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2009 develoPmentS January through March 2009

In early March 2009, PGS received for- mal notification by Factorias Vulcano, the shipyard building the Arrow new- builds, that it intends to deliver hull number 532 to satisfy the shipbuilding contract specified for hull number 533.

In mid-March, PGS announced a co-operation agreement withTGS Nopec to combine PGS DeSoto Canyon survey withTGS Hernando survey in the Gulf of Mexico.

Late March 2009, WesternGeco cance- led the charter party for hull number 532 based on information received and Arrow notified the yard that it cancels the shipbuilding contract for new-build 532.

By the end of March, the yard sends a notice of “commencement of arbi- tration,” disputing Arrow’s right to terminate the shipbuilding contract for new-build 532.

Jens Ulltveit-Moe has notified the PGS Nomination Committee and Board of Directors that he intends to step down as Chairperson of the Board of PGS.

ContentS

FinAnCiAl CAlendAR 2009

Letter from Jon Erik Reinhardsen, President and CEO

06

Introduction to business units

08

Marine

10

Data Processing andTechnology

16

Onshore

22

Health, Safety, Environment & Quality

26

Corporate Governance in PGS

30

The Board of Directors

34

Financial Review

36

Executive Management

44

The PGS Share

46

Q1 2009 Earnings Release May 12, 2009

Annual General Meeting May 14, 2009

Q2 2009 Earnings Release July 23, 2009

Q3 2009 Earnings Release Oct 27, 2009

mARine

Key figures (in USD million) Revenues Adjusted EBITDA Operating profit Total assets Head count

  • *

    Including impairments of USD 62.0 million.

vessel utilization 2008 In percent of total streamer months

2008 1 638.8

940.0 695.0 2 597.9 *

1 991

2007 1 273.8 755.2 526.5 2 460.9 1 593

marine revenues 2008 Split of total revenues in percent

2006 1 044.5 575.3 357.2 1 138.1 1 381

uSA

Fairbanks

CAnAdA

Calgary

70% Contract 15% MultiClient 11% Steaming

3%

Yard

1%

Standby

65% Contract revenues 15% MultiClient pre-funding 12% MultiClient late sales 5% Data Processing 3% Other

AlASKA

Anchorage

dAtA PRoCeSSinG And teCHnoloGY

Data Processing &Technology is managed as a separate organization, but its financials are repor- ted as a part of Marine. Within the business unit, there are 4 sub-groups. Data Processing provides full seismic data processing services to the global exploration and production customer base. Geoscience & Engineering is the R&D activity within the Company supporting image development, processing, streamer and EM research. Reservoir Services is a leading team of subsurface techni- cal and commercial interpretation experts providing skills that are integral to PGS MultiClient and MegaSurveys. Commercialization & New Ventures is strengthening PGS’ innovation value chain from idea to generation of commercial launch.

uSA

Austin

mexiCo

Mexico City

2008

2007

2006

273.1

246.4

263.4

74.2

79.2

62.7

11.8

11.3

29.4

234.4

161.7

133.4

714

731

608

2 223

644

981

onSHoRe

Key figures (in USD million) Revenues Adjusted EBITDA Operating profit Total assets Onshore employees Onshore temporary employees

*

uSA

Houston

mexiCo

Villahermosa

eCuAdoR

Quito

PeRu

Lima

  • *

    Onshore temporary employees include crew hired on specific time periods (generally the lenght of a specific project). The large growth in 2008 relates mainly to Mexico and Peru, which accounts for 1 592 out of the total 2 223 temporary employees at December 31, 2008.

onshore revenues 2008 Split of total revenues in percent

70% Contract revenues 20% MultiClient pre-funding 5% MultiClient late sales

HiGHliGHtS 2008

Strong full-year operating cash flow of uSd 914.6 million, an in- crease of 27% from the previous record set in 2007 and an eBitdA of uSd 967.8 million, up 21% from 2007.

marine seismic contract operating profit margin of 49%, the highest ever recorded for PGS.

High total pre-funding levels (105% of capitalized multiClient invest- ments, excluding capitalized interest).

Strong total multiClient late sales of uSd 202.5 million.

delivery of Ramform Victory to the Japanese ministry of economy, trade and industry (meti), after the agreement was finalized in 2007. on delivery PGS recorded a gain of uSd 71.6 million and the Company will continue to provide licenses as well as operational services and support under a long-term agreement.

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