OSLO, Norway, April 2, 2007 (PRIME NEWSWIRE) -- Petroleum Geo-Services ASA ("PGS" or the "Company") (OSE:PGS) (NYSE:PGS) announced today that its Board of Directors has approved the 2006 Norwegian GAAP Financial Statements.
Since the Company's primary financial reporting to the market is based on U.S. GAAP, the Norwegian GAAP financial statements are prepared to meet statutory requirements only. The Company reported its U.S. GAAP unaudited fourth quarter and preliminary full year 2006 results on February 26, 2007. There were no changes to the Norwegian GAAP consolidated statements as presented as part of the February earnings release. The Company expects to complete and file its 2006 annual report on Form 20-F, including its audited U.S. GAAP financial statements for 2006 around mid May.
The Company's financial statements prepared in accordance with Norwegian GAAP are, as previously reported, different from those prepared in accordance with U.S. GAAP in certain material respects.
****
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, 2005. As a result of these factors, actual events may differ materially from those indicated in or implied by such forward-looking statements.