PGS ASA

Board/Management Information • Aug 25, 2017

Petroleum Geo-Services ASA: Rune Olav Pedersen new President & CEO

Petroleum Geo-Services ASA: Rune Olav Pedersen new President & CEO

August 25, 2017: Oslo, Norway. The Board of Directors of Petroleum Geo-Services

ASA ("PGS" or "the Company") has appointed Rune Olav Pedersen (47) as the new

President & CEO of the Company. He will succeed Jon Erik Reinhardsen on 1

September 2017.

"The Board has run a thorough succession process since early spring, and

assessed a number of very qualified Norwegian and international candidates. With

the appointment of Mr. Pedersen, PGS will get a CEO with deep knowledge of the

Company and industry and with strong execution capabilities. We look forward to

working closely with Mr. Pedersen in the time to come", says Chairperson Walter

Qvam.

Rune Olav Pedersen has worked in PGS for 7 years and comes from the position of

Executive Vice President & General Counsel. In this position he has been

responsible for Corporate Development, Strategy, Communication, Legal,

Marketing, Strategic Customer Relations and Compliance. Prior to joining PGS he

was a partner in the oil and gas department of the law firm Arntzen de Besche.

He has a law degree from the University of Oslo and an executive MBA from London

Business School.

"I am honored to be chosen as the new President & CEO of PGS. I consider us well

positioned for a market recovery with an excellent organization, industry

leading MultiClient performance and imaging capabilities combined with an

upgraded fleet of Ramform vessels. To address the continued challenging market

in the shorter term we have to continue our focus on reducing our cost base. I

have really enjoyed working closely with Mr. Reinhardsen over the last 7 years

and I wish him success in his future endeavors," says Mr. Pedersen.

FOR DETAILS, CONTACT:

Bård Stenberg, VP IR & Corporate Communications

Mobile: +47 992 45 235

Walter Qvam, Chairperson of the Board of Directors

Mobile: +47 905 25 226

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Petroleum Geo-Services ("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'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. The Company operates on a worldwide basis with headquarters in Oslo,

Norway.

PGS has a presence in 17 countries with regional centers in London, Houston and

Kuala Lumpur. Our headquarters is 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 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.