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While this current downturn may have turned out to be longer and lower than many anticipated, PGS, especially, seems to have been behind the eight ball in their strategy following the collapse.
Vessels are expensive to operate and that is why vessel utilization numbers impact earnings for vessel owner/operators.
This is also why vessels are taken out of operation and stacked.
Keeping vessels equipped for operations is much more expensive than storing at a dock.
Within the most recent blog article post, , it was noted that PGS has actually maintained the largest operational marine seismic streamer vessel fleets since the collapse.
When overly ambitious Dolphin Geophysical (Dolphin) was pushed into insolvency and unable to maintain their Sanco Shipping (Sanco) charters of wide tow , PGS took over their charters, as well.
PGS was preparing for a marine seismic streamer market resurgence.
What seems evidently clear to most all oil and gas market observers is that past marine seismic business models simply do not apply in this new market reality.
Innovation that reduces costs will always be in fashion.It translates to seismic streamer vessel over-capacity.This was the topic of my first blog post, is really seismic vessels equipped to explore on short notice, but currently without solid order books to keep them in operation.On January 20, 2017, America celebrated the inauguration of its 45th president—Donald J. He gave his inaugural address from the West Front of the U. Capitol as has every president since President Reagan in 1981.The industry has changed drastically over the last few years.
Also, the flexible and stacked capacity is almost equal to the current active operating capacity.