Announces 3rd Quarter Results 2001

Houston, Texas; Oslo, Norway; October 24, 2001: - Petroleum Geo-Services ASA (NYSE: PGO; OSE: PGS) reported today third quarter revenue of $290.0 million, which was 17% greater than third quarter 2000 revenue. PGS' revenue mix between Geophysical Operations and Production Operations for the 2001 third quarter was 58% and 42%, respectively, compared to 49% and 51%, respectively, for the 2000 third quarter. The shift in the revenue mix resulted from an improved contract seismic market and the temporary reduction in FPSO operations as PGS has undertaken significant FPSO upgrades during 2001. Compared to the 2001 second quarter, revenue for the 2001 third quarter increased by 13%.