PGS to Cold-Stack Another Ramform

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Oslo-listed Petroleum Geo-Services (PGS) has decided to cold-stack its vessel Ramform Viking after it wraps up a multi-client project offshore East Newfoundland in late October this year.

The vessel was originally scheduled for a yard stay and classing in Q1 2016, which will be deferred.

In-sea equipment from the Ramform Viking will be used on vessels in operation and reduces the company’s capital expenditures related to maintenance in 2016 by approximately $50 million.

In addition to the Ramform Viking, PGS has earlier announced that the Ramform Explorer and Ramform Challenger will be cold-stacked after end of the North Europe acquisition season this year.

PGS said that cold-stacking of the three Ramform vessels will reduce quarterly cash costs by approximately $25-30 million with full effect from Q1 2016.

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