PGS cold-stacks another vesselVessel & 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.