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Petroleum Geo-Services ASA (OSL:PGS) Vessel Allocation Fourth Quarter 2008

Petroleum Geo-Services ASA (OSL:PGS) January 6, 2009: Oslo, Norway, Petroleum Geo-Services ASA ('PGS' or the 'Company') announced today that its seismic 3D vessel fleet used approximately 77 % of its total time to acquire marine contract and multi-client seismic in the fourth quarter of 2008. This compares to 80 % in the third quarter of 2008 and 69 % in the fourth quarter of 2007.

PGS routinely releases information about vessel utilization around the end of each quarter.

Summary of vessel utilization:

+-------------------------------------------------------------------+ | Approximate allocation of PGS | Quarter ended | Quarter ended | | total 3D towed streamer capacity | December 31, | September 30, | |-----------------------------------+---------------+---------------| | | 2008 | 2007 | 2008 | |-----------------------------------+-------+-------+---------------| | Contract seismic | 64 % | 47 % | 62 % | |-----------------------------------+-------+-------+---------------| | Multi-client seismic | 13 % | 22 % | 18 % | |-----------------------------------+-------+-------+---------------| | Steaming | 16 % | 12 % | 16 % | |-----------------------------------+-------+-------+---------------| | Yard | 5 % | 17 % | 3 % | |-----------------------------------+-------+-------+---------------| | Standby | 2 % | 2 % | 0 % | +-------------------------------------------------------------------+

The Q4 2008 yard time relates primarily to classification work and installation of GeoStreamer® for Atlantic Explorer. Steaming related primarily to move of some vessels from the North Sea to offshore Africa, Brazil and Gulf of Mexico, and to intra job steams in Asia Pacific. Unscheduled standby time in front of startup of jobs represented two percent in the fourth quarter.

The vessel statistics for the third and fourth quarter 2008 includes Ramform Sovereign. The vessel is not included in the statistics for 2007. The vessel statistics further excludes Shigen (previously Ramform Victory) which is owned by the Japanese Ministry of Economy, Trade and Industry ("METI").

PGS releases its 2008 fourth quarter and full year financial results on Thursday 19 February 2009, at approximately 8:00 am Central European Time (CET).

FOR DETAILS, CONTACT:

Tore D Langballe Phone: +47 67 51 43 75 Mobile: +47 90 77 78 41

US Investor Services Phone +1 281 509 8712

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.

The information included herein contains certain forward-looking statements that address activities, events or developments that the Company expects, projects, believes or anticipates will or may occur in the future. These statements are based on various assumptions made by the Company, which are beyond its control and are subject to certain additional risks and uncertainties. The Company 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 multi-client 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 2007. 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.

--END--

This announcement was originally distributed by Hugin. The issuer is solely responsible for the content of this announcement.

LINK: http://hugin.info/115/R/1280559/286147.pdf

Petroleum Geo-Services ASA

http://www.pgs.com

ISIN: NO0010199151

Stock Identifier: XOSL.PGS

US: PGSVY

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