Houston, Texas; Oslo, Norway; May 24, 2002: Petroleum Geo-Services ASA (NYSE: PGO; OSE: PGS) announced today that its Seafloor Seismic division has been awarded a significant contract to deploy its multi-component technology over two major producing offshore fields in Saudi Arabia - the Zuluf and Abu Sa'fah fields. Terms of the award include an optional one year contract extension for additional surveys. The contract also includes the provision of seismic data processing services by PGS' Data Processing division.
The survey will cover over 1,000 square kilometers, using high-resolution two-component and four-component seafloor technology to better characterize the producing reservoirs and identify potential deeper targets.
This contract is the latest in a series of complex surveys over producing fields awarded to PGS, with the most recent being the successful 1,500 square kilometer survey over the Zakum field, offshore United Arab Emirates.
Tim Rigsby, President of PGS' Seafloor Seismic division, stated, "In addition to meeting the geophysical objectives, the Zakum survey was the latest example of our ability to safely acquire seismic data over producing fields. PGS operated without a single incident around 210 wellhead towers, three super complexes, three satellite platforms and hundreds of kilometers of untrenched pipelines. This experience will serve us well in the survey over the Zuluf and Abu Sa'fah fields."
Petroleum Geo-Services is a technologically focused oilfield service company principally involved in two businesses: Geophysical Operations and Production Operations. PGS acquires, processes and markets 3D, time-lapse and multi-component seismic data. These data are used by oil and gas companies in the exploration for new reserves, the development of existing reservoirs, and the management of producing oil and gas fields. PGS' advanced geophysical technologies allow oil and gas companies to better characterize and monitor their reservoirs in order to enhance production and ultimate recovery of hydrocarbons. In its Production Operations business, PGS owns four floating production, storage and offloading systems ("FPSOs") and operates numerous offshore production facilities for oil and gas companies. FPSOs permit oil and gas companies to produce from offshore fields more quickly and cost effectively. PGS operates on a worldwide basis with headquarters in Oslo, Norway and Houston, Texas.