PGS Petroleum Geo Svcs Asa New

August 25, 2017: Oslo, Norway. The Board of Directors of Petroleum Geo-Services ASA ("PGS" or "the Company") has appointed Rune Olav Pedersen (47) as the new President & CEO of the Company. He will succeed Jon Erik Reinhardsen on 1 September 2017.

"The Board has run a thorough succession process since early spring, and assessed a number of very qualified Norwegian and international candidates. With the appointment of Mr. Pedersen, PGS will get a CEO with deep knowledge of the Company and industry and with strong execution capabilities. We look forward to working closely with Mr. Pedersen in the time to come", says Chairperson Walter Qvam.

Rune Olav Pedersen has worked in PGS for 7 years and comes from the position of Executive Vice President & General Counsel. In this position he has been responsible for Corporate Development, Strategy, Communication, Legal, Marketing, Strategic Customer Relations and Compliance. Prior to joining PGS he was a partner in the oil and gas department of the law firm Arntzen de Besche. He has a law degree from the University of Oslo and an executive MBA from London Business School.

"I am honored to be chosen as the new President & CEO of PGS. I consider us well positioned for a market recovery with an excellent organization, industry leading MultiClient performance and imaging capabilities combined with an upgraded fleet of Ramform vessels. To address the continued challenging market in the shorter term we have to continue our focus on reducing our cost base. I have really enjoyed working closely with Mr. Reinhardsen over the last 7 years and I wish him success in his future endeavors," says Mr. Pedersen.

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.

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