Petroleum Geo-Services Promotes Erik Hokholt to Director of Financial Planning and European Investor Relations

Houston, Texas; Oslo, Norway; March 21, 2000: Petroleum Geo-Services ASA (NYSE: PGO; OSE: PGS) announced today that it has recently promoted Erik Hokholt to Director of Financial Planning and European Investor Relations to augment our shareholder communications and strategic financial planning activities. Erik will be based in our Oslo corporate office (telephone +47 67 52 66 00) commencing July 2000.

Erik joined PGS in 1991, as Financial Director for the Marine Seismic activities based in Oslo. In 1998, he moved to PGS’ corporate office in Houston, Texas and served as Director of Financial Planning and Strategy.

Chris Boswell, Senior Vice President and Chief Financial Officer of PGS commented, “We believe that Erik’s experience and in-depth knowledge of our organization and business will help PGS improve its European investor and analyst relations and their understanding of the Company’s business strategy going forward.”

Petroleum Geo-Services is a technologically focused oilfield service company principally involved in two businesses -- geophysical services and production services. PGS acquires, processes, manages and markets 3D, 4D and multi-component marine seismic data. Such data is used by oil and gas companies in the exploration for new reserves, the development of existing reservoirs, and the management of producing oil and gas fields. In its production services business, PGS owns four floating production, storage and offloading systems and operates numerous offshore production facilities for oil and gas companies. FPSOs permit oil and gas companies to produce oil and gas from offshore oil and gas fields more cost effectively. The Company also provides data management solutions, 4D reservoir monitoring, interpretation and characterization studies and other specialized geophysical services. PGS operates on a worldwide basis with headquarters in Oslo, Norway and Houston, Texas.