Petroleum Geo-Services (PGS) is counting the cost of its vessels being intercepted by the Venezuelan Navy in offshore Guyana during December.
The Norwegian seismic survey vessel operator today said ExxonMobil would no longer need one of the two ships contracted in November to conduct surveys in Guyanese waters.
The two PGS ships, the 27,600-bhp Ramform Atlas (built 2014) and Ramform Tethys (built 2016), were mobilised in early December to the north-west portion of the Stabroek Block and were approached by the Venezuela Navy on 22 December.
The Navy claimed the PGS vessels were operating within Venezuelan territory.
The contract, signed in November, was initially valued at $75m and would have employed the two vessels for an estimated 13 months.
A PGS spokesman today told TradeWinds the incident “could not have been foreseen” but was unable to comment on how it would affect the contract’s value.
Both vessels have been on paid standby since 23 December, the day after the incident, due to what PGS called “unresolved issues affecting the survey”.
The Ramform Atlas is no longer required for the contract and the owner is now looking for alternative employment for the ship.
“PGS expects to deploy the vessel on a MultiClient program or contract survey shortly, but will incur idle time relating to steaming and possibly standby before commencing an alternative project,” the company said.
The Oslo-listed owner will receive payment for mobilisation, work performed, standby and demobilization of the vessel.
The Ramform Tethys will be retained on the contract to acquire a 4D survey in Guyanese waters.
The vessel will continue on paid standby until the survey programme begins.
The start date has not yet been disclosed, but PGS expects the vessel to be operating in the area for at least three months once work begins.
ExxonMobil operates the Stabroek Block offshore Guyana under license from the government of Guyana.
The acquisition of seismic data was being conducted under license from the government of Guyana in the country’s exclusive economic zone.
