Petroleum Geo-Services ASA (PGS) has exercised its options to order another two Ramform Titan-class vessels at Mitsubishi Heavy Industries.
Two vessels were ordered in 2011. The two additional vessels will be vessel number three and four in the Ramform Titan Class. When completed, the four new builds will be a part of the 11 vessel fleet. The first vessels in the series have a planned delivery for the first quarter of 2013.
It is believed the new generation Ramforms will "strengthen PGS' unique position in the seismic industry," with the decision to renew and expand the fleet coming "at a time when demand for marine seismic services is increasing."
The Ramform Titan-class vessels have a planned delivery schedules for the first and fourth quarter 2013, and the first and second half of 2015 respectively.
The new Ramform Titan class will further enhance PGS' position in 3D seismic acquisition productivity and efficiency. The vessels are designed to utilise and extract the full potential from the flagship GeoStreamer technology.
The vessel design is based on the current Ramform fleet, while improving capabilities along a number of key parameters. The new vessels will include a significantly upgraded GeoStreamer based seismic package and are designed to take the full benefits of the GeoStreamer towing efficiency.
The vessels will further strengthen PGS' position in the High Density segment of the market, where large spreads, long streamers and towing efficiency are the key success factors. The High Density segments are driven by deep water exploration and production in geologically complex areas such as Brazil, West Africa and the Gulf of Mexico.
The GeoStreamer technology is also opening up new markets in mature basins, such as the North Sea, where the higher fidelity data can reveal new geological plays.
Source: Asiasis
