OSLO, Norway, July 3, 2008 (PRIME NEWSWIRE) -- Petroleum Geo-Services ASA ('PGS' or the 'Company') announced today that its seismic 3D vessel fleet used approximately 84% of its total time to acquire marine contract and multi-client seismic in the second quarter of 2008. This compares to 91% in the first quarter of 2008 and 88% in the second quarter of 2007. This news release represents no fundamental change to the vessel update dated June 9, 2008.
PGS routinely releases information about vessel utilization around the end of each quarter.
Summary of vessel utilization:
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Approximate allocation of PGS Quarter ended Quarter ended
total 3D towed streamer capacity June 30, March 31,
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2008 2007 2008
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Contract seismic 70% 46% 69%
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Multi-client seismic 14% 42% 22%
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Steaming 13% 9% 9%
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Yard 3% 3% 0%
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Standby 0% 0% 0%
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Higher steaming in the second quarter 2008 is caused by record number of vessels moving to the North Sea and two vessels moving from India to East Asia.
The vessel statistics for the second quarter 2008 includes Ramform Sovereign. The vessel is not included in the statistics for earlier periods.
The vessel statistics further excludes Ramform Victory from mid October 2007. Ramform Victory was delivered to the Japanese Ministry of Economy, Trade and Industry ("METI") January 31, 2008 and the revenues under the service agreement, which will be reported as contract revenues, took full effect from the date of delivery.
As previously announced PGS plans to release its 2008 second quarter financial results on Friday, July 25, 2008, at approximately 8:00 am Central European Time (CET).
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 that address activities, events or developments that the Company expects, projects, believes or anticipates will or may occur in the future. 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. The Company is subject to a large number of risk factors including but not limited to the demand for seismic services, the demand for data from our multi-client data library, the attractiveness of our technology, unpredictable changes in governmental regulations affecting our markets and extreme weather conditions. For a further description of other relevant risk factors we refer to our Annual Report for 2007. As a result of these and other risk factors, actual events and our actual results may differ materially from those indicated in or implied by such forward-looking statements.