PGS Re-enters the Gulf of Mexico

Petroleum Geo-Services will acquire a new Multi-Client 3D seismic survey in the areas of Garden Banks, Keathley Canyon, Green Canyon and Walker Ridge located offshore Louisiana and Texas in the Gulf of Mexico.

Covering approximately 401 deepwater OCS blocks (9,345 square kilometers), the new program named "Crystal" focuses on an area where a step-change in imaging quality is required.

PGS will be acquiring the Crystal survey using state of the art Wide Azimuth Towed Streamer (WATS) Technology. The Ramform Viking and two additional source vessels will commence the first phase of data acquisition in October 2006 and acquisition of the entire 401 block project will be completed in approx. 12 months.

BP America Inc. is the primary financial and technical partner for the Crystal survey. PGS and BP are already engaged in successful technical collaboration efforts on several fronts. The Crystal Project provides an excellent opportunity for further collaboration focused on Wide Azimuth Technology. Additional pre-funding has been secured from other oil companies and the project has above average pre-funding levels as compared to other Gulf of Mexico multi-client seismic surveys.

President of PGS' Marine Geophysical division, Rune Eng, stated the following:

"This project marks the return of PGS to the Gulf of Mexico. It is PGS' strategy to have a presence in all the major global markets and to increase our investment in new Multi-Client projects. The Crystal survey achieves both those objectives and we envisage having many additional opportunities in 2008 to expand on this project. We are extremely pleased to have such an experienced partner as BP to be involved in this substantial project."

PGS' President for the North and South America region, Magne Reiersgard added the following:

"The Crystal area has significant imaging challenges and we believe that the area requires the advanced imaging solution that WATS provides to create a clearer image. We are pleased that BP and other companies have committed to the Crystal project, and that other major deepwater players have expressed interest in joining this project."

Data will be available for the upcoming March 2008 Lease Sale in the Gulf of Mexico.

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