Petroleum Geo-Services (PGS) has decided to cold-stack the Ramform Viking after it completes a multiclient project offshore East Newfoundland in late October, the company said in a news release.
The move is an effort to further reduce cost and capex as well as to improve utilization.
The vessel was originally scheduled for a yard stay and classing in first-quarter 2016, which will be deferred. In-sea equipment from the Ramform Viking will be used on vessels in operation and will reduce the company's capex related to maintenance in 2016 by about $50 million, according to the release.
In addition to the Ramform Viking, PGS previously announced that the Ramform Explorer and Ramform Challenger will be cold-stacked after the end of the North Europe acquisition season this year. Cold-stacking of the three Ramform vessels will reduce quarterly cash costs by between $25 million and $30 million with full effect from first-quarter 2016, the release said.
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