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Petroleum Geo-Services ASA (OSL:PGS) PGS Mexicana, S.A. de C.V., a wholly owned subsidiary of Petroleum Geo-Services ASA ('PGS' or the 'Company') has been awarded a contract by Pemex for an onshore seismic survey in the states of Veracruz and Puebla, Mexico. The survey will be carried out from 2008 to 2012. The area to be surveyed is more than two thousand square kilometers, or more than 20 times the size of Manhattan. The total contract value amounts to approximately USD 165 million.
The contract, starting in September 2008, includes both data acquisition and processing and covers an area of 2,080 square kilometers. PGS has been successfully providing onshore seismic services in Mexico since the year 2000.
"Pemex shows great confidence in PGS by trusting us with this survey in a strategically important area. This contract is a confirmation of our strong commitment to Mexico." comments Jon Erik Reinhardsen, CEO of PGS.
For pictures of the current operations of PGS in Mexico, please see attached document
*** 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. As a result of these factors, actual events may differ materially from those indicated in or implied by such forward-looking statements.
