PGS ASA

Regulatory Filings • Sep 2, 2015

Petroleum Geo-Services ASA : Cold-stacking Ramform Viking - Focusing on Cash Preservation

Petroleum Geo-Services ASA : Cold-stacking Ramform Viking - Focusing on Cash Preservation

September 2, 2015 Oslo, Norway: To further reduce cost and capital expenditures,

and to improve utilization PGS has decided to cold-stack the Ramform Viking

after she completes a MultiClient project offshore East Newfoundland in late

October this year.

The vessel was originally scheduled for a yard stay and classing in Q1 2016,

which will be deferred. In-sea equipment from the Ramform Viking will be used on

vessels in operation and reduces the Company's capital expenditures related to

maintenance in 2016 by approximately $50 million.

In addition to the Ramform Viking, PGS has earlier announced that the Ramform

Explorer and Ramform Challenger will be cold-stacked after end of the North

Europe acquisition season this year. Cold-stacking of the three Ramform vessels

will reduce quarterly cash costs by approximately $25-30 million with full

effect from Q1 2016.

FOR DETAILS, CONTACT:

Bård Stenberg, VP IR & Corporate Communications

Mobile:  +47 99 24 52 35

Rune Olav Pedersen, General Counsel & SVP Communications and Marketing

Phone:  +47 67 51 57 06

Mobile:  +47 90 81 63 37

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PGS 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 PGS 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 2014. 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 to the disclosure requirements pursuant to section

5-12 of the Norwegian Securities Trading Act.

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