PGS ASA

Regulatory Filings • Apr 8, 2019

PGS and TGS announce North Tablelands 3D and Southeast Grand Banks 2D

PGS and TGS announce North Tablelands 3D and Southeast Grand Banks 2D

April 8, 2019: Oslo, Norway, PGS and TGS announce the North Tablelands 3D and

Southeast Grand Banks 2D MultiClient projects in Offshore East Canada.

North Tablelands 3D will cover approximately 5,000 square kilometers and

together with the 2018 Tablelands 3D survey, spans most of the open acreage

included in the November 2020 bid round. Ramform Titan will do the acquisition,

utilizing the GeoStreamer® technology. The project is expected to commence in

early June 2019, and PGS will process the GeoStreamer data from the North

Tablelands 3D survey.

The Southeast Grand Banks 2D project will comprise of approximately 13,300 line

kilometers primarily covering open acreage in upcoming bid rounds in South

Eastern Newfoundland (2021) and Southern Newfoundland (2022). Acquisition will

be performed by MV Sanco Atlantic and the project is expected to commence in

early June 2019.

Following this ninth consecutive season of data acquisition offshore East

Canada, the jointly-owned library will have approximately 48,000 square

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

GeoStreamer data.

"PGS will take an integrated approach to acquisition and imaging to maximize

both the efficiency of the project and the broadband benefits of our GeoStreamer

technology. We look forward to delivering another excellent dataset for oil

companies to evaluate new opportunities offshore Canada," says PGS President and

CEO Rune Olav Pedersen.

These projects are supported by industry funding.

FOR DETAILS, CONTACT:

Bård Stenberg, VP IR & Corporate Communications

Phone:  +47 67 51 43 16

Mobile:  +47 99 24 52 35

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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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This information is subject to the disclosure requirements pursuant to section

5 -12 of the Norwegian Securities Trading Act.