PGS Commences Petrojarl Global Offering

Petroleum Geo-Services ASA has begun the global offering of up to 14,999,990 ordinary shares of Petrojarl ASA. The indicative offer price range is set from NOK 37 to NOK 47 per share.

The spinoff of the PGS Production business to a new company, Petrojarl, is expected to take place on or about June 29, 2006. Petrojarl is expected to be listed on the Oslo Stock Exchange on or about June 30, 2006. PGS' shareholders at the time of the demerger will receive one ordinary share in Petrojarl for each ordinary share they hold in PGS.

The shares distributed to PGS' shareholders will amount to 80.01% of the total share capital in Petrojarl. The remaining 19.99%, held by PGS, will be offered for sale in the global offering as previously announced.

The global offering will consist of 7,499,995 shares of Petrojarl to be offered for sale by PGS, representing 10% of Petrojarl's outstanding shares.

Petrojarl is one of the largest operators of floating production storage and offloading vessels (FPSOs) in the North Sea, measured by production capacity and number of vessels. Petrojarl owns and operates four FPSOs (the Ramform Banff, Petrojarl I, Petrojarl Foinaven, and Petrojarl Varg), operates two shuttle tankers, and charters one storage tanker on a time charter basis.

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