PGS names third Ramform vessel to be cold stacked
OSLO, Norway – PGS has decided to cold-stack the Ramform Viking after she completes a multi-client project offshore East Newfoundland in late October, the company said Wednesday.
The vessel was originally scheduled for a yard stay and classing in first-quarter 2016, which will be deferred. In-sea equipment from the Ramform Viking will be used on vessels in operation and reduces the company's capital expenditures related to maintenance in 2016 by approximately $50 million.
In addition to the Ramform Viking, PGS has previously announced that the Ramform Explorer and Ramform Challenger will be cold-stacked after end of the North Europe acquisition season this year.
Cold-stacking of the three Ramform vessels will reduce quarterly cash costs by approximately $25-30 million with full effect from first-quarter 2016, PGS said.
