Norway-based Petroleum Geo-Services has said its seismic 3D vessel fleet used 90 percent of available time to acquire marine contract and multi-client surveys in the first quarter of 2008. This compares to 69 percent in the fourth quarter of 2007.

However, total vessel capacity for Q1 2008 is less than for Q1 2007. Ramform Victory was delivered to the Japanese Ministry of Economy, Trade and Industry at the end of January, from which revenues under the service began to take full effect.

Further, PGS earlier informed, in its Q4 2007 earnings release, that it expected to report an accounting gain of $65 million in Q1 for the delivery of Ramform Victory to METI in Q1 2008. The company said the gain will reported as “other income” in its books.

PGS plans to release its 2008 first quarter financial results in May 2008.

Tags: PGS