PGS ASA

M&A Activity • Jan 9, 2019

PGS: Signed Vessel Sale Agreement for Ramform Sterling

PGS: Signed Vessel Sale Agreement for Ramform Sterling

January 9, 2019, Oslo, Norway:  Reference is made to PGS press release dated

November 15, 2018. PGS has now signed the vessel sale agreement for the Ramform

Sterling to Japan Oil, Gas and Metals National Corporation ("JOGMEC"), an

incorporated administrative agency of Ministry of Economy Trade and Industry in

Japan.

JOGMEC will take delivery of the Ramform Sterling late April 2019. The sales

price is approximately $100 million. PGS will receive about 75% of the cash

proceeds at delivery. The remaining will be paid in 2020.

The vessel sale does not include seismic streamers.

For details, contact:

Bård Stenberg, SVP IR & Communication

Mobile: +47 992 45 235

Petroleum Geo-Services ASA and it's 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 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 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.