PGS ASA

Business and Financial Review • Oct 4, 2019

PGS ASA: Eight Vessels During Winter Season

PGS ASA: Eight Vessels During Winter Season

October 4, 2019: Oslo, Norway, PGS has earlier disclosed that it is fully booked

for seven vessels in Q4 2019. PGS has now committed to a MultiClient program in

West Africa for the eighth active vessel. The program is expected to last more

than 100 days and has strong industry funding. As a consequence PGS will operate

all eight active vessels also over the winter period and Sanco Swift has

commenced transit from Norway to West Africa.

PGS experiences a significant increase of project activity compared to the same

period last year and indications of emerging supply side constraints even over

the winter season, which in recent years have had a seasonally lower activity

level.

FOR DETAILS, CONTACT:

Bård Stenberg, SVP IR & Corporate Communication

Mobile:  +47 99 24 52 35

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PGS ASA and its subsidiaries ("PGS" or "the Company") is a focused marine

geophysical company that provides a broad range of seismic and reservoir

services, including acquisition, imaging, interpretation, and field evaluation.

The Company MultiClient data library is among the largest in the seismic

industry, with modern 3D coverage in all significant offshore hydrocarbon

provinces of the world. The Company operates on a worldwide basis with

headquarters in Oslo, Norway and the PGS share is listed on the Oslo stock

exchange (OSE: PGS). For more information on PGS visit www.pgs.com

(http://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 2018. 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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