PGS ASA

Regulatory Filings • Jul 27, 2018

PGS and TGS announce Lewis Hills 3D MultiClient project Offshore East Canada

PGS and TGS announce Lewis Hills 3D MultiClient project Offshore East Canada

July 27, 2018; Oslo, Norway - PGS and TGS announce the commencement of a new 3D

MultiClient project in East Canada. The Lewis Hills 3D GeoStreamer® survey will

cover approximately 3,400 km² in an active Newfoundland area of the Flemish Pass

Basin. Data will be acquired using the Ramform Sterling.  As previously

announced, this vessel will also acquire approximately 2,700 km(2) of additional

data on the 2017 Harbour Deep and Cape Broyle 3D survey outlines.  Acquisition

is expected to complete in late Q3 to early Q4 2018.

Following this eighth consecutive season of data acquisition offshore East

Canada, the jointly-owned library will have more than 175,000 km of 2D

GeoStreamer data and approximately 43,000 km(2) of 3D GeoStreamer data.  An

expansive well log library is also available in the region, along with advanced

MultiClient interpretation products that will improve play, trend and prospect

delineation.

Pre-processing of the initial GeoStreamer signal will be performed by PGS

onboard the Ramform Sterling, following which TGS will perform data processing

using its Clari-Fi(TM) broadband technology. Fast-track data will be available

in Q1 2019 with final data in Q2 2019. The survey area will be seamlessly merged

with the southern border of the Long Range 3D project acquired in 2017.

This project is supported by industry funding.

For details, contact:

Bård Stenberg, SVP IR & Communication

Mobile: +47 992 45 235

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 Petroleum Geo-

Services 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 MultiClient 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.