PGS ASA — Share Issue/Capital Change 2010

Nov 17, 2010

Capital increase - new certificate of registration

NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART DIRECTLY OR

INDIRECTLY, IN AUSTRALIA, CANADA, HONG KONG, JAPAN OR THE UNITED STATES

Oslo, Norway, 17 November, 2010:

Reference is made to stock exchange notice dated 16 November 2010 regarding the

private placement in Petroleum Geo-Services ASA ("PGS"). The Norwegian Register

of Business Enterprises (Brønnøysundregistrene) has issued a new certificate of

registration for Petroleum Geo-Services ASA confirming capital increase of

19,799,998 shares with a total nominal value of NOK 59,399,994. The new

registered share capital in PGS is NOK 653,399,991 comprising 217,799,997

shares, each with a nominal value of NOK 3.0.

***

FOR DETAILS, CONTACT:

Tore Langballe, SVP Corporate Communications

Phone: +47 67 51 43 75

Mobile: +47 90 77 78 41

Bård Stenberg, Investor Relations Manager

Phone: +47 67 51 43 16

Mobile: +47 99 24 52 35

About PGS:

Petroleum Geo-Services (PGS) offers a broad range of products including; seismic

and electromagnetic services, data acquisition, processing, reservoir

analysis/interpretation and multi-client library data. We help oil companies to

find oil and gas reserves offshore worldwide.

For more information on Petroleum Geo-Services, please 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 2009. 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 of the disclosure requirements acc. to §5-12 vphl

(Norwegian Securities Trading Act)

[HUG#1463209]