OSLO, Norway, Oct. 2, 2007 (PRIME NEWSWIRE) -- Petroleum Geo-Services ASA ("PGS" or the "Company") (Oslo:PGS) announced today that its seismic 3D vessel fleet used approximately 89% of its total time to acquire marine contract and multi-client seismic in the third quarter of 2007. This compares to 88% in the second quarter of 2007 and 83% in the third quarter of 2006.
PGS routinely releases information about vessel utilization around the end of each quarter.
Summary of vessel utilization:
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Approximate allocation of PGS Quarter ended Quarter ended
total 3D towed streamer capacity September 30, June 30,
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2007 2006 2007
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Contract seismic 64% 50% 46%
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Multi-client seismic 25% 33% 42%
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Steaming 8% 10% 9%
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Yard 3% 7% 3%
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As previously announced PGS plans to release its 2007 third quarter financial results on Wednesday, October 24, 2007, at approximately 8:00 am Central European Time (CET).
In fourth quarter both Ramform Challenger and Ramform Valiant will be at yard for 10-year classing and upgrades. The yard stays will last approximately 1 and 1.5 months, respectively (including steaming). As previously announced the Company has entered into an agreement to sell Ramform Victory to the Japanese Ministry of Economy, Trade and Industry ("METI") for approximately $213 million, including start up fees, along with an agreement to provide technical and operating services with commercial terms agreed for an initial period of 4 years. Ramform Victory will end operations early October to complete a yard stay before the subsequent delivery to METI.
Petroleum Geo-Services is a focused geophysical company providing a broad range of seismic and reservoir services, including acquisition, processing, interpretation, and field evaluation. The company also possesses the world's most extensive multi-client data library. PGS operates on a worldwide basis with headquarters at Lysaker, Norway.
For more information on Petroleum Geo-Services visit www.pgs.com.
The information included herein contains certain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. These statements are based on various assumptions made by the Company which are beyond its control and are subject to certain additional risks and uncertainties as disclosed by the Company in its filings with the Securities and Exchange Commission including the Company's most recent Annual Report on Form 20-F for the year ended December 31, 2005. As a result of these factors, actual events may differ materially from those indicated in or implied by such forward-looking statements.
Press release (PDF): http://hugin.info/115/R/1157408/223593.pdf