PGS Reports Increased Production Over Ramform Banff

Petroleum Geo-Services reports that a new production well was put on stream over the Ramform Banff FPSO in December 2002. As a result, the production volume across the vessel has increased to 20,000 barrels of oil per day. This added volume improves the Ramform Banff revenues to the extent that a positive operational cash flow is now seen. Work continues to further improve the oil production volume across the vessel. The Ramform Banff FPSO has been producing the Banff field since January 1999. Following an extensive vessel modification during the winter 2000/2001, the unit has logged the same superior uptime and safety performance as the other three FPSO's in PGS' fleet.