PGS ASA - Audit Report / Information 2015

Petroleum Geo-Services ASA : Changes to MultiClient library amortization from 1 January 2016

OSLO, NORWAY (4 December 2015) - Due to an amendment to IAS 38 Intangible

assets, the amortization method for the seismic MultiClient libraries will have

to change with effect from 1 January 2016.

After an extensive process involving industry participants, TGS and PGS have

decided to adopt the following changes to the amortization policy:

* During the work in progress (WIP) phase, amortization will continue to be

based on total cost versus forecasted total revenues of the project.

* After a project is completed, a straight-line amortization is applied. The

straight-line amortization will be assigned over a remaining useful life,

which for most projects is expected to be 4 years. The straight-line

amortization will be distributed evenly through the financial year

independently of sales during the quarters.

Today's minimum amortization policy will no longer be relevant.

The changes to MultiClient library amortization will be applied prospectively as

from 1 January 2016.

FOR DETAILS, CONTACT:

Bård Stenberg, VP IR & Corporate Communications

Mobile: +47 99 24 52 35

This information is subject to the disclosure requirements pursuant to section

5-12 of the Norwegian Securities Trading Act.

[HUG#1971218]

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