October 6, 2010: Oslo, Norway, Petroleum Geo-Services ASA ('PGS' or the 'Company') routinely releases information about 3D vessel utilization around the end of each quarter.
Summary of vessel utilization:
| Approximate allocation of PGS total 3D towed streamer capacity | Quarter ended September 30, | Quarter ended June 30, | |
| 2010 | 2009 | 2010 | |
| Contract seismic | 57% | 73% | 46% |
| MultiClient seismic | 29% | 16% | 31% |
| Steaming | 10% | 8% | 19% |
| Yard | 4% | 3% | 4% |
| Standby | 0% | 0% | 0% |
The vessel statistics for the third quarter 2010 includes the new vessel PGS Apollo, which started seismic acquisition mid May and Ramform Sterling, which entered the fleet mid July 2009. The third quarter 2010 vessel statistics excludes Nordic Explorer, which was converted to a 2D/source vessel mid July 2009 and Ocean Explorer, which was converted to a 2D/source vessel end September 2009. Orient Explorer was returned to the vessel owner as the charter expired by year-end 2009.
The share of active time (i.e. excluding time for steaming and yard) allocated to MultiClient for the full year 2010 is expected to be approximately 30% (with a corresponding 70% allocated to contract), which is slightly higher than the Company's earlier indications.
PGS will release its Q3 2010 financial results on Friday October 29, 2010, at approximately 8:00 am Central European Time (CET).
| FOR DETAILS, CONTACT: |
| Bård Stenberg, Investor Relations Manager Phone: +47 67 51 43 16 Mobile: +47 99 24 52 35 Tore Langballe, SVP Corporate Communications Phone: +47 67 51 43 75 Mobile: +47 90 77 78 41 |
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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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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. The Company is subject to a large number of risk factors including but not limited to the demand for seismic services, the demand for data from our multi-client data library, the attractiveness of our technology, unpredictable changes in governmental regulations affecting our markets and extreme weather conditions. For a further description of other relevant risk factors we refer to our Annual Report for 2009. As a result of these and other risk factors, actual events and our actual results may differ materially from those indicated in or implied by such forward-looking statements. The reservation is also made that inaccuracies or mistakes may occur in the information given above about current status of the Company or its business. Any reliance on the information above is at the risk of the reader, and PGS disclaims any and all liability in this respect.
