March 13, 2009: Oslo, Norway, Petroleum Geo-Services ASA ('PGS' or the 'Company') announced today the formation of a cooperation agreement with TGS-NOPEC Geophysical Company ASA (TGS) to combine the previously announced PGS Discovery DeSoto Canyon MC3D survey with TGS' ongoing Hernando 3D survey into one large, seamless, 3D MultiClient project in the DeSoto Canyon in the Central and Eastern Gulf of Mexico Planning areas.
The joint survey, named Hernando will cover a 365 OCS block area (8,500 square kilometers) of which more than 225 equivalent blocks have already been recorded by the two companies using one 3D vessel each.
Final data from the full survey is expected to be available to clients by the end of 2009.
"The joint survey offered by PGS and TGS, and underwritten by the industry, allows for a larger area to be acquired within a shorter timeframe utilizing leading edge acquisition and imaging technology, in an area of significant interest to our customers in the Gulf of Mexico" said Magne Reiersgard, President of PGS Marine Geophysical North and South America.
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FOR DETAILS, CONTACT: |
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Tore D Langballe
Phone: +47 67 51 43 75
Mobile: +47 90 77 78 41
Bård Stenberg
Phone: +47 67 51 43 16
Mobile: +47 99 24 52 35
US Investor Services
Phone: +1 281 509 8712 |
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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. 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 2007. 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.
