NEXI will provide Buyer’s Credit Insurance for the loan extended by Sumitomo Mitsui Banking Corporation.

In October 2012, PGS obtained a loan to purchase another two 3D seismic data acquisition vessels from Mitsubishi, for which NEXI also provided insurance.

Ramform Titan-class, the most powerful and efficient marine seismic acquisition vessel ever, is designed to utilize and extract the full potential from the flagship GeoStreamer® technology. These new vessels provide an enhancement of many established features. The design incorporates an array of new capacity for one single purpose – to collect maximum amounts of seismic data: quickly, safely and reliably.

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March 11, 2014