Notes: June 27, 2007, OSLO, NORWAY - Petroleum Geo-Services ASA ("PGS" or the "Company") (OSE and NYSE: PGS) has previously announced that it intends to delist its American Depositary Shares (ADSs) voluntarily from the New York Stock Exchange ("NYSE") and to terminate its registration and reporting obligations under Sections 12(g) and 15(d) of the Securities Exchange Act of 1934. The delisting and deregistration would not become effective prior to the Company's extraordinary dividend, expected to be paid on or about July 10, 2007, that was approved by the Company's shareholders at the annual general meeting held on June 15. PGS has not arranged for listing of its ADSs or the underlying ordinary shares on any other U.S. national exchange. However, PGS currently intends to keep its American Depositary Receipt ("ADR") program in place, which is maintained with Citibank. Each ADR represents one ordinary share of the Company. Holders of ADRs may at any time surrender their ADRs under the Deposit Agreement and receive ordinary shares represented by such ADRs upon payment of any applicable fees, taxes or other charges. Delivery of such shares will be made through Verdipapirsentralen ("VPS"), the Norwegian centralized registry of securities. After the delisting from the NYSE, the Company's ADSs are expected to be quoted, subject to the interest of market makers, on the Pink Sheets. Pink Sheets is a centralized quotation service that collects and publishes market maker quotes for over-the-counter securities in real time. More information about the Pink Sheets can be found at www.pinksheets.com. Investors should be aware that trading in PGS' ADSs through market makers and quotation on the Pink Sheets may involve risk, such as trades not being executed as quickly as when the ADSs were listed on the NYSE.