PGS ASA

M&A Activity • Sep 14, 2016

PGS and TGS Jointly Acquire Dolphin MultiClient Library

PGS and TGS Jointly Acquire Dolphin MultiClient Library

PGS and TGS-NOPEC Geophysical Company ASA ("TGS") have jointly agreed principal

terms and conditions for purchase of a majority of the MultiClient library of

Dolphin UK Ltd ("Dolphin"). PGS and TGS will make this purchase on a 50/50

basis.

This purchase represents a limited initial cash outlay for PGS. A purchase

agreement is expected to be entered into in the near future.

"The Dolphin MultiClient library is a good strategic fit for PGS, especially the

surveys covering the North West shelf of West Africa and the Barents Sea.

MultiClient library consolidation is positive for the seismic industry and adds

good value to the acquiring companies when surveys are purchased at a

significant discount to book values," says Jon Erik Reinhardsen, President & CEO

of PGS. "We are excited to do this transaction together with TGS, as it opens up

for further cooperation in these prospective areas," he added.

FOR DETAILS CONTACT:

Bård Stenberg, VP IR & Corporate Communications

Mobile: +47 992 45 235

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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.

PGS has a presence in 18 countries with regional centers in London, Houston and

Kuala Lumpur. Our headquarters is in Oslo, Norway and the PGS share is listed on

the Oslo stock exchange (OSE: PGS).

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 2015. 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 of the disclosure requirements acc. to §5-12 vphl

(Norwegian Securities Trading Act)