Agreement to extend the options for two Ramforms with Mitsubishi
In April 2011, Petroleum Geo-Services ASA (PGS) signed two shipbuilding contracts with Mitsubishi Heavy Industries Ltd. for the delivery of two Ramform vessels in 2013, with the option for one or two additional vessels to be delivered in 2015.
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The parties have now agreed to extend the exercise period for the options with six months. Following the extension, the options for vessel 3 and 4 must be declared by October 14th 2012 for delivery in first and second half of 2015 (as earlier agreed). The price for the optional vessels is unchanged.
The new Ramform vessels will be called the Titan class. These fifth generation Ramform vessels will further enhance PGS' position as a leader in 3D seismic acquisition when it comes to productivity and efficiency. The Titan Class is designed to utilize and bring forth the full potential from the flagship, ghost free GeoStreamer GS® technology, providing a step-change in seismic productivity, data quality and resolution.
