PGS: Update on Seismic Acquisition Contract in South America
07 Gennaio 2019 - 7:59AM
January 7, 2019: Oslo,
Norway, PGS updates on changes of the contract for the 3D survey in
South America announced November 14, 2018.
The vessels Ramform Atlas and
Ramform Tethys mobilized early December 2018
for this survey. The contract had an estimated total duration
of approximately 13 vessel months and an estimated value in excess
of $75 million.
Due to unresolved issues affecting the survey,
both vessels have been on paid standby from December 23, 2018.
The client, ExxonMobil, has notified PGS that the
Ramform Atlas is no longer required. PGS will
receive payment for mobilization, work performed, standby and
demobilization. PGS expects to deploy the vessel on a MultiClient
program or contract survey shortly, but will incur idle time
relating to steaming and possibly standby before commencing an
alternative project.
ExxonMobil plans to deploy the Ramform Tethys to acquire a 4D survey offshore Guyana.
The vessel will continue on paid standby until she commences the
redefined program. PGS expects the vessel to be operating in the
area for at least three months.
For details,
contact:
Bård Stenberg, SVP IR & Communication
Mobile: +47 992 45 235
***
Petroleum Geo-Services ASA and its 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 PGS visit www.pgs.com.
***
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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