OSLO, Norway, June 15, 2006 (PRIMEZONE) -- June 15, 2006: OSLO, NORWAY - Petroleum Geo-Services ASA ("PGS" or the "Company") (OSE and NYSE: PGS) announced today that its wholly owned subsidiary Petrojarl (PGS Production) has finalized and signed the agreement with Teekay Shipping Corporation (Teekay) governing the joint venture company called Teekay Petrojarl Offshore.
As previously announced the joint venture will focus on pursuing opportunities in the rapidly growing global market for Mobile Production Solutions with emphasis on developing solutions through Floating Production Storage and Offloading (FPSO) units. The joint venture will only encompass new projects. Existing assets of both companies are excluded from the joint venture, amongst them all PGS' current FPSO and redeployment of those assets.
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This press release shall not constitute an offer to
sell or a solicitation of an offer to buy securities nor shall there
be any sale of such securities in any state or jurisdiction in which
such offer, solicitation or sale would be unlawful prior to
registration or qualification under the securities laws of any such
state or jurisdiction. No securities have been registered under the
U.S. Securities Act of 1933 in connection with the matters described
in this press release and no such securities may be offered or sold
in the United States absent registration or an applicable exemption
from registration under the Securities Act and applicable state
securities laws.
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Petroleum Geo-Services is a technologically focused oilfield
service company principally involved in geophysical and floating
production services. PGS provides a broad range of seismic and
reservoir services, including acquisition, processing,
interpretation, and field evaluation. PGS owns and operates four
harsh environment floating production, storage and offloading units
(FPSOs). 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 within the meaning of Section 27A of the
Securities Act of 1933 and Section 21E of the Securities Exchange Act
of 1934. 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
filings with the Securities and Exchange Commission including the
Company's most recent Annual Report on Form 20-F for the year ended
December 31, 2005. As a result of these factors, actual events may
differ materially from those indicated in or implied by such
forward-looking statements.
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FOR DETAILS, CONTACT: Ola Boesterud Phone: +47 67 52 64 00 Cellular: +47 90 95 47 43
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