Petroleum Geo-Services ASA: Chartering of Source and 2D Vessel

Petroleum Geo-Services ASA: Chartering of Source and 2D Vessel

Petroleum Geo-Services ASA announced today that PGS has entered into a 4 year firm Time-Charter with 2 x 1 year options with SeaBird Exploration Limited (BVI) for the “Harrier Explorer” as a fully equipped and operated source vessel. PGS has the option to use the vessel as a 2D vessel by covering the cost of additional seismic equipment and additional operating cost. The contract value for the firm period is approximately US$58 million and is scheduled for commencement on May 1st, 2007.

Chartering the “Harrier Explorer” secures PGS additional vessel capacity for 2D and undershoot work as well as for more advanced seismic solutions like Wide Azimuth.

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

The information included herein contains certain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. 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 filings with the Securities and Exchange Commission including the Company’s most recent Annual Report on Form 20-F for the year ended December 31, 2005. As a result of these factors, actual events may differ materially from those indicated in or implied by such forward-looking statements.


Petroleum Geo-Services Ola Boesterud +47 67 52 64 00 Mobile: +47 90 95 47 43 Christopher Moellerloekken +47 67 52 64 00 Mobile: +47 90 27 63 55 U.S. Investor Services Katrina Green

+1 281 509 8000

Source: Petroleum Geo-Services ASA

Share this post