Petroleum Geo-Services ASA Announces Expected Late Sale Uplifts from Brazil License Round 6

As was previously reported, PGS' total Brazilian multi-client sales in the first half of 2004 amounted to $7.5 million. Furthermore, the Company has realized additional late sales in the third quarter 2004. This additional revenue coupled with the first half revenues and expected uplift revenues would result in total late sales from the Brazilian library in excess of $24 million in 2004. Furthermore, based on the preliminary acreage awards it is possible that the Company may realize late sales in addition to those discussed above.

As previously disclosed, the percentage of PGS data covered by the 6th licensing round was relatively small. Therefore, future sales for other significant parts of the Company's Brazilian library will depend on subsequent licensing rounds.

****

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) and owns a small oil and gas company. PGS operates on a worldwide basis with headquarters in Oslo, 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 certain additional risks and uncertainties as disclosed by the Company in its filings with the Securities and Exchange Commission. As a result of these factors, actual events may differ materially from those indicated in or implied by such forward-looking statements.

--END--