Petroleum Geo-Services ASA: Agreement to extend the options for two Ramforms with Mitsubishi

In April 2011, Petroleum Geo-Services ASA (PGS) signed two shipbuilding
contracts with Mitsubishi Heavy Industries Ltd. for the delivery of two Ramform
vessels in 2013, with the option for one or two additional vessels to be
delivered in 2015. The parties have now agreed to extend the exercise period for
the options with six months. Following the extension, the options for vessel 3
and 4 must be declared by October 14th 2012 for delivery in first and second
half of 2015 (as earlier agreed). The price for the optional vessels is
unchanged.


The new Ramform vessels will be called the Titan class. These fifth generation
Ramform vessels will further enhance PGS' position as a leader in 3D seismic
acquisition when it comes to productivity and efficiency. The Titan Class is
designed to utilize and bring forth the full potential from the flagship, ghost
free GeoStreamer GS® technology, providing a step-change in seismic
productivity, data quality and resolution.


The vessel design is based on the demonstrated strengths of the current Ramform
fleet, while improving capabilities along a number of key parameters. The new
vessels will include a significantly upgraded GeoStreamer® based seismic package
and are designed to take the full benefits of the GeoStreamer® towing
efficiency. The vessels will further strengthen PGS' leading position in the
fast growing High Density segment of the market, where large spreads, long
streamers and towing efficiency are key success factors. The High Density
segments are driven by deep water exploration and production in geologically
complex areas such as Brazil, West Africa and the Gulf of Mexico. Our
GeoStreamer® technology is also opening up new markets in mature basins, such as
the North Sea, where the higher fidelity data can reveal new geological plays.



Ramform Titan class Specifications

Name  Ramform  Titan class

Owner  Petroleum Geo Services



Vessel Classification DNV +1A1, SPS, ICE C, E0, HELDK, RP,
CLEAN DESIGN, TMON, BIS, NAUT-AW,
VIBR, COMF-C(3) V(3)

Length 104.2 m

Breadth 70 m

Draft  6.4 m

Fuel capacity 6 000 m3

Endurance (production/transit)        150 days

Transit speed 16 knots

Main propulsion system  Diesel electric

Propulsion type Tripple CP propeller plant with nozzle
and
propeller shaft, total 18MW

Engine plant  6 x 3840 kw

Accommodation (single berths) 60 single and 10 double cabins

Helideck  26m 15 t Super Puma/EH-101

Work boats  2 x 30' in stern cradle launching

Streamer winches    26 x 12 000m capacity





For images on the Ramform Titan Class see link:
http://www.pgs.com/Pressroom/Media_Gallery/Media-Pictures/Ramform-Titan-Class/



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







FORWARD-LOOKING STATEMENTS
The information included herein contains certain forward-looking statements that
address activities, events or developments that PGS expects, projects, believes
or anticipates will or may occur in the future. These statements are based on
various assumptions made by PGS, many of which are beyond its control and are
subject to certain additional risks and uncertainties. PGS is subject to a large
number of risk factors including but not limited to the demand for seismic
services, the demand for data from our MultiClient data library, the
attractiveness of our technology, unpredictable changes in governmental
regulations affecting our markets and extreme weather conditions. For a further
description of other relevant risk factors we refer to our Annual Report for
2011. As a result of these and other risk factors, actual events and our actual
results may differ materially from those indicated in or implied by such
forward-looking statements. The reservation is also made that inaccuracies or
mistakes may occur in the information given above about current status of PGS or
its business. Any reliance on the information above is at the risk of the
reader, and PGS disclaims any and all liability in this respect.
This information is subject of the disclosure requirements acc. to §5-12 vphl
(Norwegian Securities Trading Act)



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