Petroleum Geo-Service, METI in long-term agreement

Petroleum Geo-Services ASA has signed a Heads of Agreement with Japan's Ministry of Economy, Trade and Industry for long-term cooperation including the sale of 3D vessel Ramform Victory for $213 million including a service agreement.

Offshore staff

OSLO, Norway --Petroleum Geo-Services ASA has signed a Heads of Agreement with Japan's Ministry of Economy, Trade and Industry for long-term cooperation including the sale of 3D vessel Ramform Victory for $213 million including a service agreement.

The vessel is for METI's planned 10-year seismic campaign scheduled to survey 70,000 sqs km (27,027 sq mi) of the Japanese continental shelf. The service agreement includes technical support, operation consulting and training, and licensing of some PGS seismic technology products.

Delivery of the vessel is scheduled for 4Q2007.

"We see a great potential for future E&P investments in Japanese waters. METI plans to conduct seismic surveying of the Japanese continental shelf over a period of approximately 10 years on their own risk and benefit," said Svein Rennemo, PGS' president and CEO. "Their choice of our high capacity 3D seismic Ramform vessel for this campaign confirms the competitive strength of our vessel fleet. This partnership is built on the proven track record of the vessel, as well as access to PGS' technology and continued operational and technical support."

3/26/2007

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