PGS ASA

Regulatory Filings • Jan 7, 2015

Petroleum Geo-Services ASA :Vessel Allocation Q4 2014

Petroleum Geo-Services ASA :Vessel Allocation Q4 2014

Vessel Allocation Q4 2014

January 7, 2015: Oslo, Norway, Petroleum Geo-Services ASA ('PGS' or the

'Company') routinely releases information about 3D vessel utilization after the

end of each quarter.

Summary of vessel utilization:

+--------------------------------------+-----------+---------------------------+

|  |   |Quarter ended September 30,|

|Approximate allocation of PGS total | Quarter | |

|3D towed streamer capacity | ended | |

| | December | |

| | 31, | |

+--------------------------------------+----+------+---------------------------+

|  |2014| 2013 | 2014 |

+--------------------------------------+----+------+---------------------------+

|Contract seismic | 59%| 41%| 62%|

+--------------------------------------+----+------+---------------------------+

|MultiClient seismic |19% | 46%| 21%|

+--------------------------------------+----+------+---------------------------+

|Steaming | 14%| 11%| 13%|

+--------------------------------------+----+------+---------------------------+

|Yard | 4%| 2%| 4%|

+--------------------------------------+----+------+---------------------------+

|Stacked/Standby | 4%| 0%| 0%|

+--------------------------------------+----+------+---------------------------+

Ramform Explorer completed a MultiClient program early November followed by

warm-stacking and a class renewal yard stay over the winter.

PGS will release its Q4 2014 financial results on Thursday February 12, 2015, at

approximately 8:00 am Central European Time (CET). A corresponding presentation,

webcast and conference call are scheduled for 9:00 am CET the same day, followed

by an additional conference call at 3:00 pm CET.

FOR DETAILS, CONTACT:

Bård Stenberg, VP IR & Corporate Communications

Phone:  +47 67 51 43 16

Mobile:  +47 99 24 52 35

****

Petroleum Geo-Services is a focused marine geophysical company providing 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. PGS operates on a

worldwide basis with headquarters at Lilleaker Oslo, Norway.

For more information on Petroleum Geo-Services visit www.pgs.com.

****

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 2013. 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.

[HUG#1884836]