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PGS TO BUILD THIRD GENERATION RAMFORM AT AKER YARDS
20.3.2006

Petroleum Geo-Services ASA (PGS) announced today that it has signed an agreement of main commercial terms to build a new third generation Ramform vessel at Aker Yards, Langsten. The new and improved Ramform class seismic vessel has a cost of NOK 562 million (ex cost of seismic equipment). The agreement is subject to satisfactory completion of a final contract and board approval in Aker Yards.

The new Ramform is scheduled for delivery in the first quarter 2008, in time for the North Sea season. PGS will also have an option of building a sister vessel at the same yard. Aker Yards has previously constructed all of the PGS' six current Ramform vessels, demonstrating a strong track record for timely and cost effective construction of this advanced design. This is the first PGS new build since the delivery of Ramform Vanguard in 1999.
 
The third generation Ramform is designed with a clear objective to further extend the PGS lead in 3D seismic acquisition productivity and efficiency. The design builds on the proven industry leading capabilities of the current Ramform fleet, while introducing several improvements. The vessel will be lengthened by approximately 16 meters, giving higher fuel capacity and transit speed. A substantial power upgrade will significantly increase speed while surveying.  The vessel will be capable of towing up to 22 streamers. A range of technology improvements will be implemented to maintain or improve efficiency of handling, deployment, retrieval and maintenance of the in sea equipment.
 
Roy Reite, responsible for Offshore & Specialized Vessels in Aker Yards says in a comment:
"We are very pleased that PGS returns to Aker Yards to develop its next generation seismic vessels. This is a vote of confidence and we are looking forward to start working on this exiting challenge."
 
 
For further information, please contact:
 
PGS ASA
Ola Bøsterud, VP Group Communications,
tel: +47 67 52 64 00, cellular:  +47 90 95 47 43
 
Aker Yards ASA
Tore Langballe, SVP Communications and IR,
tel. +47 90 77 78 41
 
Magne Håberg, SVP Marketing and Sales,
Offshore & Specialized Vessels,
tel: +47 91 51 02 31
 
 
 
Petroleum Geo-Services is a technologically focused oilfield service company principally involved in geophysical and floating production services.  PGS provides a broad range of seismic and reservoir services, including acquisition, processing, interpretation, and field evaluation.  PGS owns and operates four floating production, storage and offloading units (FPSOs).  PGS operates on a worldwide basis with headquarters at Lysaker, Norway.  For more information on Petroleum Geo-Services visit www.pgs.com.
 
 
Aker Yards ASA is an international shipbuilding group focusing on sophisticated vessels. The group has a strong position both in terms of innovation, product range, technology, experience and capacity. The product range includes cruise vessels & ferries, merchant vessels, offshore & specialized vessels. Aker Yards, with an annual turnover of euro 2 bn, comprises 13 yards in Norway, Finland, Germany, Romania and Brazil and has approximately 13,000 employees. www.akeryards.com
 
Aker Yards is part of the Aker Group (www.akerasa.com), a leading multi-industry powerhouse with more than 40,000 employees and EUR 7.5 billion revenues. Aker owns 55.6 per cent of Aker Yards, and the group is also a significant participant in the oil & gas business as well as the fisheries industry.
 

 
   
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