PGS ASA

Regulatory Filings • May 29, 2018

Petroleum Geo-Services ASA: PGS and TGS Joint Venture MultiClient Project in the Barents Sea

Petroleum Geo-Services ASA: PGS and TGS Joint Venture MultiClient Project in the Barents Sea

May 29, 2018; Oslo, Norway, PGS will in late May 2018, start acquisition of a

large 3D GeoStreamer® survey in the Barents Sea in partnership with TGS. The

project will cover ~6,100 sq. km in an active APA area of the Hammerfest Basin

and is due to be completed in September 2018. Fast-track data will be available

in Q1 2019 with final data in Q4.

This project is designed to improve the imaging of the known fields and

discoveries, and allow identification and development of new targets in both

mature and new plays. The survey area contains shallow targets on the basin

flanks and platforms, with deeper exploration potential elsewhere in the basin.

The Hammerfest Basin dataset further expands PGS' MultiClient GeoStreamer

coverage in the Barents Sea, applying true broadband technology to reveal the

full potential of the area. The Hammerfest Basin is already producing

hydrocarbons and is highly relevant for further exploration in the current and

upcoming APA rounds.

The project configuration employs an intelligent towing scheme to maximize

resolution.  Ramform Atlas will deploy an ultra-high-density 3D configuration

with a 16 x 56.25 m x 7000 m setup with a hyperbolic front end. Three of the

streamers are towed with 10 km offsets for optimized performance of full

waveform inversion (FWI). This is combined with a triple source.

The acquisition design is tailored to fully utilize the potential of an advanced

Pre-Stack Depth Migration (PSDM) and FWI processing workflow. Reliable

GeoStreamer data attributes also offer significant advantages for quantitative

inversion (QI).

"In addition to providing an excellent basis for exploration decisions, this new

Hammerfest dataset can be used as a baseline survey for future 4D comparisons,

making this a cost-effective solution for exploration, evaluation, field

development and production monitoring," said Rune O. Pedersen, President & CEO

of PGS.

This is PGS' tenth consecutive year of safe and reliable GeoStreamer acquisition

in Northern Europe.

Contact Us

To find out more about the Hammerfest Basin MultiClient project contact:

europe.info@pgs.com

For details, contact:

Bård Stenberg, SVP IR & Communication

Mobile: +47 99 24 52 35

Company Summary

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.