President & CEO Jon Erik Reinhardsen Retires

May 29, 2017: Oslo, Norway, Petroleum Geo-Services ASA  ("PGS" or "the Company") today announce that President & CEO Jon Erik Reinhardsen (60) has informed the Board of Directors that he wishes to retire, in accordance with his employment contract. The Board has accepted August 31, 2017 as his last day of service, and initiated the process to find his successor.

Chairperson Walter Qvam said in a statement:

"We are grateful for Jon Erik Reinhardsen's strong and very capable leadership of PGS during 10 important years for the Company. He has led the Company through the challenging years of the financial crisis and recently the oil price fall. During this period PGS has become the world's leading marine seismic acquisition company through a strategic decision to upgrade the Company's Ramform fleet with the most productive acquisition vessels in the world, equipped with the state of the art GeoStreamer technology. PGS has as well taken a leadership position within its MultiClient and Imaging businesses through efficiency gains and quality improvements.

After the recent successful refinancing and with the considerably reduced cost base, the Company is now well-positioned to take advantage of future market opportunities."

Jon Erik Reinhardsen commented:

"I am honored to have met and worked with so many great people during my tenure at PGS. I thank colleagues and the Board for all their support and great cooperation and look forward to following their future success."

FOR DETAILS, CONTACT:

Bård Stenberg, VP IR & Corporate Communications
Mobile: +47 992 45 235

Walter Qvam, Chairperson of the Board of Directors
Mobile: +47 905 25 226

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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 17 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 2016. 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.