Petroleum Geo-Services ASA says that, compared to the guidance given in the Company's interim financial report for Q3, the expected Q4 productive time and related revenues and margins in the marine contract segment have been reduced. This is primarily due to longer than scheduled yardstays and steaming for two Ramform vessels and a delay in obtaining operational permits for one Ramform vessel.

The Company's expectations for a strong full year 2008 has been further strengthened through several significant contract awards, at terms well above 2007 level bringing the Company's order backlog up to a total of approximately $950 million for the marine and onshore segment combined, the highest ever.'

The Company also has been invited to deliver additional services relating to Ramform Victory after the sale to the Japanese Ministry of Economy, Trade and Industry ("METI"), including the maritime operation of the vessel, and that delivery of the vessel is now expected shortly after year-end.

Tags: Petroleum Geo-Services ASA