PGS ASA

Earnings Release • Jan 4, 2018

Petroleum Geo-Services ASA: Q4 2017 MultiClient Revenues of Approximately $170 Million - EBITDA Above $100 Million

Petroleum Geo-Services ASA: Q4 2017 MultiClient Revenues of Approximately $170 Million - EBITDA Above $100 Million

January 4, 2018: Oslo, Norway, based on a preliminary review of Q4 sales,

Petroleum Geo-Services ASA ("PGS" or the "Company") expects to report total

MultiClient revenues of approximately $170 million in Q4 2017, which should

result in a consolidated EBITDA in excess of $100 million.

The Company has seen good sales from its global MultiClient library across

regions, in particular from its existing library in Brazil and recent and

ongoing surveys in Malaysia.

EBITDA as used by the Company excludes depreciation, amortization, impairment

charges and other charges (such as restructuring cost and changes in provision

for onerous customer contracts). Reference is made to the definitions of EBITDA

and other alternative performance measures in the Company's annual and quarterly

reports. The completion of the Company's year-end financial reporting and review

procedures could result in impairments, changes to provisions or changes

compared to earlier estimates of restructuring cost.

The Company provides this information based on a preliminary summary of sales.

The Company has not completed its financial reporting and related consolidation,

review and control procedures, including the review of all sales against the

established revenue recognition/cut-off criteria. The estimates provided in this

release are therefore subject to change and the Q4 2017 financial statements

finally approved and released by the Company may deviate materially from the

information herein.

The Company will report its Q4 and preliminary full year 2017 results on

February 1, 2018.

FOR DETAILS, CONTACT:

Bård Stenberg, VP IR & Corporate Communications

Phone:  +47 67 51 43 16

Mobile:  +47 99 24 52 35

***

PGS is a focused marine geophysical company providing a broad range of seismic

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

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

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

hydrocarbon provinces of the world. PGS and its subsidiaries operates on a

worldwide basis with headquarters at Lilleaker, Oslo, Norway.

For more information on PGS visit www.pgs.com.

***

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 2016. 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.