PGS Board Approves IFRS Financial Statements

March 25, 2010: Oslo, Norway. The Board of Directors of Petroleum Geo-Services
ASA ('PGS' or the 'Company') has today approved the 2009 annual financial
statements prepared in accordance with International Financial Reporting
Standards ("IFRS").

The Company reported its IFRS unaudited 4th quarter and preliminary full year
2009 results on February 22, 2010. Compared to the preliminary results,
approximately USD 3 million in tax expense has been reclassified from continuing
to discontinued operations. Income from discontinued operations, net of tax has
increased with approximately USD 3 mill for 2009 and income from continuing
operation has decreased with the same amount, (increased income tax expense).
Net income for 2009 remains unchanged. There were no other changes to the
consolidated financial statements compared to those presented in the February
earnings release.

The Company expects to submit the annual report to the Company's shareholders
electronically in April.



FOR DETAILS, CONTACT:


Tore Langballe, SVP Corporate Communications
Phone:   +47 67 51 43 75
Mobile: +47 90 77 78 41

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

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
.

 --END--

This information is subject of the disclosure requirements acc. to §5-12 vphl
(Norwegian Securities Trading Act)


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