Yahoo Finance PGS Gets Green Light for Petrobras 4D Contract
May 30, 2024, Oslo, Norway: All permits are in place, start-up meeting is completed and data acquisition on the large Petrobras 4D contract is about to start.
The Brazilian Institute of Environment and Renewable Natural Resources (IBAMA) has now issued the final permit for the large 4D survey over the Barracuda Caratinga fields and the survey is about to start.
PGS announced the 4D contract award in December 2022 and original project start-up was June/July last year. To optimize vessel resources during the 2023 summer season, the Ramform Victory was reactivated and earmarked for this project. While permitting was pending she undertook a series of attractive MultiClient programs.
The Ramform Victory has completed final preparations and is on her way from Rio de Janeiro to Campos, to start data acquisition for Petrobras in early June.
The contract has a duration of approximately eight months and will be completed in 2025. In September, the Ramform Victory will be joined by the PGS Apollo, as a source vessel, to complete the more complex areas of the survey.
“The Operations and Sales & Services organizations of PGS have been working relentlessly to plan and optimize this project and as with previous large and complex 4D projects in Brazil the team is ready to deliver according to the plan in Barracuda Caratinga. We are happy to see Ramform Victory begin mobilization,” says Adrian Burke, Vice President Brazil in PGS.
“We are very pleased that all permits are obtained and that we are about to start on the large Petrobras 4D contract. PGS has acquired multiple 4D surveys offshore Brazil and gained significant operational experience in the region. We appreciate Petrobras’ recognition of our Ramform vessel acquisition platform in combination with our GeoStreamer technology, which are well suited for large, high-quality 4D acquisition programs,” says Rune Olav Pedersen, President & CEO of PGS.
Ramform Victory is in Brazil for the Barracuda Caratinga 4D contract. Above seen passing through the Guanabara Bay.
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Bård Stenberg, VP IR & Corporate Communication |
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PGS ASA and its subsidiaries (“PGS” or “the Company”) is a fully integrated marine geophysical company that provides a broad range of seismic and reservoir services, including data acquisition, imaging, interpretation, and field evaluation. Our services are provided to the oil and gas industry, as well as to the broader and emerging new energy industries, including carbon storage and offshore wind. The Company operates on a worldwide basis with headquarters in Oslo, Norway and the PGS share is listed on the Oslo stock exchange (OSE: PGS). For more information on PGS visit www.pgs.com.
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The information included herein contains certain forward-looking statements that address activities, events or developments that the Company expects, projects, believes or anticipates will or may occur in the future. These statements are based on various assumptions made by the Company, which are beyond its control and are subject to certain additional risks and uncertainties. The Company is subject to a large number of risk factors including but not limited to the demand for seismic services, the demand for data from our multi-client data library, the attractiveness of our technology, unpredictable changes in governmental regulations affecting our markets and extreme weather conditions. For a further description of other relevant risk factors we refer to our Annual Report for 2023. As a result of these and other risk factors, actual events and our actual results may differ materially from those indicated in or implied by such forward-looking statements. The reservation is also made that inaccuracies or mistakes may occur in the information given above about current status of the Company or its business. Any reliance on the information above is at the risk of the reader, and PGS disclaims any and all liability in this respect.
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