OSLO, Norway, July 4, 2007 (PRIME NEWSWIRE) -- Petroleum Geo-Services ASA ('PGS' or the 'Company') (OSE:PGS) (NYSE:PGS) is scheduled to deploy its first 4C Fiber-Optic seismic monitoring system for a permanent seabed installation in deepwater Gulf of Mexico in the fourth quarter this year for Chevron Energy Technology Company, a Chevron Corporation subsidiary.
PGS has developed a unique fiber-optic technology for permanent installations. A prototype of the current design was successfully tested in collaboration with Chevron in the Gulf of Mexico last summer. The fiber-optic system is a complete passive wet-end system that provides a higher reliability and durability than conventional electrical system. PGS' unique multiplexing designs offer very high channel count per cable, low noise and crosstalk properties as well as a high dynamic range.
Group President of PGS Data Processing & Technology, Sverre Strandenes commented the following:
"The first permanent deployment of our 4C fiber-optic seismic monitoring system is an important milestone for us. We are pleased to be working with Chevron who has been very supportive in evaluating our fiber optic technology. The permanent seismic monitoring market is an emerging market with a significant potential. It is our intention to be a major market player."
Mark Koelmel, General Manager of Earth Science technology, Chevron Energy Technology Company, said the following:
"Permanent seismic monitoring is becoming an important tool in the reservoir management toolkit. We are excited about this opportunity to work with the advanced technology 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, 2006. As a result of these factors, actual events may differ materially from those indicated in or implied by such forward-looking statements.