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PGS Announces Record Production From ``Petrojarl Foinaven" FPSO.

Business/Energy Editors

HOUSTON & OSLO, Norway--(BUSINESS WIRE)--Sept. 26, 2001

Petroleum Geo-Services ASA (NYSE:PGO)(OSE:PGS) announced today that it has achieved a new milestone in terms of daily production from the "Petrojarl Foinaven" FPSO operating on behalf of British Petroleum in the Atlantic Margin of the North Sea. The FPSO recently produced 132,000 barrels of oil in a single day, which is a new record for the vessel following a recent upgrade in capacity. The vessel was shut down during late June and early July partly to allow for an increase in its daily throughput capacity moving from 144,000 barrels of liquid per day to 180,000 barrels per day. PGS is compensated with a dayrate plus a tariff for each barrel of oil produced; therefore, it will benefit from this increased production.

Reidar Michaelsen, PGS' chairman and chief executive officer, stated, "I would like to congratulate Kaare Gisvold and the entire PGS Floating Production team for achieving this new milestone. The 'Petrojarl Foinaven' FPSO has been a case study in how the oil industry and contractors can work together for the greater benefit of each party. We are pleased that BP has made the Foinaven field such a priority and that PGS has been able to live up to the high level of expected performance."

Petroleum Geo-Services is a technologically focused oilfield service company principally involved in two businesses: Geophysical Operations and Production Operations. PGS acquires, processes and markets 3D, time-lapse and multi-component seismic data. These data are used by oil and gas companies in the exploration for new reserves, the development of existing reservoirs, and the management of producing oil and gas fields. PGS' advanced geophysical technologies allows oil and gas companies to better characterize and monitor their reservoirs in order to enhance production and ultimate recovery of hydrocarbons. In its Production Operations business, PGS owns four floating production, storage and offloading systems ("FPSOs") and operates numerous offshore production facilities for oil and gas companies. FPSOs permit oil and gas companies to produce from offshore fields more quickly and cost effectively. PGS operates on a worldwide basis with headquarters in Oslo, Norway and Houston, Texas.

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 certain assumptions and analyses made by the Company in light of its experience and its perception of historical and future trends, on general economic and business conditions and on numerous other factors, including expected future developments, many of which are beyond the control of the Company. Such forward-looking statements are also subject to certain risks and uncertainties as disclosed by the Company in its filings with the Securities and Exchange Commission. As a result of these factors, the Company's actual results may differ materially from those indicated in or implied by such forward-looking statements.

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Publication:Business Wire
Date:Sep 26, 2001
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