Petroleum Geo-Services to Release 2004 Fourth Quarter and Preliminary Year-End Results on February 25

Petroleum Geo-Services to Release 2004 Fourth Quarter and
Preliminary Year-End Results on February 25 


OSLO, Norway, Feb. 16  /PRNewswire-FirstCall/ -- Petroleum Geo-Services ASA
("PGS" or the "Company") (OSE and NYSE: PGS) announced that it will release its
2004 fourth quarter and preliminary year-end financial results on Friday,
February 25, 2005 at approximately 3:00 p.m. Central European Time (CET) (9:00
a.m. Eastern Time (ET)). A webcast and conference call have been scheduled that
same day at 3:30 p.m. CET (9:30 a.m. ET), to discuss PGS' fourth quarter and
preliminary year-end financial results. Details of the webcast and conference
call numbers will be announced at a later date.

As previously communicated, the Company's primary financial reporting is under
US GAAP. However, because the previous quarters in 2004 have been reported
under Norwegian GAAP, and because the "fresh-start reporting" the Company uses
for US GAAP reporting was effective 1 November 2003, the Company will be
releasing also the 2004 fourth quarter and preliminary year-end financial
results under Norwegian GAAP to provide analysts and investors comparative
financial information.  2004 quarterly financial information based on US GAAP
is expected to be provided mid-March.

In conjunction with this reporting, it should be noted that, as previously
announced, PGS has entered into an agreement to sell its E&P subsidiary, Pertra
AS. In PGS' 2004 financial report, the revenues and expenses of Perta will be
included in ongoing revenues and expenses in the consolidated statement of
operations. In PGS' 2005 First Quarter financial report the gain on sale and
the revenues and expenses of Pertra will be reported as discontinued
operations. In the First Quarter 2005 financial report and all subsequent
reports, all historical financial statements will be reclassified to report
Pertra as discontinued operations.

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) and
owns a small oil and gas company.  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]; US Investor

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

ASA



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

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