PGS ASA

Regulatory Filings • Jul 3, 2014

Petroleum Geo-Services ASA : Vessel Allocation Q2 2014

Petroleum Geo-Services ASA : Vessel Allocation Q2 2014

July 3, 2014: 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 March 31,|

|Approximate allocation of PGS total 3D | Quarter | |

|towed streamer capacity | ended | |

| | June 30, | |

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

|  |2014 |2013 | 2014 |

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

|Contract seismic | 48%| 50%| 36%|

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

|MultiClient seismic |37%  | 26%| 47%|

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

|Steaming | 8%| 18%| 13%|

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

|Yard | 7%| 6%| 4%|

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

|Standby | 0%| 0%| 0%|

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

PGS will release its Q2 2014 financial results on Thursday July 24, 2014, 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, Investor Relations Manager

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.

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