OLSO, Norway, March 25, 2003 (PRIMEZONE) -- Petroleum Geo-Services ASA ("PGS") (Pink Sheets:PGOGY) (NYSE:PGO) (OSE:PGS) today announced that the Over-The-Counter ("OTC") and Pink Sheet symbol for its PGS Trust I 9 5/8 percent (Other OTC:PGOAY) (Other OTC:PGOAP) Pink Sheet Trust Preferred Securities will change from "PGOAY" to "PGOAP" effective as of Tuesday, March 25, 2003. PGS' American Depositary Receipts (ADRs) currently trade OTC and are quoted on the Pink Sheets under the ticker symbol "PGOGY."
Petroleum Geo-Services will continue the deferral of distribution payments on the preferred securities issued by its wholly owned trust subsidiary PGS Trust I for the quarterly distribution payment period ended March 31, 2003, and such quarterly deferrals will continue until further notice by the Company. Under the terms of the securities, PGS has the option to defer distribution payments for up to 20 consecutive quarterly periods without causing a default.