PGS Production Update

PGS Production Update 


OSLO, Norway, March 11  /PRNewswire-FirstCall/ -- Petroleum Geo-Services ASA
("PGS" or the "Company") (OSE and NYSE: PGS) disclosed on November 8 and 22,
2004 that the main production riser on the Varg field was damaged, reducing oil
production from that field to a maximum of approximately 15,000 barrels per day
thereby. This reduced production has negatively affected the tariff based
portion of revenues associated with PGS' FPSO Petrojarl Varg which is producing
the Varg field.

A new riser has been successfully installed this week and normal production
levels have been obtained.

Due to maintenance work on Petrojarl Foinaven, production will be reduced by
approximately 20-25,000 barrels per day for a two week period in March. The
production on Foinaven also was somewhat lower than expected in January.

As previously disclosed the total oil production from PGS' four FPSO's is
expected to be in line with 2004.

Petroleum Geo-Services is a technologically focused oilfield service company
principally involved in geophysical and floating production services. PGS
provides a broad range of seismic and reservoir services, including
acquisition, processing, interpretation, and field evaluation.  PGS owns and
operates four floating production, storage and offloading units (FPSOs).  PGS
operates on a worldwide basis with headquarters at Lysaker, Norway.  For more
information on Petroleum Geo-Services visit http://www.pgs.com/.

The information included herein contains certain forward-looking statements
within the meaning of Section 27A of the Securities Act of 1933 and Section 21E
of the Securities Exchange Act of 1934. These statements are based on various
assumptions made by the Company which are beyond its control and are subject to
certain additional risks and uncertainties as disclosed by the Company in its
filings with the Securities and Exchange Commission including the Company's
most recent Annual Report on Form 20- F for the year ended December 31, 2003. 
As a result of these factors, actual events may differ materially from those
indicated in or implied by such forward-looking statements.

   Ola Bosterud
   Sam R. Morrow
   Phone: [phone]

   US Investor Services,
   Renee Sixkiller,
   Phone: [phone]


DATASOURCE: Petroleum Geo-Services ASA



CONTACT:  Ola Bosterud or Sam R. Morrow, [phone], or US Investor

Services, Renee Sixkiller, [phone], all for Petroleum Geo-Services

ASA



Web site:  http://www.pgs.com/ 

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