PGS: Signed Vessel Sale Agreement for Ramform Sterling - CORRECTION

The correction is to include "FY" before 2020. Everything else is unchanged.

January 9, 2019, Oslo, Norway:  Reference is made to PGS press release dated November 15, 2018. PGS has now signed the vessel sale agreement for the Ramform Sterling to Japan Oil, Gas and Metals National Corporation ("JOGMEC"), an incorporated administrative agency of Ministry of Economy Trade and Industry in Japan.

JOGMEC will take delivery of the Ramform Sterling late April 2019. The sales price is approximately $100 million. PGS will receive about 75% of the cash proceeds at delivery. The remaining will be paid in FY2020.

The vessel sale does not include seismic streamers.

For details, contact:
Bård Stenberg, SVP IR & Communication
Mobile: [phone]

Petroleum Geo-Services ASA and it's 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 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 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.

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

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This announcement is distributed by West Corporation on behalf of West Corporation clients.
The issuer of this announcement warrants that they are solely responsible for the content, accuracy and originality of the information contained therein.
Source: Petroleum Geo-Services ASA via Globenewswire