Petroleum Geo-Services announces 3rd quarter 2003 results

OCTOBER 30, 2003: OSLO, NORWAY; HOUSTON, TEXAS - Petroleum Geo-Services ASA (Debtor in possession) (`PGS`) (OSE: PGS; PINK SHEETS: PGOGY) announced today its 3rd quarter 2003 results.

(In millions of dollars)	Q3 2003	Q3 2002	YTD 2003	YTD 2002
Revenues	$258.6	$256.2	$851.0	$730.6
Operating profit (loss)	14.8	(751.5)	53.0	(631.5)
Net income (loss)	(12.2)	(1 060.7)	(103.6)	(1 269.5)
EBITDA, as defined (A)	112.9	104.5	377.6	333.3
CAPEX (B)	(6.2)	(13.4)	(32.7)	(53.5)
Investments in multi-client (C)	(22.9)	(35.8)	(91.5)	(155.9)
Cash flow defined as (A+B+C)	$83.8	$55.2	$253.3	$123.8

Financial Highlights:

Senior Creditors and Junior Subordinate Creditors voted in favor of the Restructuring Plan on October 14, 2003.
The Extraordinary General Meeting held on October 16, 2003 voted 99.7% in favor of the Plan.
On October 21, 2003 the U.S. Bankruptcy Court for the Southern District of New York confirmed the Plan.
The Rights Offering was announced to commence on October 22, 2003. The offer period for the Rights Offering is expected to extend through November 5, 2003, the expected effective date of the Plan.

Q3 Operations:

Pertra is still performing above expectations due to continuing high production volumes and favorable oil prices.
Multi-Client Late Sales seen lagging this Quarter. Expected Late Sales from Brunei is delayed.
Foinaven compressor problems seem to have been resolved on October 25. Nevertheless, reduced production due to the compressor as well as a declining reservoir led to a $ 27 million yoy negative EBITDA effect.
Onshore seismic has partly offset the negative impact of the lost Saudi Aramco contract with new contracts.
Cost cutting on track in all areas except FPSO, total headcount down 7% ytd 2003.

The full report with tables can be downloaded from the following link:
http://hugin.info/115/R/922993/125004.pdf

FOR DETAILS, CONTACT:

Sam R. Morrow
Svein T. Knudsen
Phone: +47 6752 6400

Suzanne M. McLeod, U.S. IR
Phone: +1 281-589-7935