Petroleum Geo-Services ASA (PGS) has exercised its options to order another two Ramform Titan-class vessels at Mitsubishi Heavy Industries Ltd. Two vessels were ordered in 2011. The two additional vessels will be vessel number three and four in the Ramform Titan Class. When completed, the four new builds will be a part of the 11 vessel fleet of Ramform icons. The first vessels in the series have a planned delivery 1st quarter 2013.
The new generation Ramforms will strengthen PGS' unique position in the seismic industry. The decision to renew and expand the fleet comes at a time when demand for marine seismic services is increasing.
The Ramform Titan-class vessels have a planned delivery schedule as follows:
Vessel no. 1 1st quarter 2013
Vessel no. 2 4th quarter 2013
Vessel no. 3 1st half 2015
Vessel no. 4 2nd half 2015
The new Ramform Titan class will further enhance PGS' position as a leader in 3D seismic acquisition productivity and efficiency. The vessels are designed to utilize and extract the full potential from the flagship GeoStreamer® technology.
The vessel design is based on the demonstrated strengths of the current Ramform fleet, while improving capabilities along a number of key parameters. The new vessels will include a significantly upgraded GeoStreamer based seismic package and are designed to take the full benefits of the GeoStreamer towing efficiency. The vessels will further strengthen PGS' leading position in the High Density segment of the market, where large spreads, long streamers and towing efficiency are the key success factors. The High Density segments are driven by deep water exploration and production in geologically complex areas such as Brazil, West Africa and the Gulf of Mexico. The GeoStreamer technology is also opening up new markets in mature basins, such as the North Sea, where the higher fidelity data can reveal new geological plays.
Ramform Titan Class Specifications
| Name | Ramform Titan Class |
| Owner | Petroleum Geo-Services |
| Flag | |
| Vessel Classification | DNV +1A1, SPS, ICE C, E0, HELDK, RP, CLEAN DESIGN, TMON, BIS, NAUT-AW, VIBR, COMF-C(3) V(3) |
| Length | 104.2 m |
| Breadth | 70 m |
| Draft | 6.4 m |
| Fuel capacity | 6 000 m3 |
| Endurance (production/transit) | 150 days |
| Transit speed | 16 knots |
| Main propulsion system | Diesel electric |
| Propulsion type | Triple CP propeller plant with nozzle and propeller shaft, total 18MW |
| Engine plant | 6 x 3840 kw |
| Accommodation (single berths) | 60 single and 10 double cabins |
| Helideck | 26m 15 t Super Puma/EH-101 |
| Work boats | 2 x 30' in stern cradle launching |
| Streamer winches | 24 x 12 000m capacity |
For more information on the Ramform Titan -class see link:
http://www.pgs.com/en/Pressroom/Media_Gallery/Ramform-Titan-Class/
| FOR DETAILS, CONTACT: |
| Tore Langballe, SVP Corporate Communications Phone: +47 67 51 43 75 Mobile: +47 90 77 78 41 Bård Stenberg, Investor Relations Manager Phone: +47 67 51 43 16 Mobile: +47 99 24 52 35 |
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.
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The information included herein contains certain forward-looking statements that address activities, events or developments that the Company expects, projects, believes or anticipates will or may occur in the future. 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. The Company is subject to a large number of risk factors including but not limited to the demand for seismic services, the demand for data from our multi-client data library, the attractiveness of our technology, unpredictable changes in governmental regulations affecting our markets and extreme weather conditions. For a further description of other relevant risk factors we refer to our Annual Report for 2011. As a result of these and other risk factors, actual events and our actual results may differ materially from those indicated in or implied by such forward-looking statements. The reservation is also made that inaccuracies or mistakes may occur in the information given above about current status of the Company or its business. Any reliance on the information above is at the risk of the reader, and PGS disclaims any and all liability in this respect.
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