PGS Multi-Client Activity Drops, Contract Seismic Remains Same

Norwegian seismic player, Petroleum Geo-Services (PGS), has released vessel activity report for the fourth quarter of 2018.

In the Q4, the vessel utilization on the contracted basis has remained the same as in the corresponding period in 2017. On the contracted basis the vessel utilization was 23 percent.

On the multi-client seismic basis, the vessel activity decreased to 14 percent, compared to 23 percent in Q4 2017.

The Q4 2018 vessel statistics included eight vessels. All cold-stacked vessels are excluded from the statistics, the company said.

The percentage of the stacked/standby vessels was 43 percent in Q4 compared to 32 percent in Q4 2017.

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