Petroleum Geo Services : The PGS Corporate Responsibility Report for 2016 is now available

2016

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To find out more about our responsibility please visit our website www.pgs.com or email us at corporate.responsibility@pgs.com

This year's report summarizes our recent actions and initiatives, and offers an update on key indicators. On our Responsibility web pages, you can get a more detailed picture of how we structure our corporate responsibility activities.

PGS Corporate Responsibility is built on four pillars:

• People

• HSEQ

• Conduct

• Stakeholders

CONTENTS

Introduction

Corporate Responsibility in the Current Market 3 Defining the Path for PGS Corporate Responsibility Reporting 4

People

Key Figures - People 5 Key Activities - People 6 Looking Ahead 7

HSEQ

Key Figures - Health & Safety 8 Key Figures - Environment 10 Key Activities - HSEQ 11 Looking Ahead 13

Conduct

Key Activities - Conduct 15 Looking Ahead 15

Stakeholders

Key Activities - Stakeholders 16 Looking Ahead 16

Corporate Responsibility in the Current Market‌‌

Jon Erik Reinhardsen

President & CEO

PGS strives to be a dedicated, reliable pioneer within its industry, and these are the values that we encourage our employees around the globe to embrace in all aspects of our business. As a company we strive to live up to our responsibilities, improve our performance and set

carrying our responsibilities towards our people employed and the stakeholders around us.

PGS has become leaner. Over the past couple of years we have reduced headcount and sharpened our focus on the most important objectives and requirements. Our commitment to safety remains firm and our vision that all incidents can be avoided is unchanged. Strategically

and operationally, PGS has strengthened its relative position to peers while keeping its integrity intact.

As always, I am interested to hear your views on how we

goals and objectives that inspire us to innovate and

deliver on our promises. We rely on our employees to do the same and support them in their endeavors.

This report provides an overview of actions taken towards these goals. Underlying this is the drive to remain efficient and effective. Our industry is highly competitive. Recent years have been demanding for the oil industry and the oil services segment in particular. We have learned to scrutinize every penny spent, and use our resources wisely while

can improve our performance on responsibility.

Jon Erik Reinhardsen

President and CEO

Defining the Path for PGS Corporate Responsibility Reporting‌

The ten principles of the UN Global Compact, together with the recommendations of the Global Reporting Initiative (GRI) form the foundation

of PGS' corporate responsibility reporting. They provide us with a definition for responsible business as well as a code that guides the implementation of our reporting process.

Corporate responsibility is good for business. It challenges us to question how we interact with each other and our stakeholders, creating opportunities for improvement.

In 2016, we revised our materiality analysis to identify the issues that are most relevant to PGS and its stakeholders. All corporate responsibility areas are important, but the analysis identified the following subjects as having a critical impact to PGS whilst being highly significant to stakeholders:

• Ensuring legal compliance and avoiding corruption

• Protecting health, safety and security of our people

• Employee development

• Managing impacts on the environment

• Customer satisfaction

We continuously direct our efforts towards advancing these areas and aligning them with broader societal goals.