CNOOC Awards Petroleum Geo-Services A Contract For The Largest Offshore 3D Survey In China.

HOUSTON and OSLO, Norway--(BUSINESS WIRE)--Jan. 5, 1998-- Petroleum Geo-Services ASA (NYSE:PGO; OSE:PGS) announced today that it has signed a US dollar denominated contract with the China National Offshore Oil Corporation (CNOOC) to conduct a 2,150 sq. km seismic 3D survey in the Qiong Dong Nan Basin, offshore Hainan Island, China.

PGS will conduct the survey using the Nordic Explorer in 6 streamer, dual source configuration, specially designed to delineate deep structure, while maximizing productivity shooting in the strike direction. The survey is planned to start in April 1998 and be completed within three months. The seismic processing operation shall be conducted onboard the vessel, allowing the presentation of final data within days after survey completion.

Chief Operating Officer of Petroleum Geo-Services, Bjarte Bruheim, commented, "This award represents a major step for PGS in deploying its most advanced acquisition and processing technology in the Chinese market. PGS applauds CNOOC's innovative planning when designing this technically demanding and cost-effective large 3D survey. We are most delighted to have been awarologically focused oilfield service company prserves, the development of existing reservoirs, and the management of producing oil and gas fields. The Company also provides floating production systems, data management solutions, 4D reservoir monitoring and characterization studies-INFO. Use Company ticker symbol PGO.