PGS extends option period for more Ramform vessels

Vessel & ROV News - April 27, 2012

Petroelum Goe-Services (PGS) has extended the period over which it can exervise options in its contract with Mitusbishi Heavy Industries (MHI) to build two more fifth generation Ramform seismic vessel, which it has dubbed the Titan class.

In April 2011, PGS signed two shipbuilding contracts with MHI for delivery of two Ramform vessels in 2013, with the option for one or two additional vessels to be delivered in 2015.

The parties have now agreed to extend the exercise period for the options with six months. Following the extension, the options for vessel 3 and 4 must be declared by October 14th 2012 for delivery in first and second half of 2015 (as earlier agreed). The price for the optional vessels is unchanged.

The new Ramform vessels will be called the Titan class. "The fifth generation Ramform vessels will further enhance PGS' position as a leader in 3D seismic acquisition when it comes to productivity and efficiency," the company said.

"The Titan Class is designed to utilize and bring forth the full potential from the flagship, ghost-free GeoStreamer GS technology, providing a step-change in seismic productivity, data quality and resolution."

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.