OSLO, Norway, Jan. 3, 2008 (PRIME NEWSWIRE) -- Petroleum Geo-Services ASA ('PGS' or the 'Company') announced today that its seismic 3D vessel fleet used approximately 69% of its total time to acquire marine contract and multi-client seismic in the fourth quarter of 2007. This compares to 89% in the third quarter of 2007 and 80% in the fourth 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 3D towed streamer capacity December 31, September 30,
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2007 2006 2007
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Contract seismic 47% 61% 64%
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Multi-client seismic 22% 19% 25%
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Steaming 12% 18% 8%
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Yard 17% 2% 3%
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Standby 2% 0% 0%
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This is inline with the information released on December 19, 2007.
As previously announced PGS plans to release its 2007 fourth quarter financial results on Thursday, February 21, 2008, 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 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 on Form 20-F for the year ended December 31, 2006, as filed with the U.S. Securities and Exchange Commission. As a result of these factors, actual events may differ materially from those indicated in or implied by such forward-looking statements.