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PGS - Teekay Petrojarl Offshore agreement signed


June 15, 2006

OSLO, NORWAY - Petroleum Geo-Services ASA (“PGS” or the “Company”) (OSE and NYSE: PGS) announced today that its wholly owned subsidiary Petrojarl (PGS Production) has finalized and signed the agreement with Teekay Shipping Corporation (Teekay) governing the joint venture company called Teekay Petrojarl Offshore.

As previously announced the joint venture will focus on pursuing opportunities in the rapidly growing global market for Mobile Production Solutions with emphasis on developing solutions through Floating Production Storage and Offloading (FPSO) units.
The joint venture will only encompass new projects. Existing assets of both companies are excluded from the joint venture, amongst them all PGS’ current FPSO and redeployment of those assets.

This press release shall not constitute an offer to sell or a solicitation of an offer to buy securities nor shall there be any sale of such securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction. No securities have been registered under the U.S. Securities Act of 1933 in connection with the matters described in this press release and no such securities may be offered or sold in the United States absent registration or an applicable exemption from registration under the Securities Act and applicable state securities laws.

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 harsh environment floating production, storage and offloading units (FPSOs). PGS operates on a worldwide basis with headquarters at Lysaker, Norway. For more information on Petroleum Geo-Services visit
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, 2005. As a result of these factors, actual events may differ materially from those indicated in or implied by such forward-looking statements.


Ola Bøsterud
Phone: +47 67 52 64 00
Cellular: +47 90 95 47 43

Christopher Møllerløkken
Phone:+47 67 52 64 00
Cellular: +47 90 27 63 55

US Investor Services,
Renee Sixkiller,
Phone: +1 281 509 8548


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