PGS and SeaBird in strategic cooperation for deep water node seismic

Oslo, January 27 2011.

Petroleum Geo-Services ASA (PGS) and SeaBird Exploration Plc (SeaBird) have
signed a strategic cooperation agreement to further develop ocean bottom node
solutions for deep water.

CEO Jon Erik Reinhardsen of PGS says: "This agreement enables the two companies
to provide a complete seismic offering in deep water areas, in areas with
complex geology, and in areas with heavy infrastructure on the sea bottom.
SeaBird is the market leader for nodal seismic operation in deep waters.  The
cooperation with PGS will further strengthen that position."

The use of nodes for 3D, 4C and 4D seismic in deep waters, to map challenging
reservoirs, will be particularly attractive combined with PGS' broadband
GeoStreamer® and GeoSource(TM) technology.

PGS will gain exclusive rights to offer SeaBird's autonomous seabed recording
technology at market terms in Brazil.

PGS expects this agreement to further strengthen each of the two companies
leading positions in the reservoir monitoring market, which has been, and is
expected to represent the fastest growing segment of the seismic market.

In the cooperation agreement, the parties have expressed intentions to explore
further areas of cooperation, such as data processing and use of GeoStreamer® on
Seabirds' 2D vessels.

SeaBird will issue a five year convertible loan of NOK 240 million directed
towards PGS. The loan will have an annual interest of 9 % that can be paid in
cash or in kind. The Loan can be converted into ordinary shares at a conversion
price of 3.35 NOK per share and at any time until maturity.

The cooperation agreement and the convertible loan are subject to approval by
the shareholders in SeaBird.



FOR DETAILS, CONTACT:

Bård Stenberg, Investor Relations Manager
Phone:   +47 67 51 43 16
Mobile: +47 99 24 52 35
This information is subject of the disclosure requirements acc. to §5-12 vphl
(Norwegian Securities Trading Act)


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