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PGS EXERCISES OPTION TO BUILD A SECOND NEW RAMFORM AT AKER YARDS
28.9.2006

Petroleum Geo-Services ASA announced that it has decided to exercise
the option with Aker Yards, Langsten to build an additional new third
generation Ramform vessel, "Ramform 8".

This new and improved Ramform class seismic vessel is a sister vessel of the previously announced "Ramform 7", which is currently being built at the same yard.  "Ramform 8" has an agreed cost from the yard including installation, but excluding the cost of seismic equipment, of NOK 578 million. The vessel is scheduled for delivery in the second quarter of 2009.
 
The third generation Ramform is designed with the 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. Compared to the existing Ramform vessels, the vessel is approximately 16 meters longer, 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.
 
For further information, please contact:
 
Aker Yards ASA
Tore Langballe, SVP Communications and IR,
tel. 24 13 01 30     mob +47 90 77 78 41
                                                 
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 comprises 17 yards in Brazil, Finland, France, Germany, Norway, Romania and Ukraine. Aker Yards has approximately 20,000 employees. www.akeryards.com
 
Aker Yards is part of the Aker Group (www.akerasa.com), a leading multi-industry powerhouse with more than 50,000 employees and EUR 10 billion revenues. Aker owns 50.4 per cent of Aker Yards, and the group is also a significant participant in the oil & gas business as well as the fisheries industry.
 
Petroleum Geo-Services is a focused geophysical company providing a broad range of seismic and reservoir services, including acquisition, processing, interpretation, and field evaluation. The company also possesses the world's most extensive multi-client data library. PGS operates on a worldwide basis with headquarters at Lysaker, Norway.
For more information on Petroleum Geo-Services visit www.pgs.com.

 
   
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