PGS Geophysical Secures $33 Million in Highly Pre-funded New Multi-Client Work Offshore Brazil

| Source: PGS ASA PGS ASA

These and other unannounced projects will provide profitable backlog for two Ramform vessels through March 2002.

The two surveys in Espirito Santos Basin cover 3,600 sqkm and utilize PGS' patented Continuous Long Offset (CLO) technology, delivering 25-meter line spacing and eight -kilometer offsets. The third project in southern Campos Basin utilizes CLO acquisition technology, delivering 25-meter line spacing and six-kilometer offsets. The Campos Basin survey covers 750 sqkm.

"We are pleased to continue developing our dominant position in Brazil's multi-client market, particularly in light of these strong funding levels," said Mark Wilkinson, President of the PGS Exploration North South America (NSA) division. A large part of this success, according to Wilkinson, is PGS' strategy of working with Brazilian regulatory authorities to gain early permitting in the areas of operation.