PGS ASA

Regulatory Filings • Apr 2, 2019

PGS: Vessel allocation Q1 2019

PGS: Vessel allocation Q1 2019

April 2, 2019: Oslo, Norway, PGS routinely releases information about 3D vessel

utilization after the end of each quarter.

Summary of vessel utilization:

+---------------------------------------+-----------+--------------------------+

|  |   |Quarter ended December 31,|

|Approximate allocation of PGS operated | Quarter | |

|3D towed streamer capacity | ended | |

| | March 31, | |

+---------------------------------------+----+------+--------------------------+

|  |2019| 2018 | 2018 |

+---------------------------------------+----+------+--------------------------+

|Contract seismic | 29%| 36%| 23%|

+---------------------------------------+----+------+--------------------------+

|MultiClient seismic |38% | 31%| 14%|

+---------------------------------------+----+------+--------------------------+

|Steaming | 6%| 4%| 15%|

+---------------------------------------+----+------+--------------------------+

|Yard | 0%| 0%| 5%|

+---------------------------------------+----+------+--------------------------+

|Stacked/Standby | 27%| 29%| 43%|

+---------------------------------------+----+------+--------------------------+

The Q1 2019 vessel statistics includes eight vessels. All cold-stacked* vessels

are excluded from the statistics.

PGS will release its Q1 2019 results on Thursday April 25, 2019, at

approximately 8:00am Central European Summer Time (CEST). A corresponding

presentation is scheduled for 09:00am CEST the same day.

*The term "cold-stacked" is used when a vessel is taken out of operation for an

extended period of time. Costs are reduced to a minimum, with the vessel

preserved for a long idle time, all or most in-sea seismic equipment removed

from the vessel, and typically the Company does not have available crew to

operate the vessel.

FOR DETAILS, CONTACT:

Bård Stenberg, SVP IR & Communication

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 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 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.

--END--

This information is subject to the disclosure requirements pursuant to section

5 -12 of the Norwegian Securities Trading Act.