PGS Petroleum Geo Svcs Asa New

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.

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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.

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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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