PGS ASA

Report Publication Announcement • Mar 14, 2016

Petroleum Geo-Services ASA : Board Approves IFRS Financial Statements for 2015

Petroleum Geo-Services ASA : Board Approves IFRS Financial Statements for 2015

March 14, 2016: The Board of Directors of Petroleum Geo-Services ASA ('PGS' or

the 'Company') approved the 2015 annual financial statements prepared in

accordance with International Financial Reporting Standards ("IFRS") on March

11, 2016.

The Company reported its IFRS unaudited fourth quarter and preliminary full year

2015 results on February 15, 2016. There were no material changes to the

consolidated statements of profit and loss or the statements of financial

position compared to those presented on February 15, 2016.

The Company will make available an electronic version of the 2015 annual report

to shareholders at the latest four weeks before the Annual General Meeting

scheduled for May 11, 2016.

FOR DETAILS, CONTACT:

Bård Stenberg, VP IR & Corporate Communications

Mobile:  +47 99 24 52 35

This information is subject to the disclosure requirements pursuant to section

5-12 of the Norwegian Securities Trading Act.

[HUG#1993876]