OLSO, Norway, March 3, 2003 (PRIMEZONE) -- Petroleum Geo-Services ASA (`PGS`) (OSE:PGS) (Other OTC:PGOGY) announced on Wednesday, February 26, 2003, that it was informed by the New York Stock Exchange ('NYSE') that the NYSE was suspending trading of PGS' American Depositary Receipts (ADRs), ticker symbol "PGO", and Trust Preferred Securities, ticker symbol "PGO PrA". The NYSE also indicated that it would commence proceedings with the U.S. Securities and Exchange Commission to delist these securities.
PGS' ADRs and Trust Preferred Securities currently trade over-the-counter ('OTC') and are quoted on the Pink Sheets under the ticker symbols "PGOGY" and "PGOAY", respectively. PGS expects that, subject to the interest of market makers, its ADRs and Trust Preferred Securities will be quoted on the Over-The-Counter ('OTC') Bulletin Board ('OTCBB') under the same ticker symbols. The OTCBB is a regulated quotation service that displays real-time quotes, last-sale prices, and volume information in over-the-counter equity securities. More information about OTCBB can be found at www.otcbb.com. Pink Sheets is a centralized quotation service that collects and publishes market maker quotes for OTC securities in real time. More information about the Pink Sheets can be found at www.pinksheets.com. Investors should be aware that trading in PGS' ADRs and Trust Preferred Securities through market makers and quotation on the OTCBB and Pink Sheets may involve risk, such as trades not being executed as quickly as when the issues were listed on the NYSE.
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 floating production, storage and offloading units (FPSO's). PGS operates on a worldwide basis with headquarters in Oslo, Norway. For more information on Petroleum Geo-Services visit www.pgs.com.
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 certain assumptions and analyses made by the Company in light of its experience and its perception of historical and future trends, on general economic and business conditions and on numerous other factors, including expected future developments, many of which are beyond the control of the Company.
Such forward-looking statements are also subject to certain risks and uncertainties as disclosed by the Company in its filings with the Securities and Exchange Commission. As a result of these factors, the Company's actual results may differ materially from those indicated in or implied by such forward-looking statements.