PGS Exercises Option to Build a Second New Ramform at Aker Yards

Petroleum Geo-Services ASA has decided to exercise the option with Aker Yards, Langsten to build an additional new third generation Ramform vessel, "Ramform 8".

This new and improved Ramform class seismic vessel is a sister vessel of the previously announced "Ramform 7", which is currently being built at the same yard. "Ramform 8" has an agreed cost from the yard including installation, but excluding the cost of seismic equipment, of NOK 578 million. The vessel is scheduled for delivery in the second quarter of 2009.

The third generation Ramform is designed with the objective to further extend the PGS lead in 3D seismic acquisition productivity and efficiency. The design builds on the proven industry leading capabilities of the current Ramform fleet, while introducing several improvements. Compared to the existing Ramform vessels, the vessel is approximately 16 meters longer, giving higher fuel capacity and transit speed. A substantial power upgrade will significantly increase speed while surveying. The vessel will be capable of towing up to 22 streamers. A range of technology improvements will be implemented to maintain or improve efficiency of handling, deployment, retrieval and maintenance of the in sea equipment.