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2014-05-07

Petroleum Geo-Services ASA : PGS Announces 4th Annual MultiClient Program Offshore Canada

OSLO (May 7 2014) - PGS expands its MultiClient library offshore Eastern
Canada in 2014 with a further 30,000 km of 2D seismic data, in the Labrador
Sea and Newfoundland Flemish Pass.

In June 2014 the M/V Sanco Spirit, will start seismic and gravity data
acquisition using the multi-sensor PGS GeoStreamer® technology, in the
Labrador Sea and Northeast Newfoundland-Flemish Pass areas. This project will
provide valuable data covering the areas soon to be disclosed in the Sector
Identification announcement by Canada's Newfoundland and Labrador Offshore
Petroleum Board (C-NLOPB) for which a Call for Bids will take place as part
of the new land tenure system announced to the industry on 19 December 2013.

This is our fourth acquisition season offshore Eastern Canada. This new data
will complement PGS' existing 47,600 km of 2D data acquired during 2011, 2012
and 2013 in this region.

The survey is being carried out in cooperation with TGS who will perform the
data processing. Final data will be available to clients Q3 2015.

In July the M/V Atlantic Explorer, also utilizing the PGS GeoStreamer®
technology, will commence acquisition of seismic and gravity data in the Tail
of the Bank area of Southeast Grand Banks. The Southeast Grand Banks 2D
covers an initial 15,000 km, where it is expected the C-NLOPB will announce
future AOIs. Once again processing of the GeoStreamer data will be performed
by TGS and final data will be available to clients Q3 2015.

"This year we have doubled our commitment to Eastern Canada with two
simultaneous GeoStreamer acquisition programs in Newfoundland-Labrador, as r
ecent finds have rendered this region one of the world's most exciting
exploration frontiers. We have already seen that GeoStreamer technology is
ideal for Eastern Canada. This summer we are building further on our 2012 and
2013 programs in the Labrador Sea and the Flemish Pass, as these are
particular areas of current interest both for oil companies and the
provincial government
," commented Jerry Witney, PGS Vice President North America MultiClient.

Both of these projects have industry support.

For details contact:
Bård Stenberg, Investor Relations Manager
Phone: +47 67 51 43 16
Mobile: +47 99 24 52 35

Tore Langballe, SVP Corporate Communications
Phone: +47 67 51 43 75
Mobile: +47 90 77 78 41

This information is subject of the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act.

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This announcement is distributed by NASDAQ OMX Corporate Solutions on behalf of NASDAQ OMX Corporate Solutions clients.
The issuer of this announcement warrants that they are solely responsible for the content, accuracy and originality of the information contained therein.
Source: Petroleum Geo-Services ASA via Globenewswire

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