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PGS License Awards Offshore Norway

Petroleum Geo-Services ASA Update on 18th round License awards offshore Norway.

Petroleum Geo-Services ASA Update on 18th round License awards offshore Norway.

PGS' wholly-owned subsidiary, Pertra AS has been notified by the Norwegian Ministry of Petroleum and Energy that it has been awarded the following acreage in the 18th round license awards on the Norwegian Continental Shelf:

     1. Operatorship and 80% participation in blocks 6306/2, 3 and 5
     2. 30% participation in blocks 9/2, 3 and 6, with parts of blocks 9/5
        and 10/4

Each award is contingent on Pertra's acceptance of the award terms.

President of Pertra AS; Erik Haugane says is very pleased that Pertra was awarded the acreage, especially since it was awarded 100% of the acreage applied for.

Pertra is currently the operator of the Varg field located in Production License 038 (Block 15/12) in the Norwegian sector of the North Sea with 70% interest while co-venturer Petoro AS holds the remaining 30%.

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 in Oslo, 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 certain additional risks and uncertainties as disclosed by the Company in its filings with the Securities and Exchange Commission. As a result of these factors, actual events may differ materially from those indicated in or implied by such forward-looking statements.

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