Norway: PGS Announces Q3 2010 Summary of Vessel Utilization

Norway, Petroleum Geo-Services ASA (‘PGS’ or the ‘Company’) routinely releases information about 3D vessel utilization around the end of each quarter.

Summary of vessel utilization:

The vessel statistics for the third quarter 2010 includes the new vessel PGS Apollo, which started seismic acquisition mid May and Ramform Sterling, which entered the fleet mid July 2009. The third quarter 2010 vessel statistics excludes Nordic Explorer, which was converted to a 2D/source vessel mid July 2009 and Ocean Explorer, which was converted to a 2D/source vessel end September 2009. Orient Explorer was returned to the vessel owner as the charter expired by year-end 2009.

The share of active time (i.e. excluding time for steaming and yard) allocated to MultiClient for the full year 2010 is expected to be approximately 30% (with a corresponding 70% allocated to contract), which is slightly higher than the Company’s earlier indications.

[mappress]

Source:PGS , October 6, 2010;