Petter Hugsted was one of many top ski jumpers from Kongsberg. Aged 18, he won the junior class at Holmenkollen in 1940, but his ski jumping career stopped during the war years. In 1946 he placed ninth at the National Championship, advancing to sixth in 1947, when he finished third at Holmenkollen. He won his first international competition in Lahti, Finland in the same season. His best year was definitely 1948. In addition to his gold medal in St. Moritz, he had another third place at Holmenkollen and placed fifth at National. His Olympic victory was, however, a surprise. In 1949 he won the Open US Championships in Salt Lake City, and he placed seventh at the 1950 World Championships in Lake Placid. He ended his career in 1951 by placing 13th in Holmenkollen.

Petter Hugsted was an excellent football (soccer) player, and played country matches for the Norwegian B-team. He lived in Kongsberg his whole life, and worked hard, together with his good friendBirger Ruud, to establish a ski museum in his home town.