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

Share Name	Share Symbol	Market	Type	Share ISIN	Share Description
Psg Solutions	LSE:PGS	London	Ordinary Share	GB00B0WHXB01	ORD 20P

Industry Sector	Turnover	Profit	EPS - Basic	PE Ratio	Market Cap
	0	0		N/A	0

Psg Solutions (LSE:PGS)
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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: +47 6752 6400 US Investor Services, Renee Sixkiller, Phone: +1 281 679 2240 DATASOURCE: Petroleum Geo-Services ASA CONTACT: Ola Bosterud or Sam R. Morrow, +47-6752-6400; US Investor Services - Renee Sixkiller, +1-281-679-2240, all for Petroleum Geo-Services ASA Web site: http://www.pgs.com/

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