PGS ASA

Regulatory Filings • Jan 7, 2019

PGS: Vessel allocation Q4 2018

PGS: Vessel allocation Q4 2018

January 7, 2019: Oslo, Norway, PGS routinely releases information about 3D

vessel utilization after the end of each quarter.

Summary of vessel utilization:

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

|  |   |Quarter ended September 30,|

|Approximate allocation of PGS operated| Quarter | |

|3D towed streamer capacity | ended | |

| | December | |

| | 31, | |

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

|  |2018| 2017 | 2018 |

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

|Contract seismic | 23%| 23%| 19%|

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

|MultiClient seismic | 14%| 23%| 68%|

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

|Steaming | 15%| 15%| 5%|

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

|Yard | 5%| 7%| 0%|

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

|Stacked/Standby | 43%| 32%| 8%|

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

The Q4 2018 vessel statistics includes eight vessels. All cold-stacked* vessels

are excluded from the statistics.

PGS will release its Q4 and preliminary full year 2018 financial results on

Thursday January 31, 2019, at approximately 7:00am Central European Time (CET).

A corresponding presentation is scheduled for 09:00am CET 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 crew required to operate the vessel is

terminated.

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 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.