ExxonMobil cancels PGS vessel charter

Offshore survey service provider PGS has announced that ExxonMobil has cancelled the charter contract for a survey vessel.

PGS mobilised two survey vessels, Ramform Atlas and Ramform Tethys, in early December 2018 for a contract with ExxonMobil. The contract had an estimated total duration of around 13 vessel months and an estimated value in excess of $75m.

According to PGS, both vessels have been on paid standby since December 23 due to unresolved issues affecting the survey, and ExxonMobil has notified the company that the Ramform Atlas is no longer required.

PGS will receive payment for mobilization, work performed, standby and demobilization. PGS expects to deploy the vessel on a multiclient program or contract survey shortly, but will incur idle time before commencing an alternative project.

ExxonMobil plans to deploy the Ramform Tethys to acquire a 4D survey offshore Guyana. The vessel will continue on paid standby until she commences the redefined program. PGS expects the vessel to be operating in the area for at least three months.

Jason Jiang

Jason is one of the most prolific writers on the diverse China shipping & logistics industry and his access to the major maritime players with business in China has proved an invaluable source of exclusives. Having been working at Asia Shipping Media since inception, Jason is the chief correspondent of Splash and associate editor of Maritime CEO magazine. Previously he had written for a host of titles including Supply Chain Asia, Cargo Facts and Air Cargo Week.
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