Petroleum Geo-Services Briefs Prelimeinary Results for 4Q, FY10

Petroleum Geo-Services reported preliminary results for fourth quarter and full year 2010.

Highlights 2010

• Delivered strong performance through the cycle with full year EBITDA of $463.3 million
• Full year Marine contract EBIT margin of 17% with improving GeoStreamer® momentum
• Strong MultiClient sales with improved sales to investment ratio
• Improved Q4 2010 revenues, EBITDA and EBIT compared to Q4 2009
• Order book increased 19% since Q3 2010, to $584 million
• Fleet renewal and expansion program initiated for growth

"Having achieved our target for 2010, PGS is well positioned. In the near term, as we enter 2011, we have almost all capacity secured for the first half of the year and Q3 is firming up. We are equally well positioned to take full advantage of the stronger market ahead. Anticipating continued growth in seismic demand, we have embarked upon a fleet renewal and expansion program with delivery of the first vessel due in Q1 2013.

The new Ramform W-class equipped with GeoStreamer will improve our cost and technology advantage further. This, combined with the strongest balance sheet in PGS' history means we are very competitively positioned."