Brief: Client Terminates Contract With PGS

PGS ASA

12/06/2023 07:17

June 12 (Reuters) - PGS ASA  PGS.OL :
    * PGS ASA: CONTRACT TERMINATION
    * REFERENCE IS MADE TO CONTRACT AWARD ANNOUNCED MARCH 22,
2023
    * PGS WAS DURING WEEKEND INFORMED BY CLIENT THAT IT WILL
TERMINATE
CONTRACT
    * RAMFORM TITAN WAS CONTRACTED TO COMMENCE MOBILIZATION FOR
3D
EXPLORATION SURVEY IN JUNE WITH ACQUISITION TO COMPLETE IN
AUGUST
    * PGS IS IN DIALOG WITH CLIENT RELATING TO COMPENSATION
AND/OR
ALTERNATIVE WORK FOR VESSEL
    * IT IS HOWEVER A RISK THAT VESSEL WILL BE IDLE FOR UP TO
2-3
MONTHS

Source text for Eikon:  ID:nGNE3rMFJW 
Further company coverage:  PGS.OL 

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