Two More Ramform Titan-Class Vessels for Norwegian PGS

Petroleum Geo-Services ASA (PGS) has exercised its options to order another two Ramform Titan-class vessels at Mitsubishi Heavy Industries Ltd. Two vessels were ordered in 2011.

The two additional vessels will be vessel number three and four in the Ramform Titan Class. When completed, the four new builds will be a part of the 11 vessel fleet of Ramform icons. The first vessels in the series have a planned delivery in 1st quarter 2013.

The new generation Ramforms will strengthen PGS’ unique position in the seismic industry. The decision to renew and expand the fleet comes at a time when demand for marine seismic services is increasing.

The Ramform Titan-class vessels have a planned delivery schedule as follows:

• Vessel no. 1 1st quarter 2013
• Vessel no. 2 4th quarter 2013
• Vessel no. 3 1st half 2015
• Vessel no. 4 2nd half 2015

The new Ramform Titan class will further enhance PGS’ position as a leader in 3D seismic acquisition productivity and efficiency. The vessels are designed to utilize and extract the full potential from the flagship GeoStreamer® technology.

The vessel design is based on the demonstrated strengths of the current Ramform fleet, while improving capabilities along a number of key parameters. The new vessels will include a significantly upgraded GeoStreamer based seismic package and are designed to take the full benefits of the GeoStreamer towing efficiency. The vessels will further strengthen PGS’ leading position in the High Density segment of the market, where large spreads, long streamers and towing efficiency are the key success factors. The High Density segments are driven by deep water exploration and production in geologically complex areas such as Brazil, West Africa and the Gulf of Mexico. The GeoStreamer technology is also opening up new markets in mature basins, such as the North Sea, where the higher fidelity data can reveal new geological plays.

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PGS, October 15, 2012