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    PGS cold-stacks another vessel

    Vessel & ROV News // September 3, 2015

    To further reduce cost and capital expenditure, and to improve utilization, PGS has decided to cold-stack Ramform Viking after she completes a multiclient project offshore East Newfoundland in late October this year.

    The vessel was originally scheduled for a yard stay and classing in the first quarter of 2016, which will be deferred.

    In-sea equipment from Ramform Viking will be used on vessels in operation and reduces the company's capital expenditures related to maintenance in 2016 by approximately US$50 million.

    In addition to Ramform Viking, PGS earlier announced that 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 first quarter 2016. 

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