Agreement with Institute of Marine Research for Use of Surplus Data

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June 29, 2017
Oslo, Norway

Petroleum Geo-Services ASA ("PGS" or "the Company") has entered into a data sharing agreement with the Institute of Marine Research in Norway for use of surplus data to improve understanding of the oceans.

In late March 2017, PGS announced its intention to open the Company's surplus database for research on the ocean. The database has been built since the inception of the Company in 1991. Data recordings like temperatures and salinity through the water column, currents and weather observations are collected as a part of the seismic acquisition process in order to improve seismic imaging. This activity has created an extensive MultiClient data library with corresponding surplus data.

"As a responsible company we are fully committed to minimize the impact on the environment from our own operations", says Jon Erik Reinhardsen, President & CEO of PGS. "We will contribute where we can to increase our collective understanding and knowledge of the oceanic environment. I am therefore pleased to enter into this agreement with the Institute of Marine Research in Norway for use of our surplus database."

The Institute for Marine Research is enthusiastic about the agreement:

"PGS surplus data gives us access to information through the water column, down to approximately 2 000 meters from many different places, which is valuable from a scientific perspective," says Geir Huse, Research Director at the Institute of Marine Research.  "We look forward to put these data sets into use. We are hopeful they can provide us with better insights and improve our understanding of the oceans."

Media Contacts:
Bård Stenberg:  // +47 992 45 235

Institute for Marine Research
Geir Huse: // +47 55238500

PGS Petroleum Geo-Services 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.

Institute for Marine Research:
With a staff of about 750, the Institute of Marine Research is Norway's largest center of marine science. The institution's main task is to provide advice to Norwegian authorities on aquaculture and the ecosystems of the Barents Sea, the Norwegian Sea, the North Sea and the Norwegian coastal zone. For this reason, about fifty percent of the institutions activities are financed by the Ministry of Trade, Industry and Fisheries.

Contact Investor Relations

You are welcome to send us an email or call Bård Stenberg VP IR & Corporate Communications: +47 992 45 235