Petroleum Geo-Services ASA

1. Petroleum Geo-Services ASA Svein Rennemo, CEO Handelsbanken Oil Service Seminar 2005 Copenhagen, April 29, 2005

2. Cautionary Statement • 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 and PGS’ last quarterly statements

3. Focused Oil Services Group Positioned for Growth Geophysical Production Global leader in Marine seismic Leading harsh water FPSO Contractor Strong operational Onshore performance

4. OnshoreSeismic 5-10 Seismic Crews Marine Geophysical Seismic Vessels - 6 Ramforms - 3 6-Streamers - 1 4-Streamer Seafloor Operation Data Processing Floating Production FPSOs - Petrojarl 1 - Petrojarl Varg - Ramform Banff - Petrojarl Foinaven OnshoreSeismic 2004 Revenues: 133.2* EBITDA: 34.9* Marine Geophysical 2004 Revenues: 565.3* EBITDA: 209.0* Floating Production 2004 Revenues: 237.8* EBITDA: 124.7* * All numbers in USD Million Today’s PGS - Our Base for Value Creation Petroleum Geo-Services Production Services Geophysical Services

5. Recent Milestone Events April, 2005 Ba3 Rating Received from Moody`s March, 2005 175 MUSD of 2006 Notes redeemed February, 2005 Pertra disposal: Sold to Talisman for 155 MUSD cash and profit share upside November/December, 2004 Complete 2001-2003 US GAAP and 20F filing/ Relisting on NYSE September, 2004 Rejection of 900 MUSD bid from CGG for PGS Geophysical

6. PGS: North Sea FPSO Operations UK Norway Trondheim FOINAVEN PETROJARL FOINAVEN GLITNE BANFF VARG RAMFORM BANFF PETROJARL I PETROJARL VARG

7. 2003-2004 contract period extensions All vessels contracted until at least 2007 Solid FPSO Contract Position Maintained Historical and current “most likely” contract period for PGS Production fleet 1997 1999 2001 2003 2005 2007 2009 2011 2013 At start-up March 2003 Mid 2004 Petrojarl 1 (Glitne field) At start-up March 2003 Mid 2004 Petrojarl Foinaven (1) At start-up March 2003 Mid 2004 Petrojarl Varg (2) At start-up March 2003 Mid 2004 Ramform Banff 1997 1999 2001 2003 2005 2007 2009 2011 2013 Most likely contract period pre-renegotiation (1) Tie-back to Schiehallion technically challenging, increased recovery from infill drilling probable (2) Prolonged contract period possible beyond 2010 in case of development of Varg South gas Source: PGS Production 2004

8. Fragmented market with few competitors in the North Sea Source: PGS Production (FPSO task force) PGS has an attractive fleet in an area with few potential competitors and high dayrates

9. FPSO 2003-2007 Other MPU 2003-2007 Strong MPU growth expected worldwide • Rapid growth in the Mobile Production Unit sector worldwide • MPU prospects/forecasts (2003 - 07): 131/116 • FPSO's dominant in most regions, except North America • Significant growth in Africa, Asia and Brazil. MPU1 prospects by region 1) Jack-ups excluded Source: Douglas Westwood

10. Maximize value of present contracts • Seek contract extensions to reduce redeployment cost • Take focused reservoir risk based on in-house competence Creating value through market leadership and operational excellence • Seek Growth opportunities • -Contract backed, project financed growth model • Seek broader geographical opportunities • Build necessary competences Production: PGS Business Priorities

11. Geophysical: PGS Market Share Veritas Other Western Geco Petroleum Geo-Services CGG PGS Estimate Contract & MC3D 2004 – 170,457 sqkm

12. Geophysical: World Class Ramform Streamer Fleet Ramform Explorer 12 streamers Ramform Challenger 12 - 16 streamers Ramform Victory 12 - 20 streamers • The 6 Ramform vessels: • Four capable of towing 20 streamers • All have towed at least 12 streamers • 37.5 meter streamer separation has become routine • PGS has also 4 classical, 6 streamer vessels Ramform Valiant 12 - 20 streamers Ramform Vanguard 12 - 20 streamers Ramform Viking 12 - 20 streamers

13. Geophysical: Onshore operational dynamics Arctic Mountain top Transition Zone / Swamp Desert PGS Onshore operate 6-9 crews which are capable and experienced in operating in all terrains on a global basis

14. Geophysical: Benefiting from Strong Market Upturn Total Global Marine 3D streamer demand (‘000 km2) Multi-client Contract 241 213 • 2005: Capacity fully utilized • Continued strong contract market • Selective favorable multi-client opportunities 202 188 185 183 174 172 170 148 2005E 1996 1997 1999 2000 2001 2002 2003 2004P 1998 Assuming only 70% of Multi-Client is true demand for years 1999 and 2000; 90% in 1998; excludes 2D seafloor.Unadjusted demand = 257 (1998), 266 (1999), and 245 (2000) K sq-km Source: PGS internal estimate, 2004

15. Marine Fleet capacity has stabilized Industry fleet capacity relatively constant following the downturn of 1999 - 2001 There is little idle capacity that can be brought to the market. Retired vessels scrapped or sold out of business • Western Geco and PGS remain the dominant players with two thirds of the • total capacity combined • Russian and Chinese players are insignificant in the 3D market, 3 percent of • total

16. Marine Market, Backlog growing Average contract backlog is growing Backlog is a sensitive parameter for pricing The industry has currently sold around 80% of its 2005 capacity on Contract and MC combined Each line indicates a company backlog Blue line is active contract tenders in m$ Red line is total sales leads in m$ Current planned projects by customers correspond to approximately 50% of annual industry capacity This indicates that firm market conditions should continue into 2006

17. Production seismic and NOCs drive demand Activity Growth in Contract segment 2002 – 2005, sqkm Overall 3D contract activity has Increased steadily over the last 4 years: NOC demand growing rapidly The growth rates are higher for Production seismic such as 4D and HD3D – a probable response to a reserves replacement dilemma

18. PGS Multi Client investments will increase from low level Annual 3D Capacity Utilisation in PGS • Plans for increasing Multi Client investment • Based on high prefunding

19. The role of technology • ”Technology is increasingly more important in the upstream business going forward” • Why ? • The industry faces dramatic challenges finding new, smaller, deeper and more complex reservoirs • The industry faces dramatic challenges finding and developing deep water hydrocarbon fields • The industry faces dramatic challenges extracting more hydrocarbons from existing fields • This can only be achieved through development of new technology, maintenance and development of human knowledge and improved working processes

20. Technology Edge: PGS HD3DTM • High trace density recordings • Superior wavefield sampling • Better field operational efficiency • Optimum data processing products • PGS acquires HD3DTM both Onshore and Offshore The PGS HD3D product comprises:

21. 7 years ago – who wanted to buy a 0.5 megapixel camera 5 times the price of a conventional camera ? Ramforms and HD3DTM : A unique combination The Ramforms are built to tow many streamers densely spaced – hence the ability to deliver ’high pixel density’ with extreme efficiency

22. A-6 A-6 A-6A A-6A A-4 A-4 A-5T2 A-5T2 A-9 A-9 A-13 A-13 A-12A A-12A A-12 A-12 A-1 A-1 12-5 12-5 A-2 A-2 Old well Drilled by Pertra: Oil Producer Water Injector Well penetration: Top Reservoir 1 Top Reservoir 2 Top Reservoir 3 Base Reservoir A-8 A-8 A-10 A-10 A-15A A-15A A-11 A-11 A-14 A-14 A-15 A-15 MultiAzimuth Seismic- Varg Reservoir Example Before After Top Reservoir, Original ST8802R98 PSDM Top Reservoir, Pertra, Nov. 2004 Varg2002 Multi-azimuth Good illumination improves reservoir interpretation and understanding

23. Substantial increase in Varg Production as a result of new seismic • HD3DTM MultiAzimuth Seismic in conjunction with a well planned • drilling campaign has resulted in a threefold increase in production • from the Pertra`s Varg field

24. Capturing value from strong operating platform and market upturn • - Continued focus on productivity leadership • Maximizing capacity utilization in strong market • Bidding to capture full margin potential • Increased focus on value added products and services • HD3D • Mega Surveys • Equity deals Creating value through market leadership and operational excellence • Taking initiatives to improve long-term industry structure • Investment discipline • Exploring segment focused or broad based restructuring initiatives at the appropriate time Geophysical: PGS Business Priorities

25. Market firming in 2005, continuing into 2006? • Market activity and pricing firming into 2005 driven by • growth in production seismic as well as exploration upturn • Number of current sales leads suggest that the marine 3D market • upturn could continue into 2006 • The growing MC3D segment is helping support rates in the contract segment • There is limited additional supply that could get to market in the short term • High oil prices drives FPSO demand worldwide

26. Investment Summary The market opportunity • High and sustainable oil and gas prices • Oil service pricing primed to move higher • Upstream capital spending budgets rising • Seismic activity and prices improving PGS well positioned to take advantage • A leading international oil services company • Strengthening financial profile • Focus on cashflow and ROCE • Transparency • Prudent risk management • Well positioned to capture growth • Productivity competitive advantage in geophysical • Sustaining harsh environment production leadership and building broader geographic presence • Focused on shareholder value creation