PGS ASA

Capital/Financing Update • Mar 11, 2014

Petroleum Geo-Services ASA : Refinancing of Term Loan B Completed

Petroleum Geo-Services ASA : Refinancing of Term Loan B Completed

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

'Company') announced today that on March 11, 2014, the Company completed a

process to amend and extend its existing $470.5 million Term Loan B maturing in

2015. The extended Term Loan B has a tenor of 7 years and matures in 2021. The

floating interest rate has been revised to LIBOR (but minimum 0.75%) + 250 basis

points and the amount reduced to $400 million by using existing cash to repay

$70.5 million of principal.  An extension fee or offer initial discount of 0.5%

of extended amount was paid to lenders.

The Company expects to record a one-off charge of approximately $8.8 million in

Q1 2014 as the fair value of interest rate hedges and remaining deferred loan

costs relating to the original Term Loan B.

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

****

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.

****

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.

[HUG#1767820]