Petroleum Geo-Services ASA (“PGS” or the “Company”) (OSE and NYSE: PGS) announced today that it has decided to exercise the option with Aker Yards, Langsten to build an additional new third generation Ramform vessel, “Ramform 8”.
This new and improved Ramform class seismic vessel is a sister vessel of the previously announced “Ramform 7”, which is currently being built at the same yard. “Ramform 8” has an agreed cost from the yard including installation, but excluding the cost of seismic equipment, of NOK 578 million (approximately $88.0 million). The vessel is scheduled for delivery in the second quarter of 2009.