Financial Review In 2007, PGS delivered another record breaking result and substantially improved the strategic position.

Business headlines 2007 in 2007 pgs:

PGS paid a special dividend of NOK 10 per share on July 15, 2007 and the Company has continued buying back shares. As of December 31, 2007 PGS owned 2.28% of the outstanding shares. The total amount paid to shareholders during 2007 was USD 421.9 million (USD 302.4 million in special dividend and USD 119.5 million in purchase of own shares).

MARKETS AND MAIN BUSINESSES
Marine
PGS are one of three major global participants in the marine 3D market, with a market share of approximately 28% measured by acquired square kilometer 3D seismic. The Company’s streamer acquisition fleet, totaling eleven 3D vessels at year-end 2007. With six Ramform vessels in the high-end segment, PGS’ fleet is one of the most modern in the industry. After delivery of Ramform Victory, now renamed Shigen, to METI late January 2008 the Company took delivery of Ramform Sovereign new-build in the beginning of March 2008, replacing the Ramform Victory. Ramform Sterling, scheduled for delivery, second quarter 2009, and the two Arrow new-builds (see below), with scheduled delivery in second and fourth quarter 2009, will contribute to an even more sophisticated fleet.

The marine 3D market experienced a strong improvement in 2007 driven by increased demand for seismic from oil and gas companies. The margin PGS realized on contract seismic improved significantly compared to 2006. At the end of 2007, order backlog in Marine was USD 807 million, compared to USD 512 million at December 31, 2006.

Contract seismic continued to dominate PGS’ activity in 2007, although the invest-ments in new multi-client data increased further compared to 2006. Pre-funding of new multi-client investments continued at high levels.

Technology & Data Processing
Growing and repositioning the data processing business is a key part of PGS’ strategy. In 2007 PGS achieved strong organizational growth and acquired AGS, which significantly enhances the Company’s depth imaging capabilities.

Further PGS launched the GeoStreamer®, the first ever dual sensor streamer. It represents a step change in streamer technology with enhanced resolution, better penetration and improved operational efficiency. The GeoStreamer® is already put into operation in 2D acquisition and the Company plans to further expand the use of this technology in 2D mode and launch the first 3D operation in 2008.

To accelerate the entry into the high growth EM market PGS bought the Edinburgh based company MTEM. MTEM’s technology is differentiated from competing technologies among other things by being cable based, not node based, hence allowing the data to be accessed real-time. PGS is also continuing its effort to develop a marine EM acquisition system were both the source and receivers are towed behind a vessel.

Reservoir surveillance technology, Opto-Seis®, with fiber optic cables was introduced in 2006. PGS is planning to install two pilot projects this year and use resources to commercialize the product.

Onshore
In the market for onshore seismic services PGS is one of the larger worldwide operators. The onshore segment remains price competitive, since a number of competitors have added capacity and additional companies have entered the international seismic market.

As of December 31, 2007, PGS operated ten onshore crews. Three in the US (lower 48’s), one in Mexico, one in Peru, one in Morocco, one in Tunisia, one in Cambodia, one in Canada and one in Alaska. 2007 was the first year PGS conducted Onshore electromagnetic (EM) surveying. One job was done in Trinidad and another in Canada.

The Onshore segment performed below expectations in 2007 due to weak crew continuity in Africa and adverse weather conditions in the US. PGS Onshore continued to invest in its multi-client library located entirely in the US during 2007. However, the majority of the crews performed contract work. At the end of 2007, the order backlog in Onshore was USD 144 million, compared to USD 138 million at December 31, 2006.

Financial Results
Total revenues for 2007 were USD 1 519.9 million compared to USD 1 308.4 million in 2006, an increase of 16%.

Marine 2007 revenues totaled USD 1 273.8 million, an increase of USD 229.3 million, or 22%, from 2006. Revenues from contract seismic acquisition increased USD 56.2 million from USD 635.6 million in 2006 to USD 691.8 million in 2007, primarily due to a stronger marine seismic market and strong operating performance. Multi-client late sales decreased by USD 24.1 million, or 11%, to USD 197.9 million in 2007. Marine increased its cash investments in multi-client data by USD 130.3 million, or 148%, to USD 218.6 million in 2007. Revenues from multi-client pre-funding increased by USD 174.7 million, or 133%, from USD 131.3 million in 2006 to USD 306.0 million in 2007. Pre-funding as a percentage of cash investments in multi-client data continued at high levels, with 140% in 2007 compared to 149% in 2006. In 2007 the fleet allocation (active vessel time) between contract and multi-client data acquisition was approximately 64%/36% compared to approximately 83%/17% in 2006.

Onshore revenues for 2007 totaled USD 246.4 million, a decrease of USD 17.0 million or 6% from 2006. The reduction is primarily due to lower activity and weak crew continuity in Africa and adverse weather conditions in the US. During 2007 Onshore mobilized one new crew in Cambodia and one in Morocco.

Cost of sales totaled USD 638.0 million in 2007 compared to USD 619.3 million in 2006, an increase of USD 18.7 million or 3%.

Marine cost of sales increased by USD 46.6 million, mainly as a result of increased activity and price inflation, partly offset by increased investments in multi-client library (which decreases cost of sales). Onshore cost of sales decreased by USD 35.8 million, primarily related to lower activity. In addition cost of sales in the Other segment increased by USD 7.9 million.

Reported research and development costs decreased by USD 4.0 million or 32% to USD 8.5 million, while selling, general and administrative costs increased by USD 10.1 million or 16% to USD 72.5 million. Research and development costs are net of capitalized development projects totaling USD 8.9 million and USD 5.3 million for 2007 and 2006, respectively. The total costs relating to development and commercialization of new technology, of which only a part is classified as research and development, increased substantially relating
to the new GeoStreamer®, which was launched in 2007, and to the optics
(Optoseis®) and EM solutions.

PGS’ general cost level is increasing as the activity level has increased. In addition, the Company is spending more on chart-ered capacity to perform 2D surveys and to facilitate wide-azimuth acquisition and otherwise optimize the productivity of PGS’ 3D vessels. There has been a strong general cost level increase for fuel, personnel, yard and maintenance and project-related costs, such as support and shooting vessels.

Depreciation and amortization for 2007 was USD 313.1 million compared to USD 254.8 million in 2006, an increase of USD 58.3 million, or 23%. The increase is mainly caused by multi-client amortization on an increased level of multi-client revenues.

Amortization of multi-client for 2007 increased by USD 59.0 million (33%) compared to 2006. Multi-client amortization as a percentage of total multi-client revenues was 40% in 2007, compared to 44% in 2006.

The net book value of PGS’ multi-client library was USD 173.9 million as of December 31, 2007, compared to USD 92.8 million as of December 31, 2006. Multi-client data acquired before year- end 2006 had a book value of approximately USD 16 million at year-end 2007. The relatively low book value will result in relatively low ordinary amortization relating to sales from the Company’s existing library, while amortization relating to sales from new library investments will be higher.

Other operating income of USD 6.8 million in 2007 relates to gain on sale of shares in Genesis Petroleum Europe Ltd.

Operating profit was USD 494.5 million in 2007 compared to an operating profit of USD 359.5 million in 2006.

Interest expense was USD 37.5 million in 2007 compared to USD 53.6 million in 2006. The decrease is primarily due to increased capitalized interest to the multi-client library and construction in progress. Other financial items, net amounted to a gain of USD 3.2 million in 2007 compared to a gain of USD 4.9 million in 2006.

Income tax expense was a benefit of USD 11.1 million in 2007 compared to a benefit of USD 54.6 million in 2006. The 2007 tax benefit included current tax expense of USD 43.2 million, which includes a USD 12.2 million positive effect from changes in provision for tax contingencies. Current tax expense relates primarily to withholding taxes or income taxes in countries were we have no carry forward losses or where there are limitations on use of such losses.

PGS has substantial deferred tax assets in different jurisdictions, predominantly in Norway and UK. At year-end 2007 we had deferred tax assets amounting to USD 191 million in the consolidated balance sheets while remaining unrecognized deferred tax assets are approximately USD 49 million.

Income from discontinued operations, net of tax, was USD 1.0 million in 2007 compared to USD 32.3 million in 2006. The income from discontinued operations in 2006 primarily relates to the demerger of the Production segment and the related sale of shares in Petrojarl.

Net income for the group for 2007 was USD 470.0 million compared to USD 394.7 million in 2006, while net income for PGS ASA was NOK 3 063.6 million compared to NOK 1 898.9 million in 2006.

Growth Through Acquisitions
The seismic industry has experienced an exceptionally strong market the last three years. Strong margins have attracted new entrants leading to fragmentation. A flow of new companies has resulted in speculations of larger seismic players increasing capacity by acquiring newcomers. PGS has evaluated all possible takeover targets.

On November 12, 2007, PGS completed the purchase of approximately 91% of the shares in Arrow and subsequently acquired the remaining outstanding shares in a combined mandatory offer and “squeeze out” for a price of USD 431.2 million, including transaction costs. In PGS’s opinion Arrow was acquired at a reasonable price and it provides an important supplement to the Company’s high-end seismic fleet. Arrow owns and operates two 3D vessels and has three vessels being converted to 2D/source vessels, including one vessel with possi-bilities for upgrade to 6-streamer operation. Further, Arrow has four high capacity seismic new-build vessels on order for delivery in 2008 and 2009. Of these nine vessels, four are on charter to other seismic companies, including two of the new-builds, while the intention is to include the remaining five vessels in the Company’s operations, including the last two of the high capacity new-builds with delivery in the second and fourth quarter of 2009 and the three 2D/source vessels.

On June 29, 2007 PGS announced the acquisition of MTEM, a provider of EM services used to detect the presence of hydrocarbons, for a price of USD 277.1 million on a debt free basis.

MTEM an abbreviation for Multi-Transient-Electro-Magnetic has developed a unique, breakthrough, cable based technology with demonstrated strong results in commercial operations. The company is the only player to offer a complete EM acquisition and processing technique both offshore and onshore, including in transition zone environments.

MTEM holds a robust, patent protected technology and the company currently has several supplementary patent applications pending. The technology is compli-mentary to the Company’s own effort to develop a towed EM solution, and the technologies together will position PGS to address the emerging EM market.

PGS aims at being a top tier player in data processing within 2010. On October 17, 2007 the Company acquired all of the shares of AGS for a price of USD 54.8 million, including transaction costs. AGS is based in Houston, Texas and specializes in delivering depth imaging services to the oil and gas industry, currently focusing primarily on the depth market in the Gulf of Mexico, using PGS 3D beam migration technology. The AGS technology line strengthens PGS’ depth imaging capabilities which the Company can apply in all the key hydrocarbon basins throughout the world. Since the acquisition, PGS has experienced strong demand and project awards both in the Gulf of Mexico and elsewhere, for this technology.

PGS MegaSurvey provides a step change in understanding regional geology. This year PGS is planning new MegaSurveys in West Africa, Mediterranean, Asia Pacific, and North, South America. On August 16, 2007 PGS acquired Roxicon based in Stavanger Norway for USD 13.1 million. Roxicon has specialized in multi-client seismic data merging for the North Sea based on released data sets for the Norwegian Continental Shelf. Their product range complements PGS’ multi-client MegaSurvey products. Through the acquisition PGS also get access to additional people and competences to accelerate profitable growth for the PGS MegaSurvey business going forward.

In March 2007, PGS announced a long-term cooperation agreement with METI. This included an agreement to sell Ramform Victory along with agreements to provide technology as well as technical and operating services with commercial terms agreed for an initial period of four years. The agreements were finalized in May 2007. Following certain amendments in Q4, the services also include maritime operation of the vessel. The broad scope of services provides substantial benefits for both parties, allowing for increased use of leading edge technology and leveraging PGS broad resource base to secure efficient and uninterrupted operations.

The vessel was delivered in January 2008 after yard maintenance, upgrades and 10-year classing through most of Q4 2007.

Under the agreements, amounts totalling approximately USD 225 million becomes payable to PGS at specific milestones relating to signing the agreement, delivery of the vessel and start up of services. Of these “up front” payments, USD 120.6 million were received in 2007 while the remaining balance was paid in February 2008.

The commercial terms for the access to technology and the ongoing services have been fixed for the first four years.

Cash Flow, Balance Sheet and Financing
Net cash provided by operating activities totaled USD 687.3 million in 2007 compared to USD 575.8 million in 2006, primarily driven by strong improvement in profit.

Cash and cash equivalents (excluding restricted cash) totaled USD 145.3 million at December 31, 2007 compared to USD 124.0 million at December 31, 2006. Restricted cash at December 31, 2007, which included USD 38.0 million of security deposit for the mandatory offer for Arrow, totaled USD 59.4 million compared to USD 18.7 million at December 31, 2006.

In June 2007, PGS refinanced and est-ablished a USD 600 million Term Loan B maturing in 2015 and a USD 350 million revolving credit facility maturing in 2012. At December 31, 2007 there was USD 597.0 million outstanding under the term loan and USD 240.0 million outstanding under the revolving credit facility. In addition, PGS has a remaining balance on the Oslo Seismic Notes of USD 63.1 million.

To establish permanent financing of the Arrow acquisition PGS issued convertible notes of USD 400 million in December 2007. The conversion price is NOK 216.19 per share, which represented a 40% premium over the volume weighted average share price of the Company’s ordinary shares at the time of offering. The fixed rate of exchange is set at 5.5188 NOK per 1.00 USD and the coupon is 2.7% per annum payable semi-annually in arrears. The total number of shares to be issued if all convertible notes are converted at the initial conversion price is 10.2 million ordinary shares, representing 5.67% of the Company’s current issued ordinary share capital. The convertible notes are in the process of being listed at the Oslo Stock Exchange. Of the proceeds, net of loan costs of USD 8.6 million, USD 66.9 million was recorded as a direct contribution to accumulated earnings (equity) and USD 324.5 million was recorded as long-term debt.

Arrow has two secured loan facilities
totaling approximately USD 400 million relating to existing vessels and new-builds. Drawing on these facilities amounted to USD 133.7 million at December 31, 2007. PGS is in discussion with the syndicate banks regarding the continuation of these facilities and expect to conclude around the end of first quarter 2008.

The total interest bearing debt, including capital leases but excluding deferred loan costs, was USD 1 377.4 million as of December 31, 2007 compared to USD 338.2 million as of December 31, 2006.

Net interest bearing debt (interest bearing debt less cash and cash equivalents, restricted cash and interest bearing investments) was USD 1 172.7 million at December 31, 2007 compared to USD 195.5 million at December 31, 2006.

The Term Loan B matures in December 2015 and has a floating interest rate of LIBOR plus 175 basis points.

The Company’s interest bearing debt consisted of the primary components as shown in the table at the bottom of the page.

Investments
During 2007, PGS made a total cash investment of USD 288.7 million in multi-client data library compared to USD 120.7 million in 2006, an increase of USD 168.0 million, or 139%.

Capital expenditures, excluding discontinued operations, totaled USD 270.0 million in 2007 compared to USD 165.4 million in 2006, an increase of USD 104.6 million. Capital expenditures in Marine increased by USD 95.2 million to USD 241.7 million in 2007. The increase is primarily due to the Company’s ongoing new-build programs.

Financial Market Risk
PGS is exposed to certain market risks, including adverse changes in interest rates and foreign currency exchange rates, as discussed below.

Interest Rate Risk
PGS enters into financial instruments, such as interest rate swaps, to manage the impact of possible changes in interest rates.

As of December 31, 2007, PGS had USD 970.7 million of floating interest bearing debt and USD 7.1 million of capital leases, both based on USD, one to three months LIBOR, rate plus a margin. PGS has fixed interest rate debt with a book value of USD 399.2 million. To reduce the impact of a rise in the interest rate the Company has entered into interest rate swaps (IRS) and future rate agreements (FRA) for a nominal value of USD 563.5 million. These IRS and FRA have fixed interest rate from half a year to six and a half year. The Company’s annual interest expense would increase by USD 3.6 million for every one percentage point increase in the LIBOR rate.

Currency Exchange Risk
PGS conducts business in various currencies including Brazilian real, Indian rupee, Euro, Singapore dollar, Kazakhstan tenge, Mexican peso, Moroccan dirham, Nigerian naira, Peruvian nuevo sol, Saudi riyal, British pound and the Norwegian kroner. PGS is subject to foreign currency exchange rate risk on cash flows related to sales, expenses, financing and investing transactions in currencies other than the US dollar.

Cash flow from operation is primarily denominated in US dollars (USD), British pounds (GBP) and Norwegian kroner (NOK). PGS predominantly sell its products and services in USD, but also other currencies like Euro, British pounds and Norwegian kroner. In addition to USD a significant portion of the Company’s operating expenses are incurred in British pounds, Norwegian kroner, while smaller portions in Singapore dollars and various other currencies. PGS therefore typically has higher expenses than revenue denominated in non US dollar currencies.

An appreciation of the currency rate of the two most significant non-USD currencies (NOK and GBP) by 10% against the USD would have an annual net negative EBIT impact of USD 15 to USD 23 million before currency hedging activities.

PGS hedge a portion of its foreign currency exposure related to operating income and expenses by entering into forward currency exchange contracts. While PGS enters into these contracts with the purpose of reducing its exposure to changes in exchange rates, the Company do not account for the contracts as hedges except if they are specifically designated to firm commitments or certain cash flows. Consequently, these forward currency exchange contracts are recorded at estimated fair value and gains and losses are included in other financial items, net. During 2007, PGS had in place currency hedges for the payment that will be made in non-USD for the Company’s two new vessels under construction and PGS hedged the sales proceeds for the sale of one of its Ramform vessels. The hulls on the two new vessels will be paid for in NOK and currency hedges put in place for these exposures are treated as fair value hedges in the accounts. The sales proceeds for the vessel sold will be received in JPY and the currency hedge is treated as a cash flow hedge. As of December 31, 2007, PGS had net open forward contracts to buy British pounds, Norwegian kroner, Euro, Singapore dollars and sell Japanese Yen. The gross amounts of these contracts are approximately USD 804.7 million. Of this amount a notional value of USD 251.5 million is accounted for as fair value hedges, while a notional value of USD 81 million is accounted for as cash flow hedge. The fair value of all contracts at year-end was USD 30.1 million (gain), primarily as a result of a depreciation of the US dollar since inception of the contracts.

At December 31, 2006, comparable figures were USD 418 million in nominal value of forward contracts with a fair value of USD 6.2 million (gain).

A further 10% depreciation of the US dollar against all the currencies PGS has derivate contracts in, would have increased the fair value of these contracts by approximately USD 24 million. The profit and loss effect of this change would have been USD 21.5 million (gain).

All of the Company’s debt is denominated in US dollars.

Credit Risk
PGS trade receivables are primarily from multinational integrated oil companies and independent oil and natural gas companies, including companies that are owned in whole or in part by governments. PGS manage its exposure to credit risk through ongoing credit evaluations of customers. Further, the Company believes that its exposure to credit risk is relative low due to the nature of its customer base, the long-term relationship PGS has with most of its cust-omers and the historic low level of losses on trade receivables.

Liquidity Risk
As described above, at year-end PGS had an unrestricted cash balance of USD 145.3 million and an unused USD 146.5 million secured revolving credit facility (maturing June 2012). The Company also has an additional overdraft facility of NOK 50 million.

Based on the year end cash balance, available liquidity resources and the current structure and terms of the Company’s debt, PGS believe that it has adequate liquidity to support its operations and its investment program and that liquidity risk is at acceptable levels.

Commodity Risk
In the operation of seismic vessels PGS use a substantial quantity of fuel. The Company is therefore exposed to changes in fuel prices. Based on the Company’s fuel consumption in 2007, if fuel prices were to increase by 10%, the fuel costs would increase by approximately USD 8 million. PGS do not hedge this exposure.

Shares, Share Capital and Dividend
PGS has 180,000,000 shares issued and outstanding, all of which are of the same class and with equal voting and dividend rights. Each share has a par value of NOK 3. The Company’s ordinary shares are listed on the Oslo Stock Exchange, under the symbol “PGS”, denominated in Norwegian kroner (NOK). PGS delisted from the New York Stock Exchange (NYSE) effective July 20, 2007 with the deregistration from the US Security Exchange Commission becoming effective October 18, 2007. The PGS share is still trading as an American Depositary Share (ADS) on the US Pink Sheets, under the symbol “PGSVY.” Quotes are denominated in US dollars (USD) and each ADS represents one share.

PGS decided to delist from NYSE because the increased sophistication and transparency of the capital markets, including the increased application of IFRS, have reduced the value of maintaining a dual listing, while at the same time the cost of maintaining a US listing is significant. Less than 3% of trades in the PGS share were on NYSE. PGS was fully compliant with the internal control over financial reporting requirements of the Sarbanes-Oxley Act in the US, before delisting and deregistration.

At present, PGS do not expect to pay ordinary dividends to shareholders. In general, any future dividend will be subject to determination based on results of oper-ations and financial condition, future busi-ness prospects, any applicable legal or contractual restrictions and other factors that the Board of Directors considers relevant.

At the Annual General Meeting (AGM)June 15, 2007 the authorization for a share repurchase program for up to 10% of the share capital, initially given in 2006, was extended for another year. PGS expects to propose an extension of the authority to the AGM in May 2008.

In January 2007, PGS started executing the share buy back program. As of December 31, 2007, the Company remains with a total of 4,111,757 own shares, representing 2.28% of total shares outstanding. PGS use share repurchase primarily as a means to adjust financial leverage within the targeted range. PGS expect to use most of the expected cash flow in 2008 to continue to execute on projects and acquisitions already decided and reduce leverage.

Subsequent Events
Ramform Victory was delivered to METI in January 2008 after yard maintenance, upgrades and 10-year classing through most of the fourth quarter of 2007. The remaining portion of the vessel sale proceeds and start-up fees was received in the first quarter of 2008.

In March 2008, PGS took delivery of Ramform Sovereign, replacing the Ramform Victory.

In January 2008 PGS announced that all outstanding shares of Arrow are owned and fully paid for.

PGS’ President and CEO since 2002, Svein Rennemo, will retire from his position April 1, 2008.

In February 2008 the Board appointed Jon Erik Reinhardsen as new President and CEO of PGS with effect from April 1, 2008.

Outlook
PGS has a strategy to grow its business. This strategy builds on current strengths, including leadership position in marine 3D seismic acquisition through the Ramform vessel fleet, the acquisition of Arrow and proven operational capabilities. The Company’s fleet expansion program includes two next generation Ramform vessels, the first delivered in March 2008, as well as the Arrow new-build program. The additions to the Company’s fleet repre-sent major steps both in capacity expansion and technological advancement.

PGS will continue its emphasis on investments in new multi-client data and reprocessing.
The Company intend to grow substantially its data processing business with a strong focus on depth-, wide- and multi-azimuth processing. PGS put strong emphasis on technology and will invest in technology to further enhance efficiency of operations and in bringing new technologies to the market. Investments in technology will increase with a focus on commercializing selected new technologies, including the GeoStreamer® and solutions for electromagnetic surveying and for permanent reservoir monitoring.

The markets in which PGS operate showed strong improvement in 2007. Oil prices remained at high levels, and oil companies increased their exploration and production (E&P) spending. E&P spending is expected to increase further in 2008 and in the medium to long term high oil price levels are expected to positively impact the Company’s core markets.

The global marine seismic fleet was at full capacity utilization during 2007. Demand is expected to increase further in 2008, outweighing increases in marine seismic capacity and resulting in further improved prices. However, as the industry is operating at full capacity, PGS experience significant cost inflation, which the Company expects to continue in 2008.

In Marine PGS expects contract revenues to grow substantially in 2008 compared to 2007 and the Company expects its towed streamer contract EBIT margin to increase. The main driver behind the margin increase is further price increases, which more than offsets industry wide cost inflation and substantially increase in investments in organization and technology.

PGS expects to use somewhat less of its 3D fleet capacity for multi-client acquisition in 2008 compared to 2007. The change is a result of significant contract awards in 2007. Multi-client investments are expected to be marginally lower than 2007. Substantially more reprocessing, 2D and more chartered in vessels is expected to offset most of the impact of using a smaller part of PGS’ 3D fleet for multi-client. PGS expects prefunding levels to be lower in 2008 compared to 2007, since 2D and reprocessing projects gene-rally have lower prefunding than new 3D surveys and since the 2008 wide-azimuth activity in the Gulf of Mexico has lower prefunding than Crystal I. Multi-client late sales are expected to be higher than in 2007.

Marine capital expenditures are expected to increase substantially, primarily as a result of the Company’s new-build and conversion programs.

In 2008 PGS expects Onshore to deliver revenues on level with 2007 and an oper-ating profit marginally higher than 2007. Planned multi-client investments and capital expenditures are in line with 2007.

PGS expects increased expenditures relating to commercialization of EM, fiber optics and GeoStreamer® in 2008. Data processing is also in rapid expansion.

PGS emphasize that forward looking statements contained in this report are based on various assumptions made by the Company that are beyond its control and that are subject to certain risks and uncertainties as disclosed in filings with the Oslo Stock Exchange. Accordingly, actual results may differ materially from those contained in the forward looking statements.