PGS CLOSES SALE OF ONSHORE SEISMIC BUSINESS TO GEOKINETICS
(Thomson Reuters ONE) - OSLO, NORWAY- Petroleum Geo-Services ASA announced today that it had closed thesale of PGS' Onshore seismic data acquisition business and related MultiClientlibrary to Geokinetics. The consideration in the transaction consisted of acombination of approximately USD 184 million in cash and 2.15 million shares ofGeokinetics common stock.The 2.15 million shares issued to PGS represent approximately 12% of the currentoutstanding common shares of Geokinetics. Following the closing of thetransaction, PGS is expected to be the second largest shareholder ofGeokinetics.The combination of Geokinetics and the onshore business of PGS will create thesecond largest onshore seismic acquisition company in the world in terms of crewcount and the largest based in the Western Hemisphere. The company will have theassets and technical capabilities for up to 38 crews and carry in excess of207,000 equipment channels, more than 150 vibroseis units and possess in excessof 6,240 square miles of MultiClient library data upon completion of currentprojects in progress. FOR DETAILS, CONTACT: Tore Langballe, SVP Corporate Communications Phone: +47 67 51 43 75 Mobile: +47 90 77 78 41 B? Stenberg, Investor Relations Manager Phone: +47 67 51 43 16 Mobile: +47 99 24 52 35 FORWARD-LOOKING STATEMENTSThe information included herein contains certain forward-looking statements thataddress activities, events or developments that PGS expects, projects, believesor anticipates will or may occur in the future. These statements are based onvarious assumptions made by PGS, many of which are beyond its control and aresubject to certain additional risks and uncertainties. PGS is subject to a largenumber of risk factors including but not limited to the demand for seismicservices, the demand for data from our MultiClient data library, theattractiveness of our technology, unpredictable changes in governmentalregulations affecting our markets and extreme weather conditions. For a furtherdescription of other relevant risk factors we refer to our Annual Report for2008. As a result of these and other risk factors, actual events and our actualresults may differ materially from those indicated in or implied by suchforward-looking statements. The reservation is also made that inaccuracies ormistakes may occur in the information given above about current status of PGS orits business. Any reliance on the information above is at the risk of thereader, and PGS disclaims any and all liability in this respect.This information is subject of the disclosure requirements acc. to §5-12 vphl(Norwegian Securities Trading Act)[HUG#1384287] Onshore Concluded: http://hugin.info/115/R/1384287/343053.pdf
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