Petroleum Geo-Services Ups Revenue 30% in Q1

Petroleum Geo-Services ASA announced its unaudited first quarter 2008 results under IFRS.

--Highest quarterly revenues ever: Revenues of $456.6 million, up $104.1 million (30%). Operating profit of $166.1 million, excluding the gain from sale of Ramform Victory, up $46.6 million (39%) compared to Q1 2007

--Marine: Strong operating profit of $174.2 million in Q1 2008, excluding the gain from sale of Ramform Victory, up $60.5 million (53%) from Q1 2007 driven by improved contract margins and high vessel utilization

--Onshore: Performed as expected in Q1 2008 with operating profit of $3.9 million, down $8.8 million (69%) from Q1 2007, which was an exceptionally strong quarter for Onshore due to high multi-client sales and good performance by arctic crews

--Continued high order backlog: Order backlog for Marine and Onshore at March 31, 2008 was $783 million and $122 million, respectively

--Strong prefunding and late sales in Europe: Marine multi-client sales in Europe was $45.4 million in Q1 2008, up $24.1 million (113%) from Q1 2007

--Delivery of Ramform Sovereign: The vessel was delivered March 6, 2008 on schedule, and started working soon after the christening ceremony in Alesund March 12, 2008. The vessel performs well. Steel work on Ramform Sterling is currently ahead of original schedule at Aker Yards hull building facility in Romania

--Gain from sale of Ramform Victory to the Japanese Ministry of Economy, Trade and Industry (`METI`), of $71.6 million


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