PGS and TGS Announce Lewis Hills 3D MultiClient Project Offshore East Canada

The Lewis Hills 3D survey will cover 3 400 sq. km in the Flemish Pass Basin. Data will be acquired using the Ramform Sterling.  As previously announced, this vessel will also acquire approximately 2 700 sq. km of additional data on the 2017 Harbour Deep and Cape Broyle 3D survey outlines.  Acquisition is expected to complete in late Q3 to early Q4 2018.

July 27, 2018; Oslo, Norway - PGS and TGS announce the commencement of a new 3D MultiClient project in East Canada. The Lewis Hills 3D GeoStreamer® survey will cover approximately 3 400 sq. km in an active Newfoundland area of the Flemish Pass Basin. Data will be acquired using the Ramform Sterling.  As previously announced, this vessel will also acquire approximately 2 700 sq. km of additional data on the 2017 Harbour Deep and Cape Broyle 3D survey outlines.  Acquisition is expected to complete in late Q3 to early Q4 2018.

Following this eighth consecutive season of data acquisition offshore East Canada, the jointly-owned library will have more than 175 000 sq. km of 2D GeoStreamer data and approximately 43 000 sq. km of 3D GeoStreamer data.  An expansive well log library is also available in the region, along with advanced MultiClient interpretation products that will improve play, trend and prospect delineation.

Pre-processing of the initial GeoStreamer signal will be performed by PGS onboard the Ramform Sterling, following which TGS will perform data processing using its Clari-Fi(TM) broadband technology. Fast-track data will be available in Q1 2019 with final data in Q2 2019. The survey area will be seamlessly merged with the southern border of the Long Range 3D project acquired in 2017.

This project is supported by industry funding.

For details, contact:
Bård Stenberg, SVP IR & Communication
Mobile: +47 992 45 235

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 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 and the PGS share is listed on the Oslo stock exchange (OSE: PGS). 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 2017. 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 to the disclosure requirements pursuant to section 5 -12 of the Norwegian Securities Trading Act.