Amendments approved to USD 950 million Credit Facilities

PGS has received support from lenders to approve certain amendments to its USD

950 million Senior Secured Credit Facilities, consisting of a USD 570 million

(originally USD 600 million) Term Loan B ("TLB") and a USD 350 million Revolving

Credit Facility ("RCF"). This amendment will provide PGS with enhanced

operational, commercial and financial flexibility.

The main change in the credit agreement is to the definition of adjusted EBITDA

used in calculating the leverage ratio in respect of maintenance and

incurrence-based financial covenants. Until now, all MultiClient investments

have been deducted from reported EBITDA to arrive at adjusted EBITDA under the

credit agreement. After the amendment, MultiClient investments shall be

deducted from EBITDA only with the amount, if any, that such investments exceed

prefunding revenues in the same measurement period.

The credit agreement was also amended to allow for future extensions in the

maturity date (currently June 2012) for the RCF, without reference to the TLB

lenders, based on existing security arrangements and documentation. Any

commitment from RCF lenders to extend beyond the existing maturity date will be

requested at the appropriate time.

Other terms, including interest margins, have not been changed. PGS will pay an

amendment fee of 50 basis points to all lenders that have given consent and

total fees and expenses of approximately USD 7 million will be expensed in Q2

PGS will make a USD100 million voluntary repayment to the TLB, which outstanding

balance thereafter will be USD 470.5 million, with no further installments

scheduled before its final maturity in June 2015.

The agreement is expected to be effective 21 May 2010.

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FOR DETAILS, CONTACT:

Tore Langballe, SVP Corporate Communications

Phone: +47 67 51 43 75

Mobile: +47 90 77 78 41

Bård Stenberg, Investor Relations Manager

Phone: +47 67 51 43 16

Mobile: +47 99 24 52 35

This information is subject of the disclosure requirements acc. to §5-12 vphl

(Norwegian Securities Trading Act)

[HUG#1417446]

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