PGS ASA

Regulatory Filings • May 20, 2019

PGS and TGS Announce Torngat 3D Survey Offshore East Canada

PGS and TGS Announce Torngat 3D Survey Offshore East Canada

May 17, 2019: Oslo, Norway, PGS and TGS announce the Torngat 3D MultiClient

project in Offshore East Canada.

Torngat 3D will cover approximately 3,287 square kilometers and encompasses

sections of the open acreage included in the Labrador South November 2021 bid

round. PGS' Ramform Titan will perform the acquisition, utilizing Geostreamer®

technology.  The project is expected to commence in late July 2019. PGS will

process the GeoStreamer data.

The Torngat 3D survey sits within Labrador Sea's southern sedimentary basins

where frontier exploration has already successfully identified hydrocarbons,

such as in the nearby Hopedale and Snorri discoveries. Torngat 3D will be the

first 3D seismic survey to be acquired offshore Labrador.

Following this ninth consecutive season of data acquisition in offshore East

Canada, the jointly owned library will have approximately 52,000 square

kilometers of 3D GeoStreamer data and more than 189,000 line kilometers of 2D

GeoStreamer data.

This project is supported by industry funding.

FOR DETAILS, CONTACT:

Bård Stenberg, SVP IR & Corporate Communications

Phone:  +47 67 51 43 16

Mobile:  +47 99 24 52 35

***

Petroleum Geo-Services ASA and its 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 PGS visit www.pgs.com.

***

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 MultiClient 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 2018. 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.

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