PGS ASA

Capital/Financing Update • Mar 11, 2014

Petroleum Geo-Services ASA : Export Credit Financing for the Two Last Ramform Titan-class Vessels Established

Petroleum Geo-Services ASA : Export Credit Financing for the Two Last Ramform Titan-class Vessels Established

March 11, 2014: Oslo, Norway, Petroleum Geo-Services ASA ('PGS' or the

'Company') announced today that it has established Export Credit Financing for

the two (third and fourth of a series of four) Ramform Titan-class vessels

scheduled for 2015 delivery.

PGS has through a wholly owned subsidiary signed two loan agreements for

together $305 million to finance the two new builds. The lenders  are  Japan

Bank  for  International  Cooperation ("JBIC") and Sumitomo Mitsui  Banking

Corporation ("SMBC") with Nippon Export and Investment Insurance ("NEXI")

insuring the SMBC portions of the loans. The loans will have a tenor of 12 years

from delivery of the vessels with semi-annual equal installments. Lenders will

have first priority mortgage in the two vessels. Half the loan will bear fixed

interest rate while the other half will have a revolving 6 months floating

interest plus a margin.

Bård Stenberg, Investor Relations Manager

Phone:   +47 67 51 43 16

Mobile:  +47 99 24 52 35

Tore Langballe, SVP Corporate Communications

Phone:   +47 67 51 43 75

Mobile:  +47 90 77 78 41

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Petroleum Geo-Services is a focused marine geophysical company providing a broad

range of seismic and reservoir services, including acquisition, processing,

interpretation, and field evaluation. The company also possesses the world's

most extensive MultiClient data library. PGS operates on a worldwide basis with

headquarters at Lilleaker 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 2012. 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 of the disclosure requirements pursuant to section

5-12 of the Norwegian Securities Trading Act.

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