Summary: Petroleum Geo-Services ASA Aug 05

Standard & Poors, August 2005

Abstract
The ratings on Petroleum Geo-Services ASA (PGS) reflect participation in the highly competitive and deeply cyclical seismic sector of the oilfield services industry, and a highly leveraged financial profile. These weaknesses are partially tempered by the relatively stable cash flow characteristics of the company's floating production storage and offloading (FPSO) business, a strong market position in marine seismic operations, and management's more disciplined approach toward its multiclient business. Lysaker, Norway-based PGS has about $958 million in long-term debt as of June 30, 2005. PGS' fair business profile reflects participation in the volatile seismic subsector of the oilfield services industry. Seismic operations are characterized by volatile cash flow patterns through the cycle, as demand for services is strongly correlated to exploration...

Companies mentioned in this report are: Petroleum Geo-Services ASA,Baker Hughes Inc.,Veritas DGC Inc.,Compagnie Generale de Geophysique - Veritas,Schlumberger Ltd.
Action: Review

Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit rating of holdings and identify key factors underlying an issuer's creditworthiness, distinguishes the different risk exposures for new and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.

This product consists of a Summary Analysis: Bi-annual (at least). An abbreviated analysis containing Standard & Poor's issuer credit ratings as of the time the article was published. The analysis includes a rating rationale - the basis on which the rating was assigned - and an outlook section if the issuer is not on CreditWatch. Financial statistics are not included.

Petroleum Geo-Services ASA,Baker Hughes Inc.,Veritas DGC Inc.,Compagnie Generale de Geophysique - Veritas,Schlumberger Ltd.

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