Petroleum Geo Services : Q3 Earnings Update - Robust MultiClient Performance

October 12, 2016: Oslo, Norway, Petroleum Geo-Services ASA ('PGS' or 'the Company') expects to report consolidated Q3 2016 revenues of approximately $220 million, and EBITDA of approximately $110 million.

MultiClient sales is the main contributor to the strong performance and ended at approximately $145 million of which approximately $85 million were pre-funding revenues. Capitalized MultiClient cash investment amounted to approximately $65 million.

The Company provides this information based on preliminary consolidated Q3 2016 numbers. The Company has not completed all review and control procedures relating to its quarterly reporting and significant evaluations have not yet been concluded. Such procedures could identify required adjustments to revenues, costs and/or the carrying value of assets or liabilities compared to the preliminary consolidated numbers. The estimates provided in this release are therefore subject to change and the Q3 2016 financial statements finally approved and released by the Company may deviate materially from the information herein.

The Company will present its Q3 2016 results on October 27, 2016.

FOR DETAILS, CONTACT:

Bård Stenberg, Vice President IR & Corporate Communications

Phone: +47 67 51 43 16

Mobile: +47 992 45 235

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Petroleum Geo-Services ('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's 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.

For more information on Petroleum Geo-Services 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 2015. 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)