PGS to Build New Supply Vessel at Aker Yards

Petroleum Geo-Services ASA (PGS) has announced that it has signed an agreement of main commercial terms to build a new third generation Ramform vessel at Aker Yards, Langsten, to be delivered in 2008. 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, according to the company. 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.