PGS ASA

Earnings Release • Jan 7, 2019

PGS: Q4 2018 Update - Strong MultiClient Sales

PGS: Q4 2018 Update - Strong MultiClient Sales

January 7, 2019: Oslo, Norway, based on a preliminary review of Q4 2018 sales,

PGS (or "the Company") expects to report total Segment Revenues of approximately

$235 million and a Segment EBITDA of approximately $145 million for Q4 2018.

The Company experienced strong customer interest and momentum for its

MultiClient library. Total Q4 Segment MultiClient revenues are estimated to

approximately $195 million, of which approximately $160 million are late sales

revenues. Q4 capitalized MultiClient cash investments are estimated to

approximately $40 million.

Segment EBITDA, when used by the Company, means Segment EBIT excluding other

charges, impairment and loss on sale of long-term assets and depreciation and

amortization. Reference is made to the definitions of Segment Revenues, Segment

EBIT, Segment EBITDA and other alternative performance measures in the Company's

annual and quarterly reports.

The Company provides this information based on a preliminary summary of sales.

The Company has not completed its financial reporting and related consolidation,

review and control procedures, including the review of all sales against the

established revenue recognition/cut-off criteria. The estimates provided in this

release are therefore subject to change and the Q4 2018 financial statements

finally approved and released by the Company may deviate materially from the

information herein.

PGS will report Q4 and preliminary full year 2018 results on January 31, 2019.

FOR DETAILS, CONTACT:

Bård Stenberg, VP IR & Corporate Communications

Phone:  +47 67 51 43 16

Mobile:  +47 99 24 52 35

***

Petroleum Geo-Services 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.

***

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 2017. 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.