In April 2011, Petroleum Geo-Services ASA (PGS) signed two shipbuilding contracts with Mitsubishi Heavy Industries Ltd. for the delivery of two Ramform vessels in 2013, with the option for one or two additional vessels to be delivered in 2015. The parties have now agreed to extend the exercise period for the options with six months.

Following the extension, the options for vessel 3 and 4 must be declared by October 14th 2012 for delivery in first and second half of 2015 (as earlier agreed). The price for the optional vessels is unchanged.

The new Ramform vessels will be called the Titan class. These fifth generation Ramform vessels will further enhance PGS’ position as a leader in 3D seismic acquisition when it comes to productivity and efficiency. The Titan Class is designed to utilize and bring forth the full potential from the flagship, ghost free GeoStreamer GS® technology, providing a step-change in seismic productivity, data quality and resolution.

The vessel design is based on the demonstrated strengths of the current Ramform fleet, while improving capabilities along a number of key parameters. The new vessels will include a significantly upgraded GeoStreamer® based seismic package and are designed to take the full benefits of the GeoStreamer® towing efficiency. The vessels will further strengthen PGS’ leading position in the fast growing High Density segment of the market, where large spreads, long streamers and towing efficiency are key success factors. The High Density segments are driven by deep water exploration and production in geologically complex areas such as Brazil, West Africa and the Gulf of Mexico. Our GeoStreamer® technology is also opening up new markets in mature basins, such as the North Sea, where the higher fidelity data can reveal new geological plays.