PGS Redeems Senior Notes

Petroleum Geo-Services (OSE and NYSE: PGS) has sent a notice of redemption relating to US $175 million of its US $250 million 8% Senior Notes, due 2006 ("Notes"). The Notes will be redeemed on April 7, 2005 at a redemption price equal to 102.00% of the principal amount of such Notes, plus accrued and unpaid interest to the redemption date.

This partial debt redemption is in line with PGS previously announced intention of using a portion of the proceeds from the Pertra sale and a portion of its cash position to reduce debt. The Company will consider redeeming the remaining US $75 million of the Notes later in 2005.

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