PGS ASA

Earnings Release • Oct 12, 2016

Petroleum Geo-Services ASA: Q3 Earnings Update - Robust MultiClient Performance

Petroleum Geo-Services ASA: Q3 Earnings Update - Robust MultiClient Performance

October 12, 2016: Oslo, Norway, Petroleum Geo-Services ASA ("PGS" or "the

Company") expects to report consolidated Q3 2016 revenues of approximately $220

million, and EBITDA of approximately $110 million.

MultiClient sales is the main contributor to the strong performance and ended at

approximately $145 million of which approximately $85 million were pre-funding

revenues. Capitalized MultiClient cash investment amounted to approximately $65

million.

The Company provides this information based on preliminary consolidated Q3 2016

numbers. The Company has not completed all review and control procedures

relating to its quarterly reporting and significant evaluations have not yet

been concluded. Such procedures could identify required adjustments to revenues,

costs and/or the carrying value of assets or liabilities compared to the

preliminary consolidated numbers. The estimates provided in this release are

therefore subject to change and the Q3 2016 financial statements finally

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

herein.

The Company will present its Q3 2016 results on October 27, 2016.

FOR DETAILS, CONTACT:

Bård Stenberg, Vice President IR & Corporate Communications

Phone: +47 67 51 43 16

Mobile:  +47 992 45 235

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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.

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 2015. 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 of the disclosure requirements acc. to §5-12 vphl

(Norwegian Securities Trading Act)