Petroleum Geo-Services ASA Unaudited Preliminary 4th Quarter 2003 Results Prepared on Norwegian GAAP basis Oslo, March 16, 2004

P E T R O L E U M G E O - S E R V I C E S Cautionary Statement & Qualifications This presentation contains forward looking information Forward looking information is based on management assumptions and analyses Actual experience may differ, and those differences may be material Forward looking information is subject to uncertainties and risks which are disclosed in PGS SEC filings This presentation must be read in conjunction with the press release for the 4th quarter and full year 2003 results and the disclosures therein

P E T R O L E U M G E O - S E R V I C E S We have come a long way … Unsustainable debt levels Failed Veritas merger catalyst for fundamental change Redirection of business priorities New Board and new management Refinancing goals developed Focus on operations and customers Convincing cash flow and cost performance Successful debt restructuring High level of stakeholder support, with high stakeholder recovery 2002: Facing Realities 2002: Facing Realities 2003: Financial Restructuring 2003: Financial Restructuring

P E T R O L E U M G E O - S E R V I C E S Successful financial Restructuring We gained a competitive edge for the future Successful financial Restructuring We gained a competitive edge for the future 2003 Main Achievements Our best Safety Performance ever Our best Safety Performance ever Strong Regularity Performance Strong Regularity Performance Improved Seismic Contract Position Improved Seismic Contract Position Successful Revenue Build in Pertra Successful Revenue Build in Pertra Improved Cost Position Improved Cost Position 3 FPSO Contracts Prolonged 3 FPSO Contracts Prolonged

P E T R O L E U M G E O - S E R V I C E S Well ahead of our main targets communicated February 2003 Deliver cost cutting of minimum $75 millionAhead Improve Working capital by a minimum of 25 millionDone Reduce Multi-Client investments by minimum 20%Done Increase level of pre-funding of Multi-Client projectsDone Continue to improve market share in the contract marketDone Improve late sales from the Multi-Client library No Increase production over the Ramform Banff FPSOPartly Keep Petrojarl I, Petrojarl Varg and Petrojarl FoinavenDone employed on attractive contractsDone Fully capture the upside of Pertra’s cash generation potentialDone Implement a flatter and simpler organisational structureDone 2003 full year Cash flow post CAPEX $327 million –up 56,4% -Well ahead of business plan

P E T R O L E U M G E O - S E R V I C E S Q4 Group cash flow post CAPEX 1) of $63,7 million brings year in line with Business Plan Impairment charges totaling $496,6 million recognized in Q4 ($716,8 for the full year) Varg Field extension confirmed after EOR drilling success Chapter 11 process completed in 100 days – Nov 5th –Massive support from creditors and shareholders –Interest bearing debt reduced by $1.283 million –New Board of Directors broad international and industry background Q4 Group Highlights 1) Defined as Adjusted EBITDA (as defined) less CAPEX and Investments in Multi Client Library

P E T R O L E U M G E O - S E R V I C E S Comments: Marine seismic: Decline in late sales, strong contract market performance low vessel utilization in Q4 2003; Accounting rules changes impact $9 million Pertra: High volume and high oil prices FPSO: Foinaven production problems solved end October ) Defined as EBITDA (as defined) less CAPEX and Investments in Multi Client Library 2002 v.s 2003 Cashflow (1 ) Post Capex – Changes Q4 2002/2003 Marine Geo Production Pertra USD million Onshore 27 The accompanying unaudited, preliminary financial statements have been prepared under Norwegian GAAP. This information could be subject to adjustment, and any such adjustment could be material. This information should be read in conjunction with and is subject to qualifications discussed in the Press Release “PGS Announces Unaudited, Preliminary Results Under Norwegian GAAP for the 4 th Quarter and Full Year 2003.”

P E T R O L E U M G E O - S E R V I C E S Comments: Marine seismic: Still high share in the contract market, low vessel utilization in Q4 2003; Accounting rules changes impact $... million Pertra: High volume and high oil prices FPSO: Foinaven production problems solved end October ) Defined as EBITDA (as defined) less CAPEX and Investments in Multi Client Library Q4 Cashflow (1 ) Post Capex – Changes Q4 2002/2003 Q Q Production Marine Geo Pertra 85,4 -2,9 -33,2 8,0 63,7 USD million Onshore 5,4 The accompanying unaudited, preliminary financial statements have been prepared under Norwegian GAAP. This information could be subject to adjustment, and any such adjustment could be material. This information should be read in conjunction with and is subject to qualifications discussed in the Press Release “PGS Announces Unaudited, Preliminary Results Under Norwegian GAAP for the 4 th Quarter and Full Year 2003.”

P E T R O L E U M G E O - S E R V I C E S Q4 Highlights Marine Geophysical and Onshore Competitors follow PGS’ lead into contract market Q4 Cash flow post CAPEX down 25,4% YOY –More steaming and yard stay –2 C crew shut down in November –Lower MC sales (Brazil), partly offset by higher contract sales and revenues per vessel month Q4 Contract / MC use of vessel capacity 78/22% (71/29%) Continued improvement in vessel efficiency/revenue Onshore Cashflow increasing due to improved project management

P E T R O L E U M G E O - S E R V I C E S Q4 Marine Geophysical Capacity use and Vessel Revenue

P E T R O L E U M G E O - S E R V I C E S Multi Client NBV v.s Late Sale Net Book value per regionMC Revenue 2003 per region Historical NBV development 2001 –$960 million $640 million 2003 –$428 million

P E T R O L E U M G E O - S E R V I C E S Marine and Onshore Multi-client Investments cash in/out

P E T R O L E U M G E O - S E R V I C E S Q4 highlights Production and Pertra Foinaven compressor problems solved and vessel back in full production late October EBITDA effect $9.5 million for st well in the Varg Enhanced Oil Recovery (EOR) program confirms new reservoir model, increasing recoverable reserves substantially. –Reserve estimate increased to 70 million barrels –Production increased substantially into 2004 Heads of Agreement in place for improved Banff contract with Canadian Natural Resources (CNR) –Minimum day rate $125,000,- –Fixed day rate $68,000,- –Tariff $5 per barrel of produced oil –Subject to license partners approval

P E T R O L E U M G E O - S E R V I C E S Revised FPSO Deployment Schedule PGS estimate  Petrojarl I - Operating for Statoil on Glitne field. Additional well extends production to  Petrojarl Varg - Operating for Pertra on Varg field. Successful drilling program extends field life, possibly into 2008  Petrojarl Foinaven - Operating for BP on Foinaven field. Duration estimated to be past 2008  Ramform Banff - Operating for CNR on Banff field. Duration expected to 2011

P E T R O L E U M G E O - S E R V I C E S Pertra headlines Pertra’s oil replacement rate from start 2003 to start 2004 is 458% Pertra has completed 4 wells to date, all in accordance with the predicted outcome. PGS seismic and reservoir services have been fundamental to the success. Pertra has introduced new incentive arrangements with drilling contractors. Pertra is seeking new licenses in the Norwegian 18 th round to apply its competence in small field E&P.

P E T R O L E U M G E O - S E R V I C E S Q4 Key Figures, Norwegian GAAP New accounting principles reduces comparability between 2003 and Vessel steaming and yard stay is no longer deferred or capitalised to multi-client. The accompanying unaudited, preliminary financial statements have been prepared under Norwegian GAAP. This information could be subject to adjustment, and any such adjustment could be material. This information should be read in conjunction with and is subject to qualifications discussed in the Press Release “PGS Announces Unaudited, Preliminary Results Under Norwegian GAAP for the 4 th Quarter and Full Year 2003.”

P E T R O L E U M G E O - S E R V I C E S Revenues by Quarter 2002/2003 $ Million Q comments:  Revenues at par with 4Q 2002  Marine Geophysical down $18.5 million due to reduced MC sales and increased steaming  Onshore increased revenue by $6.7 million  Production revenue unchanged  Pertra increased revenue by 60% ($9.9 million) The accompanying unaudited, preliminary financial statements have been prepared under Norwegian GAAP. This information could be subject to adjustment, and any such adjustment could be material. This information should be read in conjunction with and is subject to qualifications discussed in the Press Release “PGS Announces Unaudited, Preliminary Results Under Norwegian GAAP for the 4 th Quarter and Full Year 2003.”

P E T R O L E U M G E O - S E R V I C E S Adjusted EBITDA (1) by Quarter 2002/03 (1)EBITDA, as defined, consists of operating income (loss) before depreciation and amortization, as well as unusual items Q comments: Down $27.8 m to $99.3 million Marine Geophysical decreased by $51.4 million  Reduced MC sales  Reduced capitalization to MC library  Lower vessel utilization Onshore increased by $8.9 million Production unchanged Pertra up $13.7 million $ million A MC sale of USD 18,3 million in Brunei was booked in Q1 03, and reversed in Q2 03 The accompanying unaudited, preliminary financial statements have been prepared under Norwegian GAAP. This information could be subject to adjustment, and any such adjustment could be material. This information should be read in conjunction with and is subject to qualifications discussed in the Press Release “PGS Announces Unaudited, Preliminary Results Under Norwegian GAAP for the 4 th Quarter and Full Year 2003.”

P E T R O L E U M G E O - S E R V I C E S Unaudited, preliminary consolidated statement of cash flow

P E T R O L E U M G E O - S E R V I C E S The New Debt Structure as per 5 th November % 7 year notes 8% 3 year notes 8 year term loan Oslo Seismic & capital leases $ million Gross interest bearing debt $1,195 million The accompanying unaudited, preliminary financial statements have been prepared under Norwegian GAAP. This information could be subject to adjustment, and any such adjustment could be material. This information should be read in conjunction with and is subject to qualifications discussed in the Press Release “PGS Announces Unaudited, Preliminary Results Under Norwegian GAAP for the 4 th Quarter and Full Year 2003.”

P E T R O L E U M G E O - S E R V I C E S Fresh Start Accounting Updated information on “Fresh Start” Accounting Under US GAAP The accompanying unaudited, preliminary financial statements have been prepared under Norwegian GAAP. This information could be subject to adjustment, and any such adjustment could be material. This information should be read in conjunction with and is subject to qualifications discussed in the Press Release “PGS Announces Unaudited, Preliminary Results Under Norwegian GAAP for the 4 th Quarter and Full Year 2003.”

P E T R O L E U M G E O - S E R V I C E S Unaudited, preliminary Fresh Start Balance Sheet on US GAAP basis The accompanying unaudited, preliminary financial statements have been prepared under Norwegian GAAP. This information could be subject to adjustment, and any such adjustment could be material. This information should be read in conjunction with and is subject to qualifications discussed in the Press Release “PGS Announces Unaudited, Preliminary Results Under Norwegian GAAP for the 4 th Quarter and Full Year 2003.”

P E T R O L E U M G E O - S E R V I C E S Fresh Start Accounting (cont’d) Property and equipment –FPSO’s $678.2 million (contract value excluded) –Seismic vessels and equipment $355.8 Other long term assets –Fair value of intangible assets $68.8 million – most important; FPSO related contracts $31.8 million Existing technology $31.6 million –Order backlog $5.4 million Other long term liabilities –$46.7 million PV of defeased financial lease payments sensitive to sterling LIBOR changes Long term debt: –Nominal value of $1,189.8 adjusted to $1,227.4 million market value Accounts payable –$40.6 million to be distributed to former banks and bondholders Oil and gas assets valued at $23.9 million could be subject to a gross-up The accompanying unaudited, preliminary financial statements have been prepared under Norwegian GAAP. This information could be subject to adjustment, and any such adjustment could be material. This information should be read in conjunction with and is subject to qualifications discussed in the Press Release “PGS Announces Unaudited, Preliminary Results Under Norwegian GAAP for the 4 th Quarter and Full Year 2003.”

P E T R O L E U M G E O - S E R V I C E S Fresh Start Accounting (cont’d) Accounting for steaming and yard stay: –Previously deferred such expenses, now be expensed as incurred. Capitalization of cost into multi-client library: –Expenses related to steaming and yard stay and certain indirect cost, now expensed as incurred rather than capitalized. Amortization of multi-client library: –Continue to use Sales Forecast Method –Maximum amortization period reduced from 8 to 5 year Oil & gas assets: –Full Cost Method replaced with Successful Efforts Method Depreciation of long lived assets: –Seismic Ramform vessels + FPSO’s from 30 to 25 years –Petrojarl 1 remain at 30 years due to recent refurbishment The accompanying unaudited, preliminary financial statements have been prepared under Norwegian GAAP. This information could be subject to adjustment, and any such adjustment could be material. This information should be read in conjunction with and is subject to qualifications discussed in the Press Release “PGS Announces Unaudited, Preliminary Results Under Norwegian GAAP for the 4 th Quarter and Full Year 2003.”

P E T R O L E U M G E O - S E R V I C E S Outlook - Financial Overall: 2004 Cash Flow anticipated to be in line with Business Plan Production –EBITDA Positively impacted by prolonged Varg Contract Marine Geophysical –Market expected to strengthen after Q1 –Uncertainty around licensing rounds in Brazil –Increased competition in Contract Markets a main uncertainty Onshore –High bidding activity, -limited growth Pertra –Significant increase in production The accompanying unaudited, preliminary financial statements have been prepared under Norwegian GAAP. This information could be subject to adjustment, and any such adjustment could be material. This information should be read in conjunction with and is subject to qualifications discussed in the Press Release “PGS Announces Unaudited, Preliminary Results Under Norwegian GAAP for the 4 th Quarter and Full Year 2003.”

P E T R O L E U M G E O - S E R V I C E S Perspectives on The Seismic Industry Contract markets are growing Continued overcapacity likely Need and room for higher pricing of technology ”Leakages” will continue, -new marginal players and capacity expected to enter the scene Substantial differences in cost/productivity among the different companies PGS strategy is to further enhance our leadership in productivity, through continued focus on cost and technology. We aim to retain our high market share in the contract market without sacrificing profitability.

P E T R O L E U M G E O - S E R V I C E S PGS’ Main Business Goals 2004 Achieve re-listing in the US and best possible Ratings Achieve re-listing in the US and best possible Ratings Free Cash Flow above previous Business Plan Free Cash Flow above previous Business Plan Further improvements in Safety, Regularity and Cost Further improvements in Safety, Regularity and Cost Identify attractive Restructuring Opportunities Identify attractive Restructuring Opportunities Realise concrete Business Synergies between BU’s Realise concrete Business Synergies between BU’s Build strength in Governance and HR capabilities Build strength in Governance and HR capabilities Rebuilding Confidence

P E T R O L E U M G E O - S E R V I C E S Supplementary Attachments

P E T R O L E U M G E O - S E R V I C E S Q4 Unaudited, preliminary Consolidated P&L The accompanying unaudited, preliminary financial statements have been prepared under Norwegian GAAP. This information could be subject to adjustment, and any such adjustment could be material. This information should be read in conjunction with and is subject to qualifications discussed in the Press Release “PGS Announces Unaudited, Preliminary Results Under Norwegian GAAP for the 4 th Quarter and Full Year 2003.”

P E T R O L E U M G E O - S E R V I C E S Q4 Unaudited, preliminary Revenues The accompanying unaudited, preliminary financial statements have been prepared under Norwegian GAAP. This information could be subject to adjustment, and any such adjustment could be material. This information should be read in conjunction with and is subject to qualifications discussed in the Press Release “PGS Announces Unaudited, Preliminary Results Under Norwegian GAAP for the 4 th Quarter and Full Year 2003.”

P E T R O L E U M G E O - S E R V I C E S Q4 Unaudited, preliminary Marine Geophysical P&L The accompanying unaudited, preliminary financial statements have been prepared under Norwegian GAAP. This information could be subject to adjustment, and any such adjustment could be material. This information should be read in conjunction with and is subject to qualifications discussed in the Press Release “PGS Announces Unaudited, Preliminary Results Under Norwegian GAAP for the 4 th Quarter and Full Year 2003.”

P E T R O L E U M G E O - S E R V I C E S Q4 Unaudited, preliminary Onshore P&L The accompanying unaudited, preliminary financial statements have been prepared under Norwegian GAAP. This information could be subject to adjustment, and any such adjustment could be material. This information should be read in conjunction with and is subject to qualifications discussed in the Press Release “PGS Announces Unaudited, Preliminary Results Under Norwegian GAAP for the 4 th Quarter and Full Year 2003.”

P E T R O L E U M G E O - S E R V I C E S Q4 Unaudited, preliminary Production P&L The accompanying unaudited, preliminary financial statements have been prepared under Norwegian GAAP. This information could be subject to adjustment, and any such adjustment could be material. This information should be read in conjunction with and is subject to qualifications discussed in the Press Release “PGS Announces Unaudited, Preliminary Results Under Norwegian GAAP for the 4 th Quarter and Full Year 2003.”

P E T R O L E U M G E O - S E R V I C E S Q4 Unaudited, preliminary Pertra P&L The accompanying unaudited, preliminary financial statements have been prepared under Norwegian GAAP. This information could be subject to adjustment, and any such adjustment could be material. This information should be read in conjunction with and is subject to qualifications discussed in the Press Release “PGS Announces Unaudited, Preliminary Results Under Norwegian GAAP for the 4 th Quarter and Full Year 2003.”

P E T R O L E U M G E O - S E R V I C E S Unaudited, preliminary investments & CAPEX The accompanying unaudited, preliminary financial statements have been prepared under Norwegian GAAP. This information could be subject to adjustment, and any such adjustment could be material. This information should be read in conjunction with and is subject to qualifications discussed in the Press Release “PGS Announces Unaudited, Preliminary Results Under Norwegian GAAP for the 4 th Quarter and Full Year 2003.”

P E T R O L E U M G E O - S E R V I C E S Unaudited, preliminary Balance Sheet Assets The accompanying unaudited, preliminary financial statements have been prepared under Norwegian GAAP. This information could be subject to adjustment, and any such adjustment could be material. This information should be read in conjunction with and is subject to qualifications discussed in the Press Release “PGS Announces Unaudited, Preliminary Results Under Norwegian GAAP for the 4 th Quarter and Full Year 2003.”

P E T R O L E U M G E O - S E R V I C E S Unaudited, preliminary Balance Sheet Liabilities & Equity The accompanying unaudited, preliminary financial statements have been prepared under Norwegian GAAP. This information could be subject to adjustment, and any such adjustment could be material. This information should be read in conjunction with and is subject to qualifications discussed in the Press Release “PGS Announces Unaudited, Preliminary Results Under Norwegian GAAP for the 4 th Quarter and Full Year 2003.”

P E T R O L E U M G E O - S E R V I C E S Net Book Value of Library by Year of Completion $ million

P E T R O L E U M G E O - S E R V I C E S Seismic Fleet Activity in Streamer Months (Marine Geophysical) Yard stay and steaming no longer capitalized under MC as a result of new accounting policies.