PGS ASA

Regulatory Filings • Jul 1, 2015

Petroleum Geo-Services ASA : Mexico 2D Cooperation Agreement with Spectrum and Schlumberger

Petroleum Geo-Services ASA : Mexico 2D Cooperation Agreement with Spectrum and Schlumberger

PGS have executed an MOU for a cooperation agreement with Spectrum and

Schlumberger in Mexico.  The collaboration will acquire 80,000 - 100,000

kilometers of modern, long-offset 2D data encompassing all the major hydrocarbon

provinces offshore Mexico.  This includes areas currently on offer for Mexico's

Round 1 in the Perdido Fold Belt, Mexican Ridges Province, Campeche Deep Sea

Basin and will also provide seamless coverage across the Yucatan Platform tying

to Spectrum's Big Wave program in the eastern area of the US Gulf of Mexico.

The previously announced PGS MultiClient Mexico Well Tie program, which

commenced on May 16, 2015, will be included in this collaboration. Two

GeoStreamer vessels have already acquired over 10,000 line kilometers with Fast

Track products available as part of this program.  Spectrum and Schlumberger

commenced operations on June 10 with a third vessel and an additional vessel is

enroute to commence operations in early July.   These strategically placed

surveys will help provide greater insight to clients preparing for Round 1.

Gregg Parker, Regional President MultiClient North & South America, comments:

"PGS is excited with the collaboration which links three of the leading

geophysical companies in the world.  The Program is designed to allow delivery

of the highest-quality data in the shortest timeframe to our clients.  Mexico is

a tremendous investment environment and this collaboration will help support

further industry investment into this highly prospective area."

Richie Miller, President Spectrum Geo Inc., comments:  "Spectrum is confident

this cooperation with Schlumberger and PGS will provide outstanding data to

industry in a timely manner before Round 1 and future rounds to come."

These surveys are supported by industry pre-funding.

FOR DETAILS, CONTACT:

Bård Stenberg, VP IR & Corporate Communications

Mobile:  +47 99 24 52 35

Rune Olav Pedersen, Legal Counsel & SVP Communications and Marketing

Phone:  +47 67 51 57 06

Mobile:  +47 90 81 63 37

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Petroleum Geo-Services ("PGS" or "the Company") 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 Petroleum Geo-Services 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 multi-client 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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