Petroleum Geo-Services ASA has today at the European Association of Geoscientists and Engineers ("EAGE") Trade Show in London, UK, launched its Next Generation Streamer technology providing higher quality seismic data to image the subsurface and help reduce risk in exploration and development decisions.

Field trials in the North Sea and the Gulf of Mexico indicates that the streamer system can deliver data that improve image clarity, not just for one target depth, but for all depths - in one pass, at one streamer depth and in seas no other system can handle.

During this summer PGS will acquire a 2D project using the new streamer and expect to show some of the results to the market in September. The company plans to equip the new streamer on a 2D vessel for operations this year and then on a 3D vessel in 2008.

Group President, Data Processing and Technology, Sverre Strandenes stated the following:

"The next generation streamer is a step change in streamer technology - it adds particle velocity sensors to the pressure sensors to create the only dual-sensor towed marine streamer in the world. Through this we are overcoming the limitations of hydrophone-only acquisition systems. In combining pressure and velocity sensors in an extremely quiet, robust solid streamer design, PGS will provide enhanced resolution, better penetration and improved operational efficiency that promises to significantly improve our customer's exploration success ratio, well targeting and recovery efficiency."