March 25, 2010: Oslo, Norway. The Board of Directors of Petroleum Geo-Services ASA ('PGS' or the 'Company') has today approved the 2009 annual financial statements prepared in accordance with International Financial Reporting Standards ("IFRS").
The Company reported its IFRS unaudited 4th quarter and preliminary full year 2009 results on February 22, 2010. Compared to the preliminary results, approximately USD 3 million in tax expense has been reclassified from continuing to discontinued operations. Income from discontinued operations, net of tax has increased with approximately USD 3 mill for 2009 and income from continuing operation has decreased with the same amount, (increased income tax expense). Net income for 2009 remains unchanged. There were no other changes to the consolidated financial statements compared to those presented in the February earnings release.
The Company expects to submit the annual report to the Company's shareholders electronically in April.
FOR DETAILS, CONTACT: Tore Langballe, SVP Corporate Communications Phone: +47 67 51 43 75 Mobile: +47 90 77 78 41 Bård Stenberg, Investor Relations Manager Phone: +47 67 51 43 16 Mobile: +47 99 24 52 35 US Investor Services Phone: +1 281 509 8712
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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.
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