PGS: Vessel allocation Q3-17





PGS: Vessel allocation Q3-17

PGS routinely releases information about 3D vessel utilization after the end of each quarter.

Summary of vessel utilization:

Approximate allocation of PGS operated 3D towed streamer capacity Quarter ended
September 31,
Quarter ended June 30,
2017 2016 2017
Contract seismic 28% 33% 60%
MultiClient seismic  53% 45% 24%
Steaming 5% 10% 15%
Yard 2% 2% 0%
Stacked/Standby 12% 10% 1%

In Q3 2017 PGS operated nine 3D vessels, corresponding to 128 streamers. All cold-stacked* vessels are excluded from the statistics.

PGS will release its Q3 2017 financial results on Thursday October 26, 2017, at approximately 7:00 am Central European Summer Time (CEST). A corresponding presentation and conference call is scheduled for 8:00 am CEST the same day, followed by an additional conference call at 3:00 pm CEST.

*The term “cold-stacked” is used when a vessel is taken out of operation for an extended period of time. Costs are reduced to a minimum, with the vessel preserved for a long idle time, all or most in-sea seismic equipment removed from the vessel, and typically the crew required to operate the vessel is terminated. Use of the term “warm-stacked” means that the vessel is temporarily taken out of operation with streamers and all other equipment necessary to perform seismic operation still onboard the vessel and the crew required to operate the vessel available or can be sourced with limited delay.

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