PGS receives payment for cancelled vessel

August 16, 2010: PGS has received 37 million Euro from Factorias Vulcano
shipyard in Spain. The amount is related to the arbitration court's ruling in
favor of PGS for payments made on the cancelled vessel, NB 533.

"This payment contributes to the strengthening of our balance sheet, and is an
important part of the successful program to further improve our financial
position" says CEO Jon Erik Reinhardsen in a comment.

As commented in a release on July 29th, the yard was ordered by the court to pay
Arrow the full amount claimed for, EUR 39 563 000, with the addition of interest
and full legal costs. The arbitration ruling is final and binding. The amount
paid represents the approximately EUR 32 million that was covered by bank
guarantees, with the addition of approximately EUR 5 million of interest.


Arrow will pursue its claim for the outstanding payment from the yard,
approximately EUR 7.5 million plus interest and legal cost, in accordance with
the decision of the arbitrators.

FOR DETAILS, CONTACT:


Tore Langballe, SVP Corporate Communications
Phone:  +47 67 51 43 75
Mobile: +47 90 77 78 41

Bård Stenberg, Investor Relations Manager
Phone: +47 67 51 43 16
Mobile: +47 99 24 52 35

US Investor Services
Phone: +1 281 509 8712


This information is subject of the disclosure requirements acc. to §5-12 vphl
(Norwegian Securities Trading Act)


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