PGS Cold-Stacking Ramform Viking - Focusing on Cash Preservation

Offshore Fleet NewsTo further reduce cost and capital expenditures, and to improve utilization PGS has decided to cold-stack the Ramform Viking after she completes a MultiClient 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. Cold-stacking of the three Ramform vessels will reduce quarterly cash costs by approximately $25-30 million with full effect from Q1 2016.


Source: PGS   07.09.2015
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