Highlights 2007

  • Entered into an agreement to sell Ramform Victory to the Japanese Ministry of Economy, Trade and Industry (METI) along with a four year service agreement. As advance payments for the vessel and start-up services, PGS has in 2007 received prepayments of USD 120.6 millions

  • Launched the GeoStreamer®, which repre-sents a change in streamer technology Acquired MTEM Limited (MTEM) a provider of electromagnetic (EM) services for a price of USD 277.1 million on a debt free basis

  • Acquired MTEM Limited (MTEM) a provider of electro-magnetic (EM) services for a price of USD 277.1 million on a debt free basis

  • Delisted from New York Stock Exchange effective July 20, 2007 with deregistration from the US Security and Exchange Commission effective October 18

  • Refinanced the Company’s senior secured credit facility with an eight-year USD 600 million term loan B and a five-year USD 350 million revolving credit facility

  • Acquired Roxicon Geogrids AS (Roxicon) for USD 13.1 million and created a Mega-Survey centre of excellence in Stavanger

  • Acquired Applied Geophysical Services, Inc. (AGS) to strengthen PGS depth imaging capabilities and add on to current data processing technology. The Company paid USD 54.8 million for AGS, including transaction costs

  • Acquired Arrow Seismic ASA (Arrow) to expand the fleet with quality assets. The mandatory offer was NOK 96 per share
    corresponding to a total value of the share capital of USD 431.2 million, including transaction costs

  • Issued USD 400 million convertible notes due 2012, proceeds used to secure permanent financing of the Arrow acquisition at favorable terms while increasing financial flexibility

  • Completed the acquisition phase of the Crystal I wide-azimuth survey in Gulf of Mexico two months ahead of schedule. Crystal II has commenced and data will be ready for final delivery late 2008

  • Achieved a strong full-year operating cash flow of USD 687.3 million, while mitigating the increase in net interest bearing debt due to acquisitions to USD 977.2 million

  • Marine seismic contract operating profit margins increased more than 17%, compared to 2006

  • Achieved very high pre-funding levels (127% of capitalized multi-client investments) and strong multi-client late sales of USD 218.8 million


2008 Developments

January through March 2008

  • 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.