OSLO, Norway, April 4, 2008 (PRIME NEWSWIRE) -- Petroleum Geo-Services ASA ('PGS' or the 'Company') announced today that its seismic 3D vessel fleet used approximately 91% of its total time to acquire marine contract and multi-client seismic in the first quarter of 2008. This compares to 69% in the fourth quarter of 2007 and 89% in the first quarter of 2007.
PGS routinely releases information about vessel utilization around the end of each quarter.
Summary of vessel utilization:
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Approximate allocation
of PGS total 3D towed Quarter ended Quarter ended
streamer capacity March 31, Dec. 31,
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2008 2007 2007
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Contract seismic 69% 57% 47%
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Multi-client seismic 22% 32% 22%
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Steaming 9% 5% 12%
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Yard 0% 6% 17%
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Standby 0% 0% 2%
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The vessel statistics above does not include Ramform Sovereign which was delivered to PGS mid March and had limited active seismic acquisition in Q1 2008. The vessel will be included from April 1.
The vessel statistics further excludes Ramform Victory from mid October 2007. Consequently the total vessel capacity included in the statistics for Q1 2008 is less than for Q1 2007. Ramform Victory was delivered to the Japanese Ministry of Economy, Trade and Industry ("METI") January 31, 2008 and the revenues under the service agreement, which will be reported as contract revenues, took full effect from the date of delivery.
Further, PGS earlier informed, in its Q4 2007 earnings release, that it expected to report an accounting gain of approximately USD 65 million in Q1 2008 relating to the delivery of Ramform Victory to METI in Q1 2008. For the purpose of clarifying the classification of this gain in the financial statements, it will be reported in the line "Other operating income" in the consolidated statement of operations and will impact the reported operating profit (EBIT). A deferred tax expense corresponding to 28% of the gain is expected to be reported as part of income tax expense for the quarter.
As previously announced PGS plans to release its 2008 first quarter financial results on Thursday, May 8, 2008, at approximately 8:00 a.m. Central European Time (CET).
Petroleum Geo-Services is a focused geophysical company providing a broad range of seismic and reservoir services, including acquisition, processing, interpretation, and field evaluation. The company also possesses the world's most extensive multi-client data library. PGS operates on a worldwide basis with headquarters at Lysaker, Norway.
For more information on Petroleum Geo-Services visit www.pgs.com.
The information included herein contains certain forward-looking statements that address activities, events or developments that the Company expects, projects, believes or anticipates will or may occur in the future. These statements are based on various assumptions made by the Company, which are beyond its control and are subject to certain additional risks and uncertainties as disclosed by the Company in its Annual Report on Form 20-F for the year ended December 31, 2006, as filed with the U.S. Securities and Exchange Commission. As a result of these factors, actual events may differ materially from those indicated in or implied by such forward-looking statements.