Creating Value Through Performance – Technology – Differentiation PGS is a focused and dedicated geophysical company, one of the three largest in the world. The Company operates through the business units Marine, Data Processing and Technology and Onshore.

PGS was established in 1991 with the merger of Geoteam and Nopec. It was among the leading companies worldwide to develop and industrialize marine 3D seismic. The Company now has a competitive edge through the Ramform vessel fleet with proven
operational capabilities, superior efficiency and leading technology.

In 2001 PGS towed the world’s first 16 streamer spread and the Company holds the industry record in terms of towing and handling number of streamers. This advantage will be enhanced further after delivery of the new Ramform Sovereign in March 2008, the world’s most advanced seismic vessel, capable of towing 22 streamers with a spread of 1.3 kilometers.

PGS has the world’s largest multi-client library covering 373 000 square kilometers of 3D data and 98 000 line kilometers of 2D data. In addition PGS has integrated an additional 169 000 square kilometers of third party data to build total MegaSurvey coverage of 326 000 square kilometers.

PGS provides a broad range of geophysical and reservoir services globally, including seismic and electromagnetic data acquisition, processing and interpretation and field evaluation. PGS operates through its three business units, Marine, Data Processing and Technology (DP&T) and Onshore. In the Marine segment PGS acquires seismic data, processes and interprets it and conducts marketing and selling activities of the finished products worldwide to oil and natural gas companies. They buy the data to determine the size and structure of reservoirs, and to help them manage the production of reservoirs. DP&T is managed as a separate organization, but its financial results are reported as a part of Marine. The DP&T unit provides full seismic data processing services to the global exploration and production (E&P) customer base, from national and international oil companies through to small independents. PGS Onshore conducts seismic acquisitions on land, in shallow water and transition zones.

PGS head office is at Lysaker, Norway. PGS is represented in 28 different countries with larger regional offices in London, Houston and Singapore. At year end 2007 PGS had 3 223 full time employees. Revenues for 2007 were approximately USD 1.5 billion.

Market Outlook 2008
The global marine seismic fleet was at full capacity utilization in 2007. Demand is expected to increase further in 2008, outweighing increase of marine seismic capacity and resulting in further improved prices. However, as the industry is operating at full capacity, we experience significant cost inflation, which we expect to continue in 2008.