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September 11, 2002

Umoe moves on PGS

Jens Ulltveit-Moe, founder and CEO of Norway's Umoe AS, looks to be bidding to take the helm at troubled Petroleum Geo-Services ASA (PGS).Jens Ulltveit-Moe

PGS said that it will convene an extraordinary general meeting of shareholders. The EGM is being called in response to a written request from Umoe AS signed by Ulltveit-Moe.

In the request, Umoe declared that it holds more than 10% of PGS's shares and that, in its opinion, it is necessary to make changes at the company that must be decided by the company's shareholders.

Specifically, the letter requests the company's shareholders to consider at the extraordinary general meeting (1) the election of a new board of directors and (2) the authorization of an increase in the share capital of the company.

PGS says that Ulltveit-Moe has indicated that he may propose himself to be a nominee for director and may seek to become the chairman of the board of the company.

In response to the letter and in accordance with Norwegian law and the company's articles of association, the PGS Board of Directors is calling the extraordinary meeting for September 27, 2002 in Norway. As permitted under Norwegian law, the shareholder request did not proposed a slate of nominees for director. It is expected that the notice for the extraordinary meeting will seek authorization for issuance of up to 51.6 million additional shares.

Petroleum Geo-Services' main businesses are geophysical and production operations. PGS acquires, processes and markets 3D, time-lapse and multi-component seismic data. In its Production Operations business, PGS owns four floating production, storage and offloading systems ("FPSOs") and operates a number of offshore production facilities for oil and gas companies.

Jens Ulltveit-Moe founded Umoe AS, an investment company headquarted in Lysaker, Norway, in 1984.

Umoe Group interests include lifeboat and safety equipment specialist Umoe Schat Harding AS, Kristiansand shipbuilder Umoe Sterkoder AS and offshore rig modification company, Umoe Rig Services AS, engineering company Umoe Karmsund AS and naval shipbuilder Umoe Mandal AS. Through Ulltveit Rederi AS Umoe is the joint owner with TS Shipping AS of Knutsen OAS and a number of single-vessel shipowning companies. The total fleet comprises 24 modern shuttle-tanker and product tanker with two LNG gas carriers under construction. Through Umoe Invest, the company also has a significant stake in a number of other enterprises, including a 33.3% holding in Unitor.

Jens Ulltveit-Moe, age 57, has a degree in economics from the Norwegian School of Economics and Business Administration and has a Masters degree in international affairs from Columbia University. His prior experience includes consulting for McKinsey & Company in New York and managing director of tanker company Asterix Shipping prior to establishing Umoe AS.

Ulltveit-Moe is a former president of the Norwegian Shipowners' Association and became the president of the Norwegian Confederation of Business and Industry at the beginning of this year.

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