Petroleum Geo-Services signs 150 mln usd a year deal with Japanese government |
|
|
|
Published
:
Mon, 26 Mar 2007 07:42
|
OSLO (AFX) - Petroleum Geo-Services ASA said it has signed a long-term co-operation deal with the Japanese Ministry of Economy, Trade and Industry (METI), worth 150 mln usd a year, for at least the first four years.The Norwegian seismic group said the deal involves PGS providing METI with technical support, operation consulting and training, as well as the licensing of various of its seismic technology products.The deal also includes the sale and flag change of PGS's 3D seismic vessel 'Ramform Victory', for which METI will pay 213 mln usd, including support start-up fees.This vessel, PGS said, will be used by METI in a planned 10-year seismic campaign to survey approximately 70,000 square km of the Japanese Continental Shelf.PGS will have an exclusive right to provide the vessel with support during the period, it said.The commercial terms of the agreement, the firm said, will be fixed for four years, and is expected to contribute a pretax cashflow of approximately 150 mln usd for the first four years.METI is to take delivery of Ramform Victory in fourth-quarter 2007.PGS added that it intends to repurchase the vessel at the end of the survey period.alastair.reed@thomson.comar/ambCOPYRIGHTCopyright AFX News Limited 2007. All rights reserved.The copying, republication or redistribution of AFX News Content, including by framing or similar means, is expressly prohibited without the prior written consent of AFX News.AFX News and AFX Financial News Logo are registered trademarks of AFX News Limited
|
|
|
|
Print this Story
India, Japan open free trade talks in New Delhi 