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2016-10-12

Petroleum Geo-Services ASA: 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 visitwww.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)

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This announcement is distributed by Nasdaq Corporate Solutions on behalf of Nasdaq 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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