The PGS Share The PGS share developed positively during 2007 both relatively and compared to indices.

Share facts
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.

PGS’ ordinary shares are listed on the Oslo Stock Exchange (OSE) under the ticker symbol “PGS”, denominated in Norwegian kroner (NOK). The Company 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 ticker symbol “PGSVY.” Quotes are denominated in US dollars (USD) and each ADS represents one share.

PGS decided to delist from NYSE as 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 in financial reporting requirements of the Sarbanes-Oxley Act in the US, before delisting and deregistration.

Share Development
During 2007 the PGS share increased by approximately 15%, better than any other seismic companies listed at OSE. Compared to other large international seismic companies the PGS share performed almost in line with CGGVeritas while it was lagging Shlumberger’s share performance. In the same period the OSE Benchmark Index and the OSE10 Energy Index rose 11% and 8% respectively. PGS is a part of the OBX index, which consists of the 25 largest and most liquid stocks at OSE. On average somewhat more than 2 million shares were traded each day during 2007, divided by approximately 1 400 trades.

Information Policy
All company information that is considered material to shareholders is published via OSE and posted on www.pgs.com. PGS holds public presentations and arrange conference calls and webcasts in conjunction with the release of quarterly results. In addition the Company hosts an annual Capital Markets Day and management meets regularly with investors in the United
Kingdom, the US and in Norway, and attends external conferences.

Dividend Policy and Share Buybacks PGS has authorization to buy back up to 10% of
the share capital, corresponding to a total of up to 18 million shares. The authorization is valid until June 15, 2008. The Company expects to propose an extension of the authority at the Annual General Meeting (AGM) in May 2008. In January 2007, PGS began executing share repurchases. As of December 31, 2007 the Company owned 4 111 757 shares corresponding to 2.28% of total shares outstanding.

PGS paid a special dividend of NOK 10 per share as a result of overachievement on Key Performing Indicators (KPI) in 2006. The dividend was paid on July 15, 2007 and amounted to USD 302.4 million.

At present, the Company does not expect to pay ordinary dividends to shareholders. In general, any future dividend will be subject to determination based on results of operations and financial condition, future business prospects, any applicable legal or contractual restrictions and other factors that the Board of Directors considers relevant.

Analyst Coverage
As of December 31, 2007 there were twenty-two equity sell-side analysts that covered PGS on a regular basis with market updates and estimates for PGS’s financial results. Out of these, six are based in the UK, while two in the US and two in France. The other analysts are based in Norway. An updated list can be found at www.pgs.com.

Shareholders
At the end of 2007, PGS had 3 374 regist-ered shareholders according to the Norw-egian Central Securities Depository (VPS).

Non-Norwegian investors owned approximately 73% of the shares, with the US (33%) and the UK (21%) dominating. Norwegian ownership stood at approximately 27%. As of December 31, 2007 Fidelity had flagged ownership above 5%. Umoe Shipping and Energy, sold all of its shares in PGS, representing more than 5%, to Umoe Invest during 2007. Both companies are controlled by Jens Ulltveit-Moe, chairman of PGS.

2007 Annual General Meeting
The annual shareholders meeting for PGS in 2008 is scheduled to take place May 7, 2008, at the Company’s headquarters at Lysaker, Strandveien 4, Oslo, Norway.

All shares are entitled to one vote. It is, however, a Norwegian regulation that one can only vote for shares registered in one’s name. To vote at an annual or extraordinary general meeting, a shareholder must be registered as a holder of title to the shares to be voted in PGS’ share register maintained at the VPS, within two working days before the general meeting.Shareholders who wish to attend the meeting are asked to inform our registrar:

Nordea Bank Norge ASA
Issuer Services
P.O. Box 1166 Sentrum
0107 Oslo
Fax +47 22 48 63 49
Tel +47 22 48 62 62

Owners of ADSs can vote by surrendering their ADSs to PGS’ ADS registrar, Citibank, and having title to the related shares registered in the Company’s share register maintained at the VPS prior to the meeting.

Contact Information for ADR Holders PGS’ depositary bank for PGS ADRs is Citibank. They can be reached at:

Citibank Shareholder Services
P.O.Box 43077
Providence, RI 02940-3077
United States
Toll free: +1 877 CITI ADR

Outside the US
Tel +1 781 575 4555
Fax +1 201 324 3284
citibank@shareholders-online.com

Rating
As of December 31, 2007 PGS had a “Ba2” rating from Moody’s Investors Service and a “BB-” rating from Standard & Poor’s. This is compared to a “Ba3” rating from Moody’s and a “BB-“ from Standard & Poor’s in 2006. Moody’s has in addition rated PGS’ senior secured loan to Ba2 and S&P has rated PGS’ convertible bond to B.

International Financial Reporting Standards (“IFRS”)
PGS began reporting under IFRS from January 1, 2007. A separate transition docu-ment has been made, quantifying the differences between PGS’s previous reporting standard, US GAAP, and IFRS. The document is available on, www.pgs.com

PGS versus market 2007
PGS share price (NOK) versus market and sector

PGS versus US market 2007
PGS share price (USD) versus market and sector