PGS Charters Source and 2D Vessel from SeaBird

Petroleum Geo-Services ASA (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 1, 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.

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