Norway-based PGS is to cold-stack a third vessel, the Ramform Viking ultra high capacity 3D seismic vessel, as it battles the downturn in the market.
The Ramform Viking will be cold-stacked after it completes a MultiClient project offshore East Newfoundland in late October this year. The vessel was originally scheduled for a yard stay and classing in 1Q 2016, which will now be deferred. In-sea equipment from the Ramform Viking will be used on vessels in operation.
The move will reduce the company's capital expenditures related to maintenance in 2016 by about US$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 US$25-30 million with full effect from 1Q 2016, PGS says.