Petroleum Geo-Services awarded of seismic contracts

20-04-99 Petroleum Geo-Services announced the recent award of several 3D seismic contracts, and the commencement of several high-potential multi-client programs.
In deepwater offshore Angola, West Africa, the "Ramform Valiant," towing 12 streamers, each 4,800 m long, has begun a contract survey for a major international oil company. This is the largest production spread ever deployed in West Africa. During the first two weeks of this survey, the operation has had an average production of 61 sq. km per day. The vessel is occupied on this survey into the third quarter. In another Angolan deepwater survey just begun for another international operator, the "Ramform Viking," towing 12 x 4,500 m streamers has averaged 52 sq. km per day. This survey will keep the vessel occupied into August.

"Ramform" remains the only technology ever to have towed 12 streamers from a single vessel, and PGS offers this unique technology as a routine service in deepwater markets world-wide. In Europe, the "Ramform Victory" has been working for a month on a survey, which is by far the largest contract survey tendered in the region for 1999. The survey is in Denmark, a joint survey for Phillips and Maersk. The vessel is towing 8 x 6,000m, and production to date is ahead of schedule, confirming the "Ramform" potential for efficient towing of both wide and long streamer spreads.

Separately in Europe, the Company is adding to its portfolio of pre-funded premium Norwegian deepwater MC3D data. Two surveys are in progress currently.
When complete, including surveys finished last year, PGS will have a total of approximately 6,500 sq. km of high quality MC3D data available for additional sales for the upcoming Norwegian 16th Round, covering large, high ranked prospects. PGS will also be adding to its strong portfolio of MC3D data in the West of Shetland deepwater exploration region. These surveys are well pre-funded and will add to the Company's dominant market share in this prospective basin.

To date in 1999, PGS believes it has secured a 67 % share of contract and MC3D pre-funding in Europe. Average West African and North Sea backlog stretches well into the third quarter.

In India, PGS has recently been awarded a contract for the Indian National Oil Company, ONGC. The award of this work builds on the relationship established during the largest ever-integrated 4D project previously completed on time and on budget for the same customer on the Bombay High complex. The new contract, due to start imminently, is North of Bombay High. It has a value of approximately $ 30 mm and will take approximately 8 months to complete.
In addition to the above contracts, PGS is in a good position to secure additional major contracts which are expected to be awarded in the near future.

Petroleum Geo-Services is a technologically focused oilfield service company principally involved in the business of acquiring, processing, managing and marketing 3D, 4D and 4C marine seismic data.
The Company also provides floating production, storage and offloading systems and offshore production management services, data management solutions, 4D and 4C reservoir monitoring and characterisation studies, land and transition zone acquisition services and other specialised geophysical and production-related services.
PGS operates on a world-wide basis with headquarters in Houston, Texas and Oslo, Norway.