PGS Board Approves IFRS Financial Statements
March 14, 2008: Oslo, Norway, Petroleum Geo-Services ASA ('PGS' or the 'Company') announced today that its Board of Directors has approved the 2007 annual financial statements based on international financial reporting standards ("IFRS").
The Company reported its IFRS unaudited 4th quarter and preliminary full year 2007 results on February 21, 2008. Except for certain minor balance sheets reclassifications, there were no changes to the IFRS consolidated statements compared to those presented in the February earnings release.
The Company expects to submit the annual report to the Company's shareholders in the second half of April.
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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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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 as disclosed by the Company in its Annual Report on Form 20-F for the year ended December 31, 2006, as filed with the U.S. Securities and Exchange Commission. As a result of these factors, actual events may differ materially from those indicated in or implied by such forward-looking statements.
