PGS Sells Ramform Sterling to JOGMEC

PGS has finalized the sales agreement for the Ramform Sterling vessel with Japan Oil, Gas and Metals National Corporation (JOGMEC), an incorporated administrative agency of Ministry of Economy Trade and Industry in Japan.

The companies entered into negotiations for the sale of the Ramform Sterling in November 2018.

According to the latest update, JOGMEC will take delivery of the Ramform Sterling late April 2019.

The sales price is approximately $100 million. PGS will receive about 75% of the cash proceeds at delivery. The remaining will be paid in FY2020.

The vessel sale does not include seismic streamers.