PGS Sees Drop in Contract Seismic, But Boosts Multiclient Activity

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

In the Q3, the vessel utilization on the contracted basis has seen a drop to 19 percent compared to 28 percent in the corresponding period in 2017.

On the multi-client seismic basis, the vessel activity increased to 68 percent, compared to 53 percent in Q3 2017.

The Q3 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 8 percent in Q3 compared to 12 percent in Q3 2017.

Source link