PGS Redeems Remaining US $75 Million of its 8% Senior Notes

Petroleum Geo-Services ASA has sent a notice of redemption relating to the remaining US $75 million of its 8% Senior Notes, due 2006.

The Notes will be redeemed on November 5, 2005, at a redemption price equal to 101.00% of the principal amount of such Notes, plus accrued and unpaid interest to the redemption date.

This debt redemption is in line with PGS previously announced intention of using a portion of its cash position to reduce debt.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). PGS operates on a worldwide basis with headquarters at Lysaker, Norway.

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