PGS ASA

M&A Activity • Nov 13, 2018

PGS Sells OptoSeis® to Geospace Technologies

PGS Sells OptoSeis® to Geospace Technologies

November 13, 2018: Oslo, Norway, PGS sells the fiber optic permanent reservoir

monitoring solution, OptoSeis®, to Geospace Technologies.

Terms of the transaction include an initial cash payment at closing of $1.8

million and contingent cash payments of up to an additional $23.2 million over a

five-and-a-half year earn-out period. The contingent cash payments will be

derived from revenues generated during the earn-out period from products and

services utilizing the OptoSeis® fiber optic technology.

"After reorganizing during the fourth quarter 2017, we started exploring

opportunities to divest our non-core OptoSeis® technology early 2018. I am

pleased that Geospace will continue to offer this unique solution to clients.

PGS looks forward to support and complement Geospace's offering with survey

planning, imaging and acquisition services as and when required by their

customers," says President & CEO Rune Olav Pedersen.

Pareto Securities acted as financial adviser to PGS in this transaction.

For details, contact:

Bård Stenberg, SVP IR & Communication

Mobile: +47 992 45 235

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.