PGS Vessel Activity Slides

Norwegian seismic player, Petroleum Geo-Services (PGS) has seen a vessel-activity drop in the third quarter of 2016, the company informed on Monday.

In the Q3 the vessel utilization on the contracted basis was 33 percent compared to 35 percent in the corresponding period in 2015.

On the multi-client seismic basis, the vessel utilization was 45 percent, compared to 48 percent in Q3 2015.

During the quarter, the company warm stacked the vessel Ramform Vanguard and recorded approximately 20 days as stacked.

PGS said it expects the vessel to remain warm-stacked over the winter.

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