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Sunday, 20 July, 2008, 22:20 GMT | more prices >>

PGS keeps 3D fleet busy

By Upstream staff

Photo by PGS

Petroleum Geo-Services (PGS) said its 3D seismic fleet utilisation rate was 91% for the first quarter of 2008, up from 69% in the fourth quarter of 2007 and 89% in the year-ago period.

PGS said its 3D vessels spent 69% of the time shooting contract seismic survey, 22% shooting multi-client seismic and 9% streaming, compared with 57% on contract work, 32% on multi-client work and 5% steaming in the first quarter of last year.

PGS said the figures did not include operations of the Ramford Sovereign, which was limited in mid-March.

It said the figures also did not include the Ramford Victory, which was withdrawn from service in October last year and delivered to Japan’s Ministry of Economy, Trade and Industry in January under a service agreement. The 2008 figures therefore reflect the operations of a smaller fleet, PGS said.

PGS said it expected to see an accounting gain of $65 million in the first quarter from the Ramford Victory service agreement.