PGS and TGS Jointly Acquire Dolphin MultiClient Library

 

PGS and TGS-NOPEC Geophysical Company ASA ("TGS") have jointly agreed principal terms and conditions for purchase of a majority of the MultiClient library of Dolphin UK Ltd ("Dolphin"). PGS and TGS will make this purchase on a 50/50 basis.

This purchase represents a limited initial cash outlay for PGS. A purchase agreement is expected to be entered into in the near future.

"The Dolphin MultiClient library is a good strategic fit for PGS, especially the surveys covering the North West shelf of West Africa and the Barents Sea. MultiClient library consolidation is positive for the seismic industry and adds good value to the acquiring companies when surveys are purchased at a significant discount to book values," says Jon Erik Reinhardsen, President & CEO of PGS. "We are excited to do this transaction together with TGS, as it opens up for further cooperation in these prospective areas," he added.

 

 FOR DETAILS CONTACT:

 Bård Stenberg, VP IR & Corporate Communications

 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.

PGS has a presence in 18 countries with regional centers in London, Houston and Kuala Lumpur. Our headquarters is 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 multi-client 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)