PGS Awarded Gulf of Mexico 3D Seafloor Seismic Survey

ExxonMobil has awarded Petroleum Geo-Services a 3D seafloor seismic acquisition contract in the Gulf of Mexico to its Seafloor Seismic division. PGS will begin acquiring this survey in the first quarter of 2003 using a crew rigged with its proprietary FOURcE Seafloor Seismic Acquisition System.

Dual sensor seafloor technology is being applied over a producing field for improved fault definition, reservoir geometry insight and salt body delineation compared to that realized with previously acquired data. This enhanced reservoir understanding is required to improve reserve estimates. Additionally, the survey will be used to delineate near field wildcat opportunities.

"This survey directly follows a successful 2002 North Sea season and ensures full utilization of our FOURcE crew into the second quarter of 2003" said Tim Rigsby, President of PGS' Seafloor Seismic division. "The proven efficiency of our proprietary FOURcE system and our track record for successfully acquiring complex surveys around existing production facilities played a major role in PGS being awarded this survey."