Petroleum Geo-Services Announces Conference Call for Fourth Quarter 2001 Operating Results

Houston, Texas; Oslo, Norway; February 19, 2002: Petroleum Geo-Services ASA (NYSE:PGO; OSE:PGS) announced today that it has scheduled a conference call on Wednesday, February 27, 2002 at 9:30 a.m. Easter, 8:30 a.m. Central to discuss results for the fourth quarter and full year ending December 31, 2001. The results are expected to be released on Wednesday, February 27, 2002 before the market opens.

To access the call, which is open to the public, please call the conference call operator at 888-942-8131 or +1-712-271-3624 for international callers, 10-15 minutes prior to the scheduled start time, and ask for the "PGS Conference Call." There will be a digital replay of the conference call beginning at 11:30 a.m. Eastern Time on the day of the call through Wednesday, March 6, 2002 at 888-562-7635 or +1-402-220-6510 for those calling from outside the U.S.

Interested parties may also listen to the conference call and replay on Petroleum Geo-Services' web site at www.pgs.com. Petroleum Geo-Services suggests that you connect to the site at least 15-20 minutes prior to the live, listen-only audio web cast of the conference call scheduled on Wednesday, February 27, 2002 to ensure adequate time for any software download that may be needed to hear the call.

Petroleum Geo-Services is a technologically focused oilfield service company principally involved in two businesses: Geophysical Operations and Production Operations. PGS acquires, processes and markets 3D, time-lapse and multi-component seismic data. These data are used by oil and gas companies in the exploration for new reserves, the development of existing reservoirs, and the management of producing oil and gas fields. PGS' advanced geophysical technologies allows oil and gas companies to better characterize and monitor their reservoirs in order to enhance production and ultimate recovery of hydrocarbons. In its Production Operations business, PGS owns four floating production, storage and offloading systems ("FPSOs") and operates numerous offshore production facilities for oil and gas companies. FPSOs permit oil and gas companies to produce from offshore fields more quickly and cost effectively. PGS operates on a worldwide basis with headquarters in Oslo, Norway and Houston, Texas.