August 01, 2008 02:08 ET

PGS AWARDED MAJOR NORTH SEA SEISMIC CAMPAIGN FOR STATOILHYDRO

OSLO, NORWAY--(Marketwire - August 1, 2008) -

August 1, 2008: Oslo, Norway - Petroleum Geo-Services ASA ("PGS" or the "Company") has been awarded a contract for a series of seismic surveys to be conducted in the summer of 2009 for StatoilHydro. Four of the Company's seismic vessels will be involved in the surveys, giving a total contract value of around USD 100 million.

StatoilHydro will be the first customer for the Ramform Sterling, PGS' second new S-Class Ramform vessel, on schedule for delivery in July 2009. This vessel will operate with both steerable streamers and steerable sources in order to produce the highest possible repeatability for 4D surveys. A second high capacity Ramform vessel will be deployed for further HD4D work.

A part of the campaign includes the use of a new PGS invention, the GeoStreamer®. This revolutionary new streamer system will be used in 3D mode and offers the customer enhanced resolution and deeper penetration resulting a higher quality, deghosted image. The system has the added advantage of being towed deeper than conventional streamers, offering extended operating windows in areas of variable weather such as in Northern Europe.

President & CEO of PGS Jon Erik Reinhardsen, states in a comment: "This contract is another confirmation that oil companies are continuing to secure capacity early in a buoyant seismic market. StatoilHydro has a rich tradition as an early adopter of new exploration technologies. This year they were the first user of the most modern vessel Ramform Sovereign. Now they are following this innovative trend by securing Ramform Sterling on its "maiden voyage".

Mr. Reinhardsen continues:

"We are also delighted that they have decided to use GeoStreamer® as part of next year's campaign. The high resolution and deep imaging capabilities of the system can offer a very real competitive advantage both in the search for new reserves, and in the enhanced production of existing reservoirs."

FOR DETAILS, CONTACT:

Tore Langballe, SVP Corporate Communications
Mobile:                      +47 907 77 841

Bård Stenberg, Investor Relations Manager
Phone:                       +47 67 51 43 16
Mobile:                       +47 99 24 52 35

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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. For more information on Petroleum Geo-Services visit www.pgs.com.

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The information included herein contains certain forward-looking statements that address activities, events or developments that the Company expects, projects, believes or anticipates will or may occur in the future. These statements are based on various assumptions made by the Company, which are beyond its control and are subject to certain additional risks and uncertainties as disclosed by the Company in its Annual Report. As a result of these factors, actual events may differ materially from those indicated in or implied by such forward-looking statements.

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