PGS: Preferred tenderer for vessel sale and long-term cooperation with JOGMEC in Japan
15 Novembre 2018 - 8:00AM
November 15, 2018; Oslo, Norway: PGS has as part
of a tender process offered to sell the Ramform
Sterling to the Japan Oil, Gas and Metals National Corporation
("JOGMEC") an incorporated administrative agency of Ministry of
Economy Trade and Industry.
PGS has now been informed that the Company is the
preferred tenderer, and negotiations will be initiated with the aim
of concluding necessary contracts. A final award to PGS will only
take place if and when all contracts have been concluded. PGS
anticipates that this will happen during the first quarter of
2019.
The tender process also includes up to 10 year
service agreement with annual renewals. For this part of the tender
PGS has formed a joint venture with Nippon Yusen Kabushiki Kaisha
("NYK") and Hitachi, Ltd ("Hitachi"). The joint venture will
establish a Special Purpose Company ("SPC") which will aim to
conclude final contracts with JOGMEC. NYK will be responsible
for vessel operation, Hitachi for data processing and PGS will
provide technical and operational services, support and
training.
The vessel sale excludes the seismic streamer
package. SPC will conclude a separate lease contract with PGS on
behalf of JOGMEC. Subject to final agreements, JOGMEC is scheduled
to take delivery of Ramform Sterling at the
start of the second quarter of 2019.
PGS intends to maintain the same operated fleet
size in 2019 as the Company currently has. If the Ramform Sterling is sold to JOGMEC, PGS will
reintroduce the Ramform Vanguard from the
summer of 2019. CAPEX to reintroduce the vessel primarily relates
to in sea equipment and is estimated not to exceed USD 25 million.
If concluded, the sale of Ramform Sterling is
not expected to result in any material gain in the financial
statements.
For details,
contact:
Bård Stenberg, SVP IR & Communication
Mobile: +47 992 45 235
Petroleum Geo-Services ASA and
it's subsidiaries ("PGS" or the "Company") is a focused marine
geophysical company that provides a broad range of seismic and
reservoir services, including acquisition, imaging, interpretation,
and field evaluation. The Company MultiClient data library is among
the largest in the seismic industry, with modern 3D coverage in all
significant offshore hydrocarbon provinces of the world. The
Company operates on a worldwide basis with headquarters in Oslo,
Norway and the PGS share is listed on the Oslo stock exchange
(OSE: PGS). For more information on Petroleum Geo-Services
visit www.pgs.com.
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The information included herein
contains certain forward-looking statements that address
activities, events or developments that the Company expects,
projects, believes or anticipates will or may occur in the future.
These statements are based on various assumptions made by the
Company, which are beyond its control and are subject to certain
additional risks and uncertainties. The Company is subject to
a large number of risk factors including but not limited to the
demand for seismic services, the demand for data from our
multi-client data library, the attractiveness of our technology,
unpredictable changes in governmental regulations affecting our
markets and extreme weather conditions. For a further description
of other relevant risk factors we refer to our Annual Report for
2017. As a result of these and other risk factors, actual events
and our actual results may differ materially from those indicated
in or implied by such forward-looking statements. The reservation
is also made that inaccuracies or mistakes may occur in the
information given above about current status of the Company or its
business. Any reliance on the information above is at the risk of
the reader, and PGS disclaims any and all liability in this
respect.
This information is subject
to the disclosure requirements pursuant to section 5 -12 of the
Norwegian Securities Trading Act.
This
announcement is distributed by West Corporation on behalf of West
Corporation clients.
The issuer of this announcement warrants that they are solely
responsible for the content, accuracy and originality of the
information contained therein.
Source: Petroleum Geo-Services ASA via Globenewswire
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