PGS: Vessel allocation Q4-17
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 December 31, |
Quarter ended September 31, | |
| 2017 | 2016 | 2017 | |
| Contract seismic | 23% | 25% | 28% |
| MultiClient seismic | 23% | 27% | 53% |
| Steaming | 15% | 15% | 5% |
| Yard | 7% | 4% | 2% |
| Stacked/Standby | 32% | 29% | 12% |
The Q4 2017 vessel statistics includes eight vessels for the full quarter, as well as Ramform Vanguard for one month before it was cold-stacked. The high share of Stacked/Standby is primarily due to winter warm-stacking* of two vessels, in accordance with PGS’ current vessel operation plan. All cold-stacked* vessels are excluded from the statistics from the time of stacking.
PGS will release its Q4 and preliminary full year 2017 results on Thursday February 1, 2018, at approximately 07:00 am Central European Time (CET). A corresponding presentation is scheduled for 09:00 am CET the same day.
*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 can be sourced with some delay.