PGS Announces Commencement of Oil Production From `Ramform Banff'

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01 Feb 1999.

The "Ramform Banff" is contracted by Conoco for the life of the field under a tariff-based compensation plan that allows Conoco, its Banff partners, and PGS to maximize additional oil development potential that exists in the area. Under these terms, production from Ranger Oil's nearby Kyle field will be added to the "Ramform Banff" later in the year. This field is estimated to have between 30 and 40 million barrels of oil.

The "Ramform Banff" is a purpose-built FPSO designed by PGS Offshore Technology, constructed at the Hyundai Mipo yard in South Korea and fitted out at Aker McNulty's yard in Newcastle, England for PGS Floating Production. The vessel is based on the Norwegian Ramform design that has been successfully employed in PGS' seismic fleet for several years. It can produce up to 95,000 bopd, inject up to 89,000 barrels of water per day, and handle up to 72 million standard cubic feet of gas per day. The vessel can store 120,000 barrels of processed oil. All production will be offloaded to dedicated shuttle tankers for transport to market.

The "Ramform Banff" joins a PGS FPSO fleet that also includes the "Petrojarl I" and the "Petrojarl Foinaven," both built and operated by PGS subsidiary Golar-Nor. Project management for construction of "Ramform Banff" was carried out by PGS subsidiary Atlantic Power, who will also crew and operate the ship. Atlantic Power operates three additional floating production systems under contract to various oil producing companies as well as numerous other production facilities in the UK sector of the North Sea.

Reidar Michaelsen, PGS' chairman and chief executive officer, commented, "We are extremely pleased to have achieved this momentous milestone. The Banff project is a perfect example of the success that can be achieved through oil company and oil service company cooperation and the use of advanced technologies. We are pleased to be an integral part of this success story. Furthermore, with the addition of the "Ranform Banff" to PGS' FPSO fleet, the Company has developed a significant backlog relating to its FPSO business. This backlog also adds stability to PGS' future revenue stream."

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