Petroleum Geo-Services ASA -- Extension of Consent Payment Deadline Relating to 10 Percent Senior Notes Due 2010


OSLO, Norway, Nov. 29, 2005 (PRIMEZONE) -- Petroleum Geo-Services ASA ("PGS" or the "Company") (OSE) and (NYSE:PGS) announced today that, as of 11:30 a.m., New York City time, on November 29, 2005, tenders and consents representing approximately 98% of the $745.9 million aggregate principal amount of the Notes were received. The indenture governing the Company's outstanding 10% Senior Notes due 2010 (the "Notes") requires the consent of the holders of a majority of the outstanding principal amount to approve the elimination of substantially all of the restrictive covenants and certain events of default relating to the Notes as described in the Offer to Purchase (as defined below).

Further, pursuant to its Offer to Purchase and Consent Solicitation Statement dated November 15, 2005 (the "Offer to Purchase"), PGS is extending the Consent Payment Deadline (as defined in the Offer to Purchase) from 5:00 p.m., New York City time, on November 29, 2005 to 5:00 p.m., New York City time, on November 30, 2005. Holders who have previously tendered Notes do not need to re-tender their Notes or take any other action in response to this extension.

Except for the extension of the Consent Payment Deadline as described above, the Offer to Purchase remains in full force and effect and the price determination date for the tender offer remains the tenth business day immediately preceding the Expiration Date (as defined below). The consummation of the tender offer and consent solicitation is subject to the conditions set forth in the Offer to Purchase, including the receipt of consents of holders of Notes representing the majority in aggregate principal amount of the Notes and is conditioned on PGS' acquisition of the financing necessary to fund the tender offer and consent solicitation.



 The tender offer  will expire at  8:00 a.m., New  York City time,  on
 December 14,  2005  (the  "Expiration Date"),  unless  the  offer  is
 extended  or  terminated  by  PGS.    PGS  may,  subject  to  certain
 restrictions, amend,  extend  or  terminate  the  offer  and  consent
 solicitation at any time  in its sole  discretion without making  any
 payments with respect thereto.
 PGS has engaged UBS Securities LLC  as dealer manager for the  tender
 offer and solicitation agent for the consent solicitation.  Questions
 regarding the tender offer and  consent solicitation may be  directed
 to the Liability Management Group at UBS at (888) 722-9555 x 4210  or
 (203) 719-4210.   Requests for  documentation should  be directed  to
 Global Bondholder Services Corp. at (866) 470-3900 or (212) 430-3774,
 the information agent for the tender offer and consent solicitation.

 The tender offer and consent solicitation is made solely on the terms
 and conditions  set  forth  in  the Offer  to  Purchase. Under  no
 circumstances shall this press release constitute an offer to buy  or
 the solicitation of an offer to sell the Notes or any other
 securities of the Company. It also is not a solicitation of consents
 to the proposed amendments to the indenture governing the Notes. No
 recommendation is  made as to whether holders of the Notes should
 tender their Notes or give their consent.
                           
 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 (FPSOs).  PGS operates on a worldwide
 basis with headquarters at Lysaker, Norway.  For more information on
 Petroleum Geo-Services visit www.pgs.com.
                           
 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 various assumptions made by the Company which
 are beyond its control and are subject to certain additional risks
 and uncertainties as disclosed by the Company in its filings with the
 Securities and Exchange Commission including the Company's most
 recent Annual Report on Form 20- F for the year ended December 31,
 2004.  As a result of these factors, actual events may differ
 materially from those indicated in or implied by such forward-looking
 statements.


            

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