PGS Records Increase in Multi-Client Activity

Norwegian seismic player Petroleum Geo-Services (PGS) has released an operating update for the first quarter of 2019, which includes statistics for eight vessels.

In the Q1 the vessel utilization on the contracted basis was 29 percent compared to 36 percent in the corresponding period in 2018.

On the multi-client seismic basis, the company has seen a slight increase in vessel utilization from 31 percent in Q1 2018 to 38 percent in Q1 2019.

The company excluded the cold stacked vessels from the statistics.

The percentage of the stacked/standby vessels was 27 percent in Q1 2019 compared to 29 percent in Q1 2018.

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