Oslo-listed seismic shipowner Petroleum Geo-Services (PGS) looks to be steaming towards a utilisation in the low 60% range for the first quarter, which may prompt the layup of at least two vessels in its expensive fleet.
As the seismic industry continues to struggle with falling demand from oil companies, PGS itself has warned of coming weakness but the first quarter could be an “eye-opener” as regards the extent of those challenges, say analysts.
