PGS ASA

Regulatory Filings • Jan 7, 2019

PGS: Update on Seismic Acquisition Contract in South America

PGS: Update on Seismic Acquisition Contract in South America

January 7, 2019: Oslo, Norway, PGS updates on changes of the contract for the

3D survey in South America announced November 14, 2018.

The vessels Ramform Atlas and Ramform Tethys mobilized early December 2018 for

this survey.  The contract had an estimated total duration of approximately 13

vessel months and an estimated value in excess of $75 million.

Due to unresolved issues affecting the survey, both vessels have been on paid

standby from December 23, 2018.

The client, ExxonMobil, has notified PGS that the Ramform Atlas is no longer

required. PGS will receive payment for mobilization, work performed, standby and

demobilization. PGS expects to deploy the vessel on a MultiClient program or

contract survey shortly, but will incur idle time relating to steaming and

possibly standby before commencing an alternative project.

ExxonMobil plans to deploy the Ramform Tethys to acquire a 4D survey offshore

Guyana. The vessel will continue on paid standby until she commences the

redefined program. PGS expects the vessel to be operating in the area for at

least three months.

For details, contact:

Bård Stenberg, SVP IR & Communication

Mobile: +47 992 45 235

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Petroleum Geo-Services ASA and its subsidiaries ("PGS" or "the Company") is a

focused marine geophysical company that provides a broad range of seismic and

reservoir services, including acquisition, imaging, interpretation, and field

evaluation. The Company MultiClient data library is among the largest in the

seismic industry, with modern 3D coverage in all significant offshore

hydrocarbon provinces of the world. The Company operates on a worldwide basis

with headquarters in Oslo, Norway and the PGS share is listed on the Oslo stock

exchange (OSE: PGS). For more information on PGS visit www.pgs.com.

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The information included herein contains certain forward-looking statements that

address activities, events or developments that the Company expects, projects,

believes or anticipates will or may occur in the future. These statements are

based on various assumptions made by the Company, which are beyond its control

and are subject to certain additional risks and uncertainties. The Company is

subject to a large number of risk factors including but not limited to the

demand for seismic services, the demand for data from our multi-client data

library, the attractiveness of our technology, unpredictable changes in

governmental regulations affecting our markets and extreme weather conditions.

For a further description of other relevant risk factors we refer to our Annual

Report for 2017. As a result of these and other risk factors, actual events and

our actual results may differ materially from those indicated in or implied by

such forward-looking statements. The reservation is also made that inaccuracies

or mistakes may occur in the information given above about current status of the

Company or its business. Any reliance on the information above is at the risk of

the reader, and PGS disclaims any and all liability in this respect.

This information is subject to the disclosure requirements pursuant to section

5 -12 of the Norwegian Securities Trading Act.