PGS Contract Award and Ramform Victory Scheduling Update

PGS Contract Award and Ramform Victory Scheduling Update
(Image credit: PGS)

PGS was awarded a 3D exploration acquisition contract offshore Africa. A Ramform Titan Class vessel is expected to mobilize for the survey in the fourth quarter, subject to final approvals, and the program has a total duration of 4–5 months.

“We are very pleased with this contract award, which improves our visibility into H1 2024. There is increasing exploration interest in Africa and this award builds on the recent success of our Titan class vessels in this region,” says President & CEO in PGS, Rune Olav Pedersen.

Ramform Victory was planned to steam to Brazil for a large 4D contract survey for Petrobras later in Q3. Subsequently, PGS has been informed of likely further delay in receiving permits for the survey. The steam to Brazil is therefore postponed to early Q4, whereupon the vessel will initially acquire data on an ongoing highly pre-funded MultiClient program until all permits are in place for the contracted 4D survey. Mobilization for the 4D contract survey is expected towards year-end, with an unchanged contract scope.

PGS announces contract awards and MultiClient projects as stock exchange releases if the contract has a value of $10 million or more, MultiClient projects with a duration of 2 months or more, and strategically important contracts.


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