January 7, 2019
Oslo, Norway

Based on a preliminary review of Q4 2018 sales, PGS (or "the Company") expects to report total Segment Revenues of approximately $235 million and a Segment EBITDA of approximately $145 million for Q4 2018.

The Company experienced strong customer interest and momentum for its MultiClient library. Total Q4 Segment MultiClient revenues are estimated to approximately $195 million, of which approximately $160 million are late sales revenues. Q4 capitalized MultiClient cash investments are estimated to approximately $40 million.

Segment EBITDA, when used by the Company, means Segment EBIT excluding other charges, impairment and loss on sale of long-term assets and depreciation and amortization. Reference is made to the definitions of Segment Revenues, Segment EBIT, Segment EBITDA and other alternative performance measures in the Company's annual and quarterly reports.

The Company provides this information based on a preliminary summary of sales. The Company has not completed its financial reporting and related consolidation, review and control procedures, including the review of all sales against the established revenue recognition/cut-off criteria. The estimates provided in this release are therefore subject to change and the Q4 2018 financial statements finally approved and released by the Company may deviate materially from the information herein.

PGS will report Q4 and preliminary full year 2018 results on January 31, 2019.

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Petroleum Geo-Services ASA and its subsidiaries ("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 PGS 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 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.