Unaudited First Quarter 2009 Results

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1 Petroleum Geo-Services ASA Unaudited First Quarter 2009 Results Petroleum Geo-Services ASA Unaudited First Quarter 2009 Results (IFRS) Oslo, May 12, 2009

2 Cautionary Statement This presentation contains forward looking information Forward looking information is based on management assumptions and analyses Actual experience may differ, and those differences may be material Forward looking information is subject to significant uncertainties and risks as they relate to events and/or circumstances in the future This presentation must be read in conjunction with the press release for the Q results and the disclosures therein -2-

3 Excellent Operational Performance Strong quarterly earnings Proven productivity leadership on vessels Record Marine contract revenues Group EBIT margin of 34%* Market imbalance puts pressure on margins Lower MultiClient sales Onshore impacted by lower activity in North Africa and North America First 3D GeoStreamer survey successfully completed 2009 guidance for EBITDA and CAPEX adjusted down by 10-15% *Excluding impairments of USD 50.6 million -3-

4 Financial Summary Revenues Adjusted EBITDA USD million USD million Q1 08 Q2 08 Q3 08 Q4 08 Q Q1 08 Q2 08 Q3 08 Q4 08 Q1 09 EBIT Cash Flow from Operations USD million * ** 145 *** USD million * Q1 08 Q2 08 Q3 08 Q4 08 Q1 09 *Gain from sale of Ramform Victory. Q1 08 Q2 08 Q3 08 Q4 08 Q1 09 **Excluding impairments of USD million ***Excluding impairments of USD 50.6 million Adjusted EBITDA, when used by the Company, means income (loss) before income tax expense (benefit) less, other financial items, interest expense, interest income, income (loss) from associated companies, other operating (income), impairments of long-lived assets and depreciation and amortization. -4-

5 Healthy Order Book 1400 USD million Order book of USD 824 million Marine USD 636 million Onshore USD 188 million Q1 07 Q2 07 Q3 07 Q4 07 Q1 08 Q2 08 Q3 08 Q4 08 Q1 09 Marine (including DP) Onshore -5-

6 Petroleum Geo-Services ASA Petroleum Geo-Services ASA Review of Business Units Unaudited First Quarter 2009 Results

7 Marine Q1 Highlights Record Marine contract revenues of USD million, up 19% from Q % of total vessel time on contract compared to 69% in Q Total MultiClient revenues of USD 46.2 million, compared to USD 79.7 million in Q MultiClient pre-funding of USD 23.5 million, compared to USD 41.0 million in Q Pre-funding was 52% of cash investments in Q1 2009, compared to 71% in Q Late sales revenues of USD 22.7 million, impacted by lower sales in Europe, Brazil and Asia Pacific EBIT of USD million, excluding impairments, compared to USD million in Q1 2008, when adjusted for sales gain on Ramform Victory Marine contract EBIT margin of 53% in Q1 2009, compared to 49% for full year 2008 and 51% in Q

8 Marine Vessel Utilization Seismic Streamer 3D Fleet Activity in Streamer Months 100 % 90 % 80 % 70 % Standby 60 % Yard 50 % Steaming 40 % 30 % 20 % MC Contract 10 % 0 % Q1 07 Q2 07 Q3 07 Q4 07 Q1 08 Q2 08 Q3 08 Q4 08 Q1 09 Vessel utilization in Q of 86% vs. 91% in Q The vessel statistics for the first quarter 2009 include Ramform Sovereign (entered the fleet late March 2008). -8-

9 Marine MultiClient Revenues per Region Pre-funding and Late Sales Revenues Combined USD million Q1 07 Q2 07 Q3 07 Q4 07 Q1 08 Q2 08 Q3 08 Q4 08 Q1 09 Only 9% of total 3D capacity was used for MultiClient in Q1 2009, compared to 22% in Q Q1 is typically the quarter within the year with the lowest MultiClient revenues Europe West Africa Brazil Gulf of Mexico Asia Pacific 100% pre-funding targeted on MultiClient investments for

10 Marine - Key Figures USD million Q1 Q4 Q3 Q2 Q1 Contract revenues Total MC revenues Processing and other revenues Total Revenues Operating cost (174.2) (151.4) (188.0) (191.0) (168.5) Adjusted EBITDA Depreciation (31.8) (31.5) (32.1) (26.0) (20.8) MultiClient amortization (16.1) (58.9) (37.9) (24.4) (22.9) Other operating income* 71.6 EBIT** CAPEX (91.8) (110.3) (89.8) (85.1) (110.1) Cash investment in MultiClient (44.8) (54.6) (68.0) (43.1) (58.1) Order book Marine , * Other operating income relates to gain from sale of Ramform Victory Q **Excluding impairments of long-lived assets of USD 50.6 million in Q and USD 62.0 million in Q The accompanying unaudited financial information has been prepared under IFRS. This information should be read in conjunction with the unaudited first quarter 2009 results released on May 12, Adjusted EBITDA, when used by the Company, means income (loss) before income tax expense (benefit) less, other financial items, interest expense, interest income, income (loss) from associated companies, other operating income, impairment of long-lived assets and depreciation and amortization. -10-

11 Marine Cost * Development USD million * * * * * Operating costs slightly up compared to Q4 2008: Increased steaming cost allocation Higher project related costs, including support vessels Partially offset by: Return of most of leased in vessels 0 Q1 08 Q2 08 Q3 08 Q4 08 Q1 09 Marine Acquisition Regional/project/management DP&Technology Yard, repair and maintenance Leased in vessels * Amounts show the sum of operating cost and capitalized MultiClient cash investment. -11-

12 New-Build Program Ramform Sterling on schedule for delivery end June 2009 Early March Arrow received formal notification by the shipyard Factorias Vulcano that it will deliver the first vessel, NB 532, to satisfy the shipbuilding contract for the second vessel NB 533 Arrow has notified the shipyard that it disputes the swap Arrow has terminated the shipbuilding contract for NB 532 and claimed a refund of EUR 39 million with the addition of interest, as set out in the shipbuilding contract The shipyard has sent a notice of commencement of arbitration, disputing Arrow s right to terminate the shipbuilding contract for 532 Work on PGS Apollo shows reasonable progress and it is likely that the vessel will be delivered before termination date. Work on PGS Artemis shows limited progress to date CGGVeritas raised a claim against Arrow of USD 70 million for having a binding agreement for NB 534 (PGS Apollo). The court of first instance ruled in favor of Arrow and CGGVeritas has confirmed that they will not appeal -12-

13 Onshore Q1 Highlights Lower activity levels in North America, including MultiClient, and in North Africa contributes to a weaker quarter for Onshore EBIT loss of USD 10.5 million in Q1 2009, compared to an EBIT gain of USD 3.9 million in Q The decrease is attributable to a decrease in market activity in North America and North Africa, coupled with ramp up for new projects in Latin America Cash investments in MultiClient of USD 2.2 million, compared to USD 22.9 million in Q Order book at March 31, 2009 of USD 188 million, compared to USD 194 million at December 31,

14 Onshore - Key Figures USD million Q1 Q4 Q3 Q2 Q1 Contract revenues Total MC revenues Processing and other revenues Total Revenues Operating cost (38.9) (55.1) (54.2) (41.7) (47.9) Adjusted EBITDA (4.6) Depreciation (5.0) (4.3) (4.0) (3.4) (3.1) MultiClient amortization (0.9) (6.2) (9.8) (17.7) (13.7) EBIT (10.5) CAPEX (1.7) (9.3) (14.1) (4.6) (8.1) Cash investment in MultiClient (2.2) (5.5) (11.2) (21.5) (22.9) Order book Onshore The accompanying unaudited financial information has been prepared under IFRS. This information should be read in conjunction with the unaudited first quarter 2009 results released on May 12, Adjusted EBITDA, when used by the Company, means income (loss) before income tax expense (benefit) less, other financial items, interest expense, interest income, income (loss) from associated companies, other operating income, impairments of long-lived assets and depreciation and amortization. -14-

15 Petroleum Geo-Services ASA Petroleum Geo-Services ASA Consolidated Financials Unaudited First Quarter 2009 Results

16 Consolidated Statements of Operations Summary Quarter ended March 31 USD million (except per share data) % change Revenues % Adjusted EBITDA* % Operating profit (EBIT) excluding impairment and sales gain** % Operating profit (EBIT) % Net financial items (15.1) (8.8) 72 % Income (loss) before income tax expense % Income tax expense (benefit) % Net income to equity holders % EPS basic % EPS diluted % EBITDA margin* 47.5 % 50.5 % EBIT margin** 34.1 % 36.4 % Q net financial items negatively impacted by a USD 3.2 million foreign currency loss and other finance cost of USD 1.9 million * Adjusted EBITDA, when used by the Company, means income (loss) before income tax expense (benefit) less, other financial items, interest expense, interest income, income (loss) from associated companies, other operating (income), impairments of long-lived assets and depreciation and amortization. ** Excluding impairments of USD 50.6 million recorded in Q and gain on sale of Ramform Victory in Q The accompanying unaudited financial information has been prepared under IFRS. This information should be read in conjunction with the unaudited first quarter 2009 results released on May 12,

17 Impairments of Long-Lived Assets In Q1 the Company recorded impairments of long-lived assets of USD 50.6 million USD 41.6 million relates to the excess purchase price and capitalized interest on Arrow NB 532 USD 7.3 million relates to the vessel Polar Pearl USD 1.7 million relates to NB

18 Tax Income tax expense was USD 25.0 million in Q compared to USD 72.9 million in Q The reported tax rate for the quarter is 37% compared to 32% in Q The increased tax rate is primarily due to impairments relating to Arrow which are non-deductible Tax expense for the quarter is positively impacted by the planned entry of parts of the vessel operations to the Norwegian tonnage tax regime from January 1,

19 Consolidated Statements of Cash Flows Summary Quarter ended March 31 USD million Cash provided by operating act Investment in MultiClient library (47.1) (81.0) Capital expenditures (95.4) (119.3) Other investing activities (0.2) 4.6 Financing activities 3.8 (36.6) Net increase (decr.) in cash and cash equiv Cash and cash equiv. at beginning of period Cash and cash equiv. at end of period Q cash flow from operations positively impacted by prepayments of services under the agreement with Jogmec/METI relating to operation of Ramform Victory Q capital expenditures includes USD 25.0 million related to streamer pool renewal, USD 8.4 million on Ramform Sterling and USD 25.5 million on Arrow vessels The accompanying unaudited financial information has been prepared under IFRS. This information should be read in conjunction with the unaudited first quarter 2009 results released on May 12,

20 Consolidated Statements of Financial Position - Key Figures March 31 March 31 December 31, USD million Total assets 3, , ,064.8 MultiClient Library Shareholders' equity 1, ,139.7 Cash and cash equiv Restricted cash Gross interest bearing debt * 1, , ,249.2 Net interest bearing debt 1, , ,135.6 *Includes capital lease agreements The accompanying unaudited financial information has been prepared under IFRS. This information should be read in conjunction with the unaudited first quarter 2009 results released on May 12,

21 Robust Financing at Attractive Terms Long term Interest Bearing Debt Balance as of March 31, 2009 Total Credit Line Financial Covenants USD 600 million Term Loan ( TLB ), Libor basis points, due 2015 USD 572 million Incurrence test: total leverage ratio < 3.25:1 from 2009 to 2015 Revolving credit facility ( RCF ), Libor basis points, due 2012 USD 250 million* USD 350 million Maintenance covenant: total leverage ratio < 3.25 in 2009 and 2010, and 3.0:1 thereafter Arrow Facility, Libor basis points, amortizing to 2017 USD 77.9 million USD 125 million** Working capital > 0 Book equity to Total Assets > 30% From December 31, 2009: LTM EBITDA to LTM Financial Cost >2.5:1 USD 400 million convertible bond due 2012, coupon of 2.7% with strike NOK USD million*** Oslo Seismic Note, 8.28% interest, amortizing to 2011 USD 49.1 million gross USD 39.1 million net**** *Plus USD 4.7 million for bid/performance bonds **USD 20 million only available at delivery of each of NB 532 and 533 ***USD million of nominal value outstanding after repurchase ****Net of USD 10 million on escrow account, which is restricted -21- TLB and RCF credit documentation have a combined USD 400 million accordion feature

22 Petroleum Geo-Services ASA Petroleum Geo-Services ASA PGS going forward Unaudited First Quarter 2009 Results

23 Reserve Gap will Increase Dramatically To meet demand growth and offset decline rate there is a need to develop six times the current capacity of Saudi Arabia Source graph and text: IEA -23-

24 Onshore Early May 2009 Worldwide Operations Alaska - 1 Crew US - 3 Crews Mexico - 3 Crews Morocco - 1 Crew Colombia - 1 Crew Cambodia - 1 Crew Seasonal markets Alaska Active crew Inactive crew -24-

25 Marine Early May 2009 Streamer Operation Ramform Viking Ramform Vanguard Ocean Explorer Atlantic Explorer Nordic Explorer (North Sea) Falcon Explorer (Brazil) Ramform Valiant Ramform Sovereign (Brazil) Harrier Explorer (Mediterranean) Ramform Explorer Pacific Explorer (India) Ramform Challenger (Angola) Orient Explorer (Vietnam) Beaufort Explorer (Indonesia) -25-

26 Impressive 3D GeoStreamer Data DeSoto Canyon MC3D GeoStreamer survey in eastern GoM completed in Q Fast track data demonstrate high resolution, broad bandwidth data, with a very good signal to noise ratio GeoStreamer acquisition has begun in the North Sea with Atlantic Explorer and Nordic Explorer GeoStreamer production and productivity experience may open for seismic acquisition in the North Sea during winter season GeoStreamer represents the most significant advance in towed marine streamer technology since its original invention 61 years ago. Fred J. Barr, recipient of the 1995 SEG Virgil Kauffman Gold Medal Award for his groundbreaking work in dual-sensor ocean bottom cables. -26-

27 Improving Cost and Capital Structure Reducing overhead costs and adjusting ambitions for new ventures Restructuring and streamlining the Data Processing and Technology area has resulted in a headcount reduction of 85 people Marine and Onshore cost adjustments, procurement initiatives and reduced travel Annualized cash cost savings of approximately USD 50 million Marine capacity reduction not included Evaluation of further cost cuts in all business units Reduction in operating costs Reduced 3rd party costs Stacking of vessels Release of 3rd party vessels Reduction in capital spending Targeting asset sale in excess of USD 200 million Proactively positioning for a weaker market -27-

28 Vessel Lay-off Expected to Reduce Increase in Supply # of streamers # of vessels E 2010E 2011E 0 Total streamers announced (usual configuration) Total vessels announced Total streamers announced end % in 2009 over % in 2010 over % in 2011 over 2010 Actual and adjusted # of Streamers (usual configuration) Actual and Adjusted # of Vessels Total streamers as per May to 5% in 2009 over % in 2010 over % in 2011 over 2010 There is potential to reduce capacity further Source: PGS Internal Estimate May The adjusted numbers are derived from announcements made regarding stacking/scrapping and anticipation of capacity that will be laid off Total Streamers and vessels are estimates of 6+ streamer 3D vessels

29 Bidding Activity Marine Seismic Acquisition 3,500 3,000 Sales leads and active tenders creeping up, but still at low levels USD million 2,500 2,000 1,500 1, feb.04 jun.04 okt.04 feb.05 Active Tenders jun.05 okt.05 feb.06 jun.06 okt.06 feb.07 jun.07 okt.07 feb.08 jun.08 okt.08 feb.09 All Sales Leads (Including Active Tenders) Order book is expected to decrease if bid activity stays at this level PGS focus on building order book in H pays off on 2009 margins * Source: PGS Internal Estimate as of end March 2009, Active Tenders and All Sales Leads 3D Contract Seismic only. -29-

30 Favorably Positioned on the Industry Cost Curve Streamer count Ramform Sovereign Ramform Sterling Ramform Valiant Ramform Viking Ramform Vanguard Ramform Challenger PGS Apollo PGS Artemis Ramform Explorer Pacific Explorer Atlantic Explorer Nordic Explorer Ocean Explorer Orient Explorer 6-streamer fleet will struggle in current market PGS fleet is positioned to generate the industry s best margins Source: The cash cost curve is based on PGS internal estimates and highest number of streamer towed. The graph shows all seismic vessels in the market, both existing and new-builds. The Ramform S-class is incorporated with 14 streamers and the V-class with 12 streamers Relative cash cost efficiency per streamer per day

31 Guidance EBITDA between USD million 2009 active Marine 3D vessel capacity: 25% MultiClient and 75% contract MultiClient cash investments approximately USD 200 million Capital expenditures approximately USD 350 million -31-

32 Excellent Operational Performance Strong quarterly earnings Proven productivity leadership on vessels Record Marine contract revenues Group EBIT margin of 34%* Market imbalance puts pressure on margins Lower MultiClient sales Onshore impacted by lower activity in North Africa and North America First 3D GeoStreamer survey successfully completed 2009 guidance for EBITDA and CAPEX adjusted down by 10-15% *Excluding impairments of USD 50.6 million -32-

33 Petroleum Geo-Services ASA Unaudited First Quarter 2009 Results Petroleum Geo-Services ASA Unaudited First Quarter 2009 Results (IFRS) Oslo, May 12, 2009

34 Main Yard Stays Next 12 Months Vessel When Expected Duration Type of Yard Stay Ramform Vanguard Beginning of Q (first half of the yard stay was done in Q1 2009). Total duration is 38 days 10-year classing and upgrade, including installment of an additional thruster Nordic Explorer First half of Q days GeoStreamer installation and general maintenance Ramform Viking Second half of 2009 Approximately 10 days Upgrade HTI recording systems and reconfiguration of old sections. Dry dock and bottom survey Nordic Explorer Not decided but either Q or Q weeks Dry dock with intermediate bottom survey -34-

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