PGS Announces Record Production From Petrojarl Foinaven FPSO

abarrelfullabarrelfull wrote on 12 Jan 2013 18:01

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Sep 26, 2001

Petroleum Geo-Services ASA (NYSE:PGO)(OSE:PGS) announced today that it has achieved a new milestone in terms of daily production from the "Petrojarl Foinaven" FPSO operating on behalf of British Petroleum in the Atlantic Margin of the North Sea. The FPSO recently produced 132,000 barrels of oil in a single day, which is a new record for the vessel following a recent upgrade in capacity. The vessel was shut down during late June and early July partly to allow for an increase in its daily throughput capacity moving from 144,000 barrels of liquid per day to 180,000 barrels per day. PGS is compensated with a dayrate plus a tariff for each barrel of oil produced; therefore, it will benefit from this increased production.

Reidar Michaelsen, PGS' chairman and chief executive officer, stated, "I would like to congratulate Kaare Gisvold and the entire PGS Floating Production team for achieving this new milestone. The 'Petrojarl Foinaven' FPSO has been a case study in how the oil industry and contractors can work together for the greater benefit of each party. We are pleased that BP has made the Foinaven field such a priority and that PGS has been able to live up to the high level of expected performance."

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