PGS ASA

PGS and TGS Announce Fourth 3D Seismic Project Offshore Eastern Canada

May 26, 2017: OSLO, NORWAY- Petroleum Geo-Services ASA ("PGS" or "the Company")

and TGS announce the fourth 3D seismic project offshore Eastern Canada for

2017. Long Range 3D will comprise approximately 9,100 square kilometers of 3D

GeoStreamer® data in the Eastern Newfoundland region. The survey covers open

acreage which will be included in the November 2018 licensing round under

Newfoundland Labrador's Scheduled Land Tenure system.

Following completion of these surveys the jointly-owned library will have more

than 175,000 line kilometers of 2D GeoStreamer data and 28,500 square kilometers

of 3D GeoStreamer data. An expansive well log library is also available in the

region, along with advanced MultiClient interpretation products that will

improve play, trend and prospect delineation.

"Our increased data library coverage in the Newfoundland Labrador region will be

of benefit for oil companies exploring this high potential area. We will operate

three 3D vessels and one 2D vessel offshore East Canada this year, which is more

than ever before and reflects high customer interest," says Jon Erik

Reinhardsen, President & CEO of PGS.

"With four 3D projects now committed for 2017 this will be our most active year

ever in Newfoundland Labrador. E&P companies are continuing to prioritize this

region in their exploration strategies and we are well positioned to support

them as they prepare for future licensing rounds," commented Kristian Johansen,

CEO of TGS.

This project is supported by industry funding.

FOR DETAILS, CONTACT:

Bård Stenberg, VP IR & Corporate Communications

Mobile: +47 992 45 235

This information is subject to the disclosure requirements pursuant to section

5 -12 of the Norwegian Securities Trading Act.

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