PGS Will Not Speculate on Reasons for Volatility in PGS Trust Preferred Securities

Houston, Texas; Oslo, Norway; May 17, 2002: Petroleum Geo-Services ASA (NYSE: PGO; OSE: PGS) stated today that it would not speculate as to the reasons for the recent volatility in the price of its Trust Preferred Securities, which trade on the New York Stock Exchange under the ticker symbol PGO PrA.

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.