December 6, 2004: OSLO, NORWAY; HOUSTON, TEXAS - Petroleum Geo-Services ASA ("PGS" or the "Company") (OSE: PGS; OTC: PGEOY) announced today that PGS' wholly-owned subsidiary, Pertra AS, has been notified by the Norwegian Ministry of Petroleum and Energy that it was awarded the following acreage in the Awards in Predefined Areas 2004 Round (APA 2004) on the Norwegian Continental Shelf:
1. Operatorship and 45% participation in Production License (PL) 337, including blocks 15/11, 15/12 (part) and 16/10 (part).
1. Operatorship and 45% participation in Production License (PL) 337, including blocks 15/11, 15/12 (part) and 16/10 (part).
2. 20% participation in PL 332, including block 2/2 stratigraphic division.
3. 35% participation in PL 343, including blocks 29/9, 30/7 and 30/10 (part).
4. 35% participation in PL 349 including blocks 6407/11 and 6407/12 (part).
APA is a yearly concession round in mature parts of the Norwegian Continental Shelf. Each award is contingent on Pertra's acceptance of the award terms. Work commitments consist of geophysical and geological studies and drilling within two to three years or relinquishing the associated PL.
PGS is particularly pleased that Pertra was awarded operatorship of PL 337 which is located north of the Varg field. Pertra is currently the operator of the Varg field located in Production License 038 (Block 15/12) in the Norwegian sector of the North Sea with 70% interest while co-venturer Petoro AS holds the remaining 30%.
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Petroleum Geo-Services is a technologically focused oilfield service company principally involved in geophysical and floating production services. PGS provides a broad range of seismic- and reservoir services, including acquisition, processing, interpretation, and field evaluation. PGS owns and operates four floating production, storage and offloading units (FPSOs) and owns a small oil and gas company. PGS operates on a worldwide basis with headquarters in Oslo, 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 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, 2003. As a result of these factors, actual events may differ materially from those indicated in or implied by such forward-looking statements.
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