PGS ASA

Report Publication Announcement • Apr 5, 2016

Petroleum Geo-Services ASA : Vessel Allocation Q1 2016

Petroleum Geo-Services ASA : Vessel Allocation Q1 2016

April 5, 2016: Oslo, Norway, PGS routinely releases information about 3D vessel

utilization after the end of each quarter.

Summary of vessel utilization:

+---------------------------------------+-----------+--------------------------+

|  |   |Quarter ended December 31,|

|Approximate allocation of PGS operated | Quarter | |

|3D towed streamer capacity | ended | |

| | March 31, | |

+---------------------------------------+----+------+--------------------------+

|  |2016| 2015 | 2015 |

+---------------------------------------+----+------+--------------------------+

|Contract seismic | 68%| 31%| 40%|

+---------------------------------------+----+------+--------------------------+

|MultiClient seismic |22% | 32%| 33%|

+---------------------------------------+----+------+--------------------------+

|Steaming | 10%| 14%| 9%|

+---------------------------------------+----+------+--------------------------+

|Yard | 0%| 5%| 8%|

+---------------------------------------+----+------+--------------------------+

|Standby | 0%| 18%| 10%|

+---------------------------------------+----+------+--------------------------+

The Q1 2016 vessel allocation excludes the four cold-stacked 3D vessels Ramform

Challenger, Ramform Explorer, Ramform Valiant and Ramform Viking. The Company

took delivery of the chartered vessels Sanco Swift and Sanco Sword in February

2016 and the new build Ramform Tethys in March. Neither of these vessels was set

in operation in Q1 and they are not included in the Q1 2016 vessel allocation.

PGS will release its Q1 2016 financial results on Tuesday May 3, 2016, at

approximately 7:00 am Central European Time (CET). A corresponding presentation

and conference call are scheduled for 8:00 am CET the same day, followed by an

additional conference call at 3:00 pm CET.

FOR DETAILS, CONTACT:

Bård Stenberg, VP IR & Corporate Communications

Mobile:  +47 99 24 52 35

****

Petroleum Geo-Services 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 operates on a

worldwide basis with headquarters at Lilleaker, Oslo, Norway.

For more information on Petroleum Geo-Services visit www.pgs.com.

This information is subject to the disclosure requirements pursuant to section

5-12 of the Norwegian Securities Trading Act.

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