Petroleum Geo-Services Appoints New Board for Petrojarl

Petroleum Geo-Services (PGS) says that an extraordinary general meeting was held in Petrojarl ASA May 29, 2006, where PGS as the sole shareholder in Petrojarl elected new directors for the Board of Petrojarl effective as of June 30, 2006. As previously announced, PGS is demerging its production business to Petrojarl, and Petrojarl is expected to be listed on or about June 30, 2006.

Effective as of June 30, 2006, the Petrojarl board will have the following members:

 Keith Nicholas Henry, presently Vice Chairperson in PGS, is to be  
   Chairperson of Petrojarl. 
 Rolf Erik Rolfsen, presently member of the PGS board, is to be Vice 
   Chairperson of Petrojarl. 
 Jorunn Johanne Saetre, Chemical engineer, Country Vice President for 
   Halliburton in Norway and Denmark. 
 Joey Shaista Horn, MBA Yale University, School of Management, consultant 
   in Greylock Management AS. 
 Jarle Erik Sandvik, Partner in the law firm Wikborg, Rein & Co.

Neither Henry nor Rolfsen stand for re-election to the PGS Board, and they will therefore not be directors of the PGS Board after PGS' Annual General Meeting (AGM) on June 14.

After the completion of the demerger it is intended to supplement the Board with two additional employee elected directors.