PGS ASA - Audit Report / Information 2016

Petroleum Geo-Services ASA: Board Approves IFRS Financial Statements for 2016

March 15, 2017: Today the Board of Directors of Petroleum Geo-Services ASA

('PGS' or the 'Company') approved the 2016 annual financial statements prepared

in accordance with International Financial Reporting Standards ("IFRS").

The Company reported its IFRS unaudited fourth quarter and preliminary full year

2016 results on February 16, 2017. There were no changes to the consolidated

statements of profit and loss or the statements of financial position compared

to those presented on February 16, 2017.

The Company will make available an electronic version of the 2016 annual report

to shareholders at the latest four weeks before the Annual General Meeting

scheduled for May 10, 2017.

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.

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