PGS Mobilizes Ramform Titan Vessel for Offshore Namibia Survey

PGS has signed a 3D exploration acquisition contract for work offshore Namibia. 

The Norwegian company said in a stock exchange announcement that it was mobilizing its Ramform Titan vessel for the survey. The acquisition is expected to be completed in late May 2023.

"We are very pleased with this contract award, as it follows nicely after the previous project and secures visibility for the vessel into the 2023 summer season," says President & CEO in PGS, Rune Olav Pedersen.

While PGS did not share the contract value, PGS usually announces contract awards and MultiClient projects as stock exchange releases if the contract has a value of $10 million or more, and MultiClient projects with a duration of 2 months or more.

Namibia was placed on the global oil and gas exploration map last year with two giant oil discoveries made by TotalEnergies and Shell.

Earlier this week, it was announced that the Australian oil and gas firm Woodside had an option to acquire a stake in a block offshore Namibia, too.

Woodside will have the option to take the 56% stake in Petroleum Exploration License 87 (“PEL 87”) offshore Namibia, in consideration for, among other things, paying the full cost for a 3D-seismic survey covering an area of at least 5,000 square kilometers within the license.

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