PGS ASA

Regulatory Filings • May 10, 2017

Petroleum Geo-Services ASA: PGS and TGS Continue to Build MultiClient Library Offshore Eastern Canada

Petroleum Geo-Services ASA: PGS and TGS Continue to Build MultiClient Library Offshore Eastern Canada

May 10, 2017: Petroleum Geo-Services ("PGS" or "the Company") and TGS-NOPEC

announce the expansion of their jointly owned MultiClient library offshore

Eastern Canada. The new Cape Broyle 3D survey, to be acquired during summer

2017, will comprise approximately 3,500 square kilometers of 3D GeoStreamer®

data in the South Eastern Newfoundland region and builds upon the MultiClient

3D campaigns acquired in the region over the last two years. Pre-processing of

the initial GeoStreamer signal will be performed by PGS, following which TGS

will perform data processing. Final data will be made available to clients in

2018, ahead of the 2019 licensing round under Newfoundland Labrador's Scheduled

Land Tenure system.

In addition, in mid-May, PGS and TGS will commence a 2D seismic campaign in East

Canada comprising approximately 22,000 line kilometers of GeoStreamer data. This

is the seventh consecutive year of 2D acquisition by the joint venture in the

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

more than 175,000 line kilometers of 2D GeoStreamer data and 14,750 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.

"We have experienced significant interest for our MultiClient GeoStreamer data

in the Newfoundland Labrador area, and continue to position ourselves for

upcoming lease sales in this increasingly attractive exploration region", says

Jon Erik Reinhardsen, President & CEO of PGS.

"This seventh consecutive season of data acquisition will expand our seismic

coverage in Newfoundland Labrador where we have a strong track record of

success. These projects will provide modern, high quality seismic data to E&P

companies to support their drilling activities and prepare for upcoming

licensing rounds," commented Kristian Johansen, CEO of TGS.

These projects are supported by industry funding.

FOR DETAILS, CONTACT:

Bård Stenberg, VP IR & Corporate Communications

Mobile:  +47 99 24 52 35

This information is subject to the disclosure requirements pursuant to section

5 -12 of the Norwegian Securities Trading Act.