PGS Petroleum Geo Svcs Asa New

May 26, 2017: OSLO, NORWAY- Petroleum Geo-Services ASA ("PGS" or "the Company") and TGS announce the fourth 3D seismic project offshore Eastern Canada for 2017.  Long Range 3D will comprise approximately 9,100 square kilometers of 3D GeoStreamer® data in the Eastern Newfoundland region. The survey covers open acreage which will be included in the November 2018 licensing round under Newfoundland Labrador's Scheduled Land Tenure system.

Following completion of these surveys the jointly-owned library will have more than 175,000 line kilometers of 2D GeoStreamer data and 28,500 square kilometers 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.

"Our increased data library coverage in the Newfoundland Labrador region will be of benefit for oil companies exploring this high potential area. We will operate three 3D vessels and one 2D vessel offshore East Canada this year, which is more than ever before and reflects high customer interest," says Jon Erik Reinhardsen, President & CEO of PGS. 

"With four 3D projects now committed for 2017 this will be our most active year ever in Newfoundland Labrador.  E&P companies are continuing to prioritize this region in their exploration strategies and we are well positioned to support them as they prepare for future licensing rounds," commented Kristian Johansen, CEO of TGS.  

This project is supported by industry funding.

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

This information is subject to the disclosure requirements pursuant to section 5 -12 of the Norwegian Securities Trading Act.

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