PGS preferred tenderer for vessel sale and long-term cooperation with JOGMEC in Japan

Petroleum Geo Services (PGS) of Norway, as part of a tender process, has offered to sell the seismic vessel Ramform Sterling to the Japan Oil, Gas, and Metals Corporation (JOGMEC), an agency of the Ministry of Economy Trade and Industry.

JOGMEC has designated PGS as the preferred tenderer, and negotiations will be initiated with the aim of concluding necessary contracts. A final award to PGS will only take place if and when all contracts have been concluded, which is expected to happen during the first quarter of 2019.

The tender process also includes an up-to-10-year service agreement with annual renewals. For this part of the tender, PGS has formed a joint venture with Nippon Yusen Kabushiki Kaisha (NYK) and Hitachi.

The joint venture will establish a special purpose company (SPC) which will aim to conclude final contracts with JOGMEC.

Subject to final agreements, JOGMEC is scheduled to take delivery of Ramform Sterling at the start of the second quarter of 2019.