Veritas Geo-Services selected as new brand name for combined Veritas, PGS company

| Source: PGS ASA PGS ASA

HOUSTON, TX and OSLO, Norway - June 26, 2002 - Veritas DGC Inc. (NYSE & TSE: VTS) and Petroleum Geo-Services ASA ("PGS") (NYSE: PGO, OSE: PGS) today announced a new brand name and logo for the proposed combination of the companies, to become effective upon the completion of their previously announced merger.  The parent company will be VGS Inc., a newly formed Cayman Islands company.  This new company will be represented as "Veritas Geo-Services," utilizing a new logo that incorporates the current PGS graphics with the letters "VGS," in a new color scheme.
 
Marketing executives of both companies said the goal in deciding upon a new name was to capture existing brand equities of both organizations while creating a singular identity for the combined company.  Dennis Jordhoy, vice president of corporate marketing for Veritas and Sverre Strandenes, senior vice president of corporate profiling for PGS, said in a joint statement, "Veritas Geo-Services will be the second largest geophysical services and production company in the world.  We want to build a distinctive new brand for the company while leveraging the market recognition and reputation of both the Veritas and PGS brands.  This reflects our intent to deliver the best of both organizations to our combined customer base."
 
On June 21, the two companies announced an amendment to their agreement originally reached last November.  The companies expect to complete the transaction in the late third quarter or early fourth quarter this year.
 
Veritas DGC Inc. offers the oil and gas industry a comprehensive suite of integrated geophysical services designed to manage exploration risk and enhance drilling and production success worldwide.  These services include seismic data acquisition in all environments, data processing, data visualization, data interpretation, reservoir characterization, and extensive non-exclusive seismic data library surveys worldwide.  With over 36 years of operating experience, Veritas is one of the world's leading providers of advanced geophysical technologies.
 
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.  This data is 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 allow 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.
 
 
This press release contains forward-looking statements within the meaning of the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995.  These statements are based on management's current expectations and beliefs and are subject to a number of factors and uncertainties that could cause actual results to differ materially from those described in the forward-looking statements.  The forward-looking statements contained herein include statements about the benefits of the combination, including broader product offerings of the combined company and cash flow stability.  These statements are not guarantees of future performance, involve certain risks, uncertainties, and assumptions that are difficult to predict, and are based upon assumptions as to future events that may not prove accurate.  Therefore, actual outcomes and results may differ materially from what is expressed herein.  Factors discussed in PGS' and Veritas's periodic filings with the SEC, including their Annual Reports on Form 20-F (PGS) or Form 10-K (Veritas), PGS' most recent Reports on Form 6-K and Veritas' most recent Quarterly Reports on Form 10-Q and Current Reports on Form 8-K, could cause actual results to differ materially from those described in the forward-looking statements.  PGS and Veritas are under no obligation to (and expressly disclaim any such obligation to) update or alter their forward-looking statements whether as a result of new information, future events or otherwise.