Petroleum Geo-Services ASA
oslo : PGS

July 03, 2012 03:29 ET

Petroleum Geo-Services ASA: Vessel Allocation Q2 2012

LYSAKER, NORWAY--(Marketwire - Jul 3, 2012) - Petroleum Geo-Services ASA ('PGS' or the 'Company') routinely releases information about 3D vessel utilization after the end of each quarter.

Summary of vessel utilization:

+-------------------------------------+---------------+---------------+
| Approximate allocation of PGS total | Quarter ended | Quarter ended |
| 3D towed streamer capacity          |   June 30,    |   March 31,   |
|                                     +-------+-------+---------------+
|                                     | 2012  | 2011  |     2012      |
+-------------------------------------+-------+-------+---------------+
| Contract seismic                    |   40% |   49% |           57% |
+-------------------------------------+-------+-------+---------------+
| MultiClient seismic                 |   48% |   33% |           31% |
+-------------------------------------+-------+-------+---------------+
| Steaming                            |    9% |    9% |            6% |
+-------------------------------------+-------+-------+---------------+
| Yard                                |    3% |    9% |            5% |
+-------------------------------------+-------+-------+---------------+
| Standby                             |    0% |    0% |            1% |
+-------------------------------------+-------+-------+---------------+

PGS will release its Q2 and first half 2012 financial results on Thursday July 26, 2012, at approximately 8:00 am Central European Time (CET), with a corresponding presentation, webcast and conference call scheduled for 9:00 am CET, followed by a conference call at 3:00 pm CET.

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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.

                                      ****

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. The Company is subject to a large number of risk factors including but not limited to the demand for seismic services, the demand for data from our multi-client data library, the attractiveness of our technology, unpredictable changes in governmental regulations affecting our markets and extreme weather conditions. For a further description of other relevant risk factors we refer to our Annual Report for 2011. As a result of these and other risk factors, actual events and our actual results may differ materially from those indicated in or implied by such forward-looking statements. The reservation is also made that inaccuracies or mistakes may occur in the information given above about current status of the Company or its business. Any reliance on the information above is at the risk of the reader, and PGS disclaims any and all liability in this respect.

                                    --END--

This information is subject of the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act.

Vessel Allocation Q2 2012: http://hugin.info/115/R/1623703/519084.pdf

This announcement is distributed by Thomson Reuters on behalf of Thomson Reuters clients. The owner of this announcement warrants that: (i) the releases contained herein are protected by copyright and other applicable laws; and (ii) they are solely responsible for the content, accuracy and originality of the information contained therein.

Source: Petroleum Geo-Services ASA via Thomson Reuters ONE [HUG#1623703]

Contact Information

  • FOR DETAILS, CONTACT:

    Tore Langballe
    SVP Corporate Communications
    Phone: +47 67 51 43 75
    Mobile: +47 90 77 78 41