Petroleum Geo-Services Unaudited Third Quarter 2007 Results

Petroleum Geo-Services announced its unaudited third quarter 2007 results under IFRS.

The company saw a record quarter with operating profit of $167.4 million, up 77.2 million (86%) from the third quarter of 2006. Revenues were $439.1 million, up $113.0 million (35%).

Petroleum Geo-Services' marine division earned a strong operating profit of $182.4 million, up $95.3 million (109%) from the third quarter 2006.

Onshore, the company experienced a disappointing operating loss of $4.2 million this quarter, compared to a profit of $11.1 million in comparison to the same time period last year. This division was negatively impacted by lower activity levels, poor weather and crew relocation.

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