Petroleum Geo-Services ASA: Unaudited Fourth Quarter and Full Year 2006 Results

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Petroleum Geo-Services ASA (``PGS'' or the ``Company'') (Oslo:PGS.OL - News) (NYSE:PGS - News) today announced its unaudited fourth quarter 2006 results under U.S. GAAP.


* Record earnings in 2006: Operating profit of $409.9 million, up $279.7 million (215%) compared to 2005. Revenues of $1,308.5 million, up $420.5 million (47%). Operating efficiency of fleet improved even further. Marine increased its revenues by 44% to $1,044.5 million, above $1 billion, for the first time ever.
Onshore increased its revenues by $110.9 million, or 73% to $263.4 million.

* Continued strength in Q4 2006: Operating profit of $117.5 million,
the best quarter ever and up 100.6 million (595%) compared to Q4
2005. Revenues of $361.0 million, up $96.9 million (37%).

* Strong Marine performance: Operating profit of $118.3 million in Q4
2006, up $94.5 million (397%) from Q4 2005 driven by strong pricing
and performance in the contract segment, as well as lower
multi-client amortization. Best Marine EBIT contract margin ever.

* Strong profitability in Onshore: Operating profit of $6.8 million
in Q4 2006, compared to a loss of $1.8 million in Q4 2005,
positively impacted by increased activity and performance,
especially in Libya.

* Substantial cash flow: Cash flow from operations of $204.7 million.
Net interest bearing debt reduced by $72.7 million to $195.5
million in Q4. Share buy back program approved at extraordinary
general meeting in December 2006 and execution started in January
2007.

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