Petroleum Geo-Services 2004 Fourth Quarter and Preliminary Year-End Results Webcast and Conference Call Contact Details OSLO, Norway, Feb. 21 /PRNewswire-FirstCall/ -- Petroleum Geo-Services ASA ("PGS" or the "Company") (OSE and NYSE: PGS) as previously announced will release its 2004 fourth quarter and preliminary year-end financial results on Friday, February 25, 2005 at approximately 3:00 p.m. Central European Time (CET) (9:00 a.m. Eastern Time (ET)). A webcast and conference call have been scheduled that same day at 3:30 p.m. CET (9:30 a.m. ET), to discuss PGS' fourth quarter and preliminary year-end financial results. The contact details for this service are detailed below. As previously announced the release and the slide presentation will be based on Norwegian GAAP which is consistent with financial information released for previous quarters in 2004. The 2004 quarterly financial information based on US GAAP is expected to be provided mid-March. The news release concerning the 2004 fourth quarter and preliminary year- end financial results and a corresponding slide presentation will be posted at Petroleum Geo-Services' web site at http://www.pgs.com/. Interested parties can listen to the conference call and management's remarks to the slide presentation over the Internet or by telephone. To participate on the simulcast of the conference call over the Internet, please visit PGS' web site, http://www.pgs.com/, at least 15 minutes early, to register and to download and install any necessary audio software. Alternatively, to access the live broadcast of the conference call by telephone, please dial-in at the number provided below, corresponding to your location: Location Dial-In Number U.S. and Canada (Toll-Free): +1 866-837-9780 ** International (Toll-Free): +00 800 4363 7976 International (Toll): +1 703-639-1418 ** Participants dialing in from Finland (990), Australia (0011), Hong Kong (001), Japan (001), Korea (002), Singapore (001), or Thailand (001) should use the designated International Access Code (+) specified here in place of (00). The telephone will be open for questions at the conclusion of management's remarks. For those that cannot listen to the live conference call, a replay of the webcast will be made available at PGS' website, http://www.pgs.com/. Alternatively, a digital reply will be available shortly after the conclusion of the conference call, through Friday, March 4, 2005 at +1 888-266-2081 (U.S. and Canada Toll Free) or +1 703-925-2533 (International Toll). Reference Access Code 639038. 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 at Lysaker, Norway. For more information on Petroleum Geo- Services visit http://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 are subject to certain additional risks and uncertainties as disclosed by the Company in its filings with the Securities and Exchange Commission including the Company's most recent Annual Report on Form 20- F for the year ended December 31, 2003. As a result of these factors, actual events may differ materially from those indicated in or implied by such forward-looking statements. For details, contact: Ola Bosterud Sam R. Morrow Phone: +47 6752 6400 US Investor Services, Renee Sixkiller, Phone: +1 281 679 2240 DATASOURCE: Petroleum Geo-Services ASA CONTACT: Ola Bosterud, or Sam R. Morrow, +47-6752-6400, or US Investor Services, Renee Sixkiller, +1-281-679-2240, all for Petroleum Geo-Services ASA Web site: http://www.pgs.com/

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