PGS ASA

Earnings Release • Mar 18, 2015

Petroleum Geo-Services ASA : Board Approves IFRS Financial Statements for 2014

Petroleum Geo-Services ASA : Board Approves IFRS Financial Statements for 2014

March 18, 2015: London, United Kingdom. The Board of Directors of Petroleum Geo-

Services ASA ('PGS' or the 'Company') has on March 18, 2015 approved the

2014 annual financial statements prepared in accordance with International

Financial Reporting Standards ("IFRS").

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

2014 results on February 12, 2015. Compared to the preliminary results, the

Company recorded USD 8.1 million of additional deferred tax expense, causing

reported net income for 2014 and net deferred tax assets in the balance sheet to

be reduced with the same amount. There were no other changes to the consolidated

financial statements compared to those presented in the February earnings

release.

The Board of Directors proposes a dividend of NOK 0.70 per share for 2014, to be

approved by the Annual General Meeting scheduled for May 13, 2015 at 15:00 CET.

The Company will make available an electronic version of the 2014 annual report

to shareholders in April.

FOR DETAILS, CONTACT:

Bård Stenberg, VP Corporate Communications

Phone:  +47 67 51 43 16

Mobile:  +47 99 24 52 35

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Petroleum Geo-Services ("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's

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.

For more information on Petroleum Geo-Services visit www.pgs.com.

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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 2013. 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 to the disclosure requirements pursuant to section

5-12 of the Norwegian Securities Trading Act.

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