Petroleum Geo-Services Announces Steps to Further Reduce Costs


OLSO, Norway, April 24, 2003 (PRIMEZONE) -- Petroleum Geo-Services ASA ("PGS") (OSE:PGS) (Other OTC:PGOGY) announced today a proposed reduction in office-based personnel by approximately 250 people. The personnel reduction is a part of PGS' ongoing cost reduction program with the objective of reducing ongoing cash expenses on an annual basis by USD 75 million by 2003. The proposed headcount reductions will mainly come in the Company's business centers in Houston, Texas, Walton, England and Oslo, Norway. The extraordinary costs related to the proposed reductions are expected to occur during the second and third quarter 2003.


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