Petroleum Geo-Services Announces First Quarter 2002 Earnings Release and Conference Call

Houston, Texas; Oslo, Norway; April 16, 2002: Petroleum Geo-Services ASA (NYSE:PGO; OSE:PGS) announced today that first quarter 2002 results will be released before the New York Stock Exchange opens on Thursday, May 2, 2002. A conference call is scheduled that same day at 9:30 a.m. Eastern, 8:30 a.m. Central to discuss these results.

To access the call, which is open to the public, please call the conference call operator at 888-810-5901 or +1-712-271-3216 for international callers, 10-15 minutes prior to the scheduled start time, and ask for the "PGS Conference Call." There will be a digital replay of the conference call beginning at 11:30 a.m. Eastern on the day of the call through Thursday, May 9, 2002 at 888-562-6884 or 402-220-6536 for those calling from outside the U.S.

Interested parties may also listen to the conference call and replay on Petroleum Geo-Services' web site at http://www.pgs.com. Petroleum Geo-Services suggests that you connect to the site at least 15-20 minutes prior to the live, listen-only audio web cast of the conference call scheduled on Thursday, May 2, 2002 to ensure adequate time for any software download that may be needed to hear the call.

Petroleum Geo-Services is a technologically focused oilfield service company principally involved in two businesses: Geophysical Operations and Production Operations. PGS acquires, processes and markets 3D, time-lapse and multi-component seismic data. These data are 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. PGS' advanced geophysical technologies allow oil and gas companies to better characterize and monitor their reservoirs in order to enhance production and ultimate recovery of hydrocarbons. In its Production Operations business, PGS owns four floating production, storage and offloading systems ("FPSOs") and operates numerous offshore production facilities for oil and gas companies. FPSOs permit oil and gas companies to produce from offshore fields more quickly and cost effectively. PGS operates on a worldwide basis with headquarters in Oslo, Norway and Houston, Texas.