Petroleum Geo-Services Announces Disclosure of Acceptance in Arrow

Petroleum Geo- Services ASA has announced that the Company has, after the expiry of the mandatory offer dated 3 December 2007 to acquire the shares of Arrow Seismic ASA at NOK 96 per share, received acceptances for a total of 2,101,230 shares, constituting approximately 8.94% of all the issued and outstanding shares in Arrow.

Settlement for these shares will take place no later than 16 January 2008. Prior to the mandatory offer PGS held 21,359,070 shares in Arrow corresponding to approximately 91% of all the issued and outstanding shares in Arrow.

As a consequence of the implementation of the compulsory acquisition announced on 4 December 2007, PGS is the owner of all the issued and outstanding shares in Arrow.

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