Petroleum Geo-Services ASA (‘PGS’ or the ‘Company’) has been awarded by Petroleo Brasileiro S.A. a contract to undertake the largest High Density 4D (HD4D) marine seismic survey campaign ever in the industry, based on a tendered contract value of USD 251 million.
President & CEO Jon Erik Reinhardsen in PGS states in a comment “This contract is an important strategic milestone to PGS, as we are providing the most sophisticated technology in the business, with the newest vessel in the industry, in the area where the worlds most significant recent discovery is made.”
The award is comprised of a “Firm Program” of five surveys, totaling 4,945 square kilometers and an “Alternative Program” of up to an additional 120 days of data acquisition. The Campos, Santos and Espirito Santo Basin surveys are scheduled to begin in October 2008, using PGS’ latest state-of-the-art vessel, the Ramform Sovereign, which was christened in Ålesund, Norway on March 12, 2008. The current estimated contract value to PGS is USD 180-200 million.
High Density Time Lapsed surveys are used for reservoir management as they require optimal seismic quality in terms of resolution and repeatability. PGS’ Ramform technology is tailored for these requirements due to the size and density of its streamer spreads. The Ramform Sovereign will provide Petrobras with the largest, most efficient spreads available to the industry – 18 streamers x 6,000m streamer length x 50m streamer separation or 14 streamers x 8,000m x 50m, depending on Petrobras’ subsurface imaging requirements for each survey area. Singapore.