PGS ASA

Report Publication Announcement • Dec 4, 2015

Petroleum Geo-Services ASA : Presentation Material Capital Markets Day 2015

Petroleum Geo-Services ASA : Presentation Material Capital Markets Day 2015

Today PGS holds its annual Capital Markets Day in Oslo, Norway. The event is

scheduled to start at 08:00am CET and the presentation material can be

downloaded from www.newsweb.no and www.pgs.com.

The Company's guidance for 2016 is as follows:

* Group cash cost of approximately USD 725 million

* Of which approximately USD 250 million to be capitalized as MultiClient

cash investments

* MultiClient cash investments of approximately USD 250 million

* Pre-funding level of approximately 100%

* Approximately 50% of active vessel time planned for MultiClient

* Capital expenditures of approximately USD 240 million

* Of which new build capex of approximately USD 180 million

* Gross depreciation(*)) of approximately USD 210 million

* Of which approximately USD 90 million to be capitalized as MultiClient

investments

* Gross cash interest expense of approximately USD 60 million

* Of which approximately USD 25 million expected to be capitalized to

MultiClient surveys and new builds in progress

*) Gross depreciation does not include MultiClient amortization expense.

The event will be webcasted live and available for replay shortly after on

www.pgs.com.

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#1971221]