PGS Signs Deals with Japanese Government

Petroleum Geo-Services ASA on Wednesday announced that further agreements with the Japanese Ministry of Economy, Trade and Industry (METI) were entered into May 11, 2007.

A Main Agreement, Sales Agreement and a License and Confidentiality Agreement were all entered into in accordance with the Heads of Agreement between PGS and METI as announced by PGS March 26, 2007. The agreements entered into May 11, 2007, are subject to a satisfactory agreement relating to technical and operational services to be provided by PGS.

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.