PGS ASA

Regulatory Filings • Mar 17, 2016

Petroleum Geo-Services ASA : Enhances the Ramform Titan-class Acquisition Platform

Petroleum Geo-Services ASA : Enhances the Ramform Titan-class Acquisition Platform

March 17, 2016

The third of four Ramform Titan-class vessels, the Ramform Tethys, was

celebrated in a naming ceremony at the Mitsubishi Heavy Industries Shipbuilding

Co. yard in Nagasaki, Japan today.

PGS' two first Ramform Titan-class vessels, the Ramform Titan and the Ramform

Atlas were delivered in 2013 and 2014 and have delivered beyond expectations on

all aspects, especially within safety, efficiency and productivity.

The Ramform Tethys, and the Ramform Hyperion, will be even better due to small

modifications of equipment handling on the back deck and an increase in engine

power to 26 400 kW from 23 040 kW on the first two Ramform Titan-class vessels.

"With the increased power output and the back deck modifications we are

enhancing the Ramform Titan-class acquisition platform further. Productivity,

safety, stability and redundancy are the key benefits of these vessels. Their

ability to tow many streamers gives high data quality with dense cross-line

sampling and cost efficient acquisition with wide tows," says Per Arild Reksnes,

EVP Operations.

The Ramform Tethys is the most powerful and efficient marine seismic acquisition

vessel in the world, and along with the Ramform Titan and Ramform Atlas, the

widest ships ever at the waterline.

The design dovetails advanced maritime technology to the imaging capabilities of

the GeoStreamer® seismic acquisition technology. Her 70 meter broad stern is

fully exploited with 24 streamer reels: 16 reels aligned abreast and 8 reels

further forward, with capacity for 12 kilometer streamers on each reel. With

such capabilities the Ramform Tethys has tremendous flexibility and redundancy

for high capacity configurations. Increased work space and advanced equipment

handling mean safer and even more robust operations. The Ramform concept design

is made by Roar Ramde.

She carries over 6 000 tons of fuel and equipment. She will typically tow a

network of several hundred thousand recording sensors over an area greater than

12 square kilometers, equivalent to nearly 1 200 soccer pitches, or 3.5 times

Central Park.

For PGS and its clients, more rapid deployment and retrieval of equipment, as

well as greater operational capacity will translate into faster completion of

surveys and increased uptime in marginal weather. The period between major yard

stays is also extended by approximately 50%.

The Ramform Tethys sets the new standard for seismic operations for the next 25

years.

Jon Erik Reinhardsen, President and CEO of PGS states in a comment: "The Ramform

Tethys further strengthens our fleet productivity and together with the other

Ramform Titan-class vessels will enhance our competitive edge. In the current

challenging market environment we also experience more demand for our best

capacity and Ramform Tethys will add to PGS ultra-high-end value proposition."

NOTE: Pictures and more facts on the Ramform Tethys are available on www.pgs.com

For details, contact:

Bård Stenberg, VP IR & Corporate Communications

Mobile: +47 992 45 235

[HUG#1995079]