OSLO, Norway, July 4, 2007 (PRIME NEWSWIRE) -- Petroleum Geo-Services ASA ("PGS" or the "Company") (NYSE:PGS) (Oslo:PGS) announced today that its seismic vessel fleet used approximately 88% of its total time to acquire marine contract and multi-client seismic in the second quarter of 2007. This compares to 91% in the first quarter of 2007 and 87% in the second quarter of 2006.
PGS routinely releases information about vessel utilization around the end of each quarter.
Summary of vessel utilization:
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Approximate allocation of PGS Quarter ended Quarter ended
total towed streamer capacity June 30, March 31,
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2007 2006 2007
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Contract seismic 46% 78% 58%
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Multi-client seismic 42% 9% 33%
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Steaming 9% 12% 5%
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Yard 3% 1% 4%
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As previously announced PGS plans to release its 2007 second quarter financial results on Thursday, July 26, 2007, at approximately 8:00 am Central European Time (CET).
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 within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. 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 filings with the Securities and Exchange Commission including the Company's most recent Annual Report on Form 20-F for the year ended December 31, 2006. As a result of these factors, actual events may differ materially from those indicated in or implied by such forward-looking statements.