PGS Posts Seismic Vessel Allocation for 4Q 2008

PGS' seismic 3D vessel fleet used approximately 77% of its total time to acquire marine contract and multi client seismic in the fourth quarter of 2008. This compares to 80% in the third quarter of 2008 and 69% in the fourth quarter of 2007.

Approximate allocation of PGS total 3D towed streamer capacity
Quarter ended
December 31,
Quarter ended September 30,
Contract seismic
64 %
47 %
  62 %
Multi-client seismic
13 %
22 %
18 %
16 %
12 %
16 %
5 %
17 %
3 %
2 %
2 %

The Q4 2008 yard time relates primarily to classification work and installation of GeoStreamer® for Atlantic Explorer. Steaming related primarily to move of some vessels from the North Sea to offshore Africa, Brazil and Gulf of Mexico, and to intra job steams in Asia Pacific. Unscheduled standby time in front of startup of jobs represented two percent in the fourth quarter.

The vessel statistics for the third and fourth quarter 2008 includes Ramform Sovereign. The vessel is not included in the statistics for 2007. The vessel statistics further excludes Shigen (previously Ramform Victory) which is owned by the Japanese Ministry of Economy, Trade and Industry ("METI").