Press Releases

Petroleum Geo-Services ASA (OSL:PGS) October 7, 2008: Oslo, Norway, Petroleum Geo-Services ASA ("PGS" or the "Company"). Reference is made to the Q1 and Q2 2008 earnings releases where PGS disclosed that it expected to seek to enter its subsidiaries PGS Shipping AS and PGS Shipping (Isle of Man) Ltd., owning five Ramform class seismic vessels and four six streamer vessels, to the new Norwegian tonnage tax ("NTT") regime with effect from January 1, 2008. The decision was contingent on certain amendments of the NTT regulations, which were viewed as likely to be clarified early October 2008.

The proposed Norwegian State Budget for 2009 was released today. Based on the Company's first review, the required amendments have now been proposed. Final enactment by the Parliament is expected before year-end.

The accounting effect of the change in legislation will most likely be reflected in Q4 2008. The Company will provide more details in its Q3 earnings release and presentation on October 24, 2008.

FOR DETAILS, CONTACT:

Bård Stenberg, Investor Relations Manager Phone: +47 67 51 43 16 Mobile: +47 99 24 52 35

Gottfred Langseth, EVP & CFO Phone: +47 67 51 44 10 Mobile: +47 93 05 55 80

US Investor Services Phone: +1 281 509 8712

**** Petroleum Geo-Services is a focused geophysical company providing a broad range of seismic and reservoir services, including acquisition, processing, interpretation, and field evaluation. The company also possesses the world's most extensive multi-client data library. PGS operates on a worldwide basis with headquarters at Lysaker, Norway. For more information on Petroleum Geo-Services visit www.pgs.com.

**** The information included herein contains certain forward-looking statements that address activities, events or developments that the Company expects, projects, believes or anticipates will or may occur in the future. 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. The Company is subject to a large number of risk factors including but not limited to the demand for seismic services, the demand for data from our multi-client data library, the attractiveness of our technology, unpredictable changes in governmental regulations affecting our markets and extreme weather conditions. For a further description of other relevant risk factors we refer to our Annual Report for 2007. As a result of these and other risk factors, actual events and our actual results may differ materially from those indicated in or implied by such forward-looking statements.



LINK: http://hugin.info/115/R/1257486/274462.pdf

Petroleum Geo-Services ASA

http://www.pgs.com

ISIN: NO0010199151

Stock Identifier: XOSL.PGS

US: PGSVY