Petroleum Geo-Services Reaches Agreement To Extend The Maturity Of Its $250 Million Credit Facility


OLSO, Norway, June 16, 2003 (PRIMEZONE) -- Petroleum Geo-Services ASA (`PGS`) (OSE:PGS) (Pink Sheets:PGOGY) announced today that it has reached agreement with the banks to extend the maturity of its $250 million Credit Facility from June 16, 2003 to September 4, 2003.

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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