OSLO, Norway, May 16, 2007 (PRIME NEWSWIRE) -- Petroleum Geo-Services ASA ('PGS' or the 'Company') (OSE:PGS) (NYSE:PGS) announced today that further agreements with the Japanese Ministry of Economy, Trade and Industry were entered into May 11, 2007. A Main Agreement, Sales Agreement and a License and Confidentiality Agreement were all entered into in accordance with the Heads of Agreement between PGS and METI as announced by PGS March 26, 2007. The agreements entered into May 11, 2007 are subject to a satisfactory agreement relating to technical and operational services to be provided by PGS.
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.