PGS' Seismic Survey Vessel Could Go Idle for 2-3 Months after Abrupt Contract Termination

Norwegian offshore seismic services company PGS said Monday that a client had terminated its seismic survey contract, first announced in March.

On March 2022, PGS said it had secured a 3D exploration acquisition contract with "a major international energy company," with plans to mobilize the Ramform Titan vessel survey in late June.

However, PGS sad Monday that it was "during the weekend informed by the client that it will terminate the contract."

"Ramform Titan was contracted to commence mobilization for the 3D exploration survey in June with acquisition to complete in August. Following successful completion of an acquisition campaign in Namibia late May, Ramform Titan was steaming to the survey area in South America when the notice of termination was received," PGS said.

"PGS is in dialog with the client relating to compensation and/or alternative work for the vessel. The dialog with the client is constructive and the aim is to minimize any financial impact on PGS. It is, however, a risk that the vessel will be idle for up to 2-3 months," PGS said.

AIS information from MarineTraffic.com show that the Ramform Titan recently left Walvis Bay in Namibia, and was en route to Chaguaramas in Trinidad and Tobago.