JUNE 3, 2004: OSLO, NORWAY - Petroleum Geo-Services ASA ("PGS" or the "Company") (OSE: PGS; OTC: PGEOY) announced today that its Board of Directors is scheduled to adopt its recommended 2003 Annual Financial Statements for 2003 prepared in accordance with Norwegian generally accepted accounting principles ("Norwegian GAAP Financial Statements") on June 16, 2004. Previously, the Company had, through the decision of the Oslo Stock Exchange Appeals Committee of March 31, 2004 (as announced in the press release dated April 1, 2004), been granted extended time to adopt the Norwegian GAAP Financial Statements until June 2, 2004. The Company has applied with the Oslo Stock Exchange for a further extension until 16 June 2004.
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Petroleum Geo-Services is a technologically focused oilfield service company principally involved in geophysical and floating production services. PGS provides a broad range of seismic- and reservoir services, including acquisition, processing, interpretation, and field evaluation. PGS owns and operates four floating production, storage and offloading units (FPSO's). PGS operates on a worldwide basis with headquarters in Oslo, Norway. For more information on Petroleum Geo-Services visit www.pgs.com.
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The information included herein contains certain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. These statements are based on certain assumptions and analyses made by the Company in light of its experience and its perception of historical and future trends, on general economic and business conditions and on numerous other factors, including expected future developments, many of which are beyond the control of the Company. Such forward-looking statements are also subject to certain risks and uncertainties as disclosed by the Company in its filings with the Securities and Exchange Commission. As a result of these factors, the Company's actual results may differ materially from those indicated in or implied by such forward-looking statements.
FOR DETAILS, CONTACT:
Sam R. Morrow
Svein T. Knudsen
Phone: +47 6752 6400
Suzanne M. McLeod
Phone: +1 281-589-7935