Petroleum Geo-Services ASA: Vessel allocation Q1 2018

April 4, 2018: Oslo, Norway, PGS routinely releases information about 3D vessel utilization after the end of each quarter.

Summary of vessel utilization:

Approximate allocation of PGS operated 3D towed streamer capacity	Quarter ended March 31,		Quarter ended December 31,
	2018	2017	2017
Contract seismic	36%	53%	23%
MultiClient seismic	31%	21%	23%
Steaming	4%	10%	15%
Yard	0%	5%	7%
Stacked/Standby	29%	11%	32%

           
The Q4 2017 vessel statistics includes eight vessels. In total, the Company had 116 streamers available in the market. The high share allocated to Stacked/Standby is primarily due to winter warm-stacking* of two vessels, in accordance to PGS strategy. All cold-stacked* vessels are excluded from the statistics.

PGS will release its Q1 2018 financial results on Thursday April 26, 2018, at approximately 8:00 am Central European Summer Time (CEST). A corresponding presentation is scheduled for 09:00am CEST the same day.

*The term "cold-stacked" is used when a vessel is taken out of operation for an extended period of time. Costs are reduced to a minimum, with the vessel preserved for a long idle time, all or most in-sea seismic equipment removed from the vessel, and typically the crew required to operate the vessel is terminated. Use of the term "warm-stacked" means that the vessel is temporarily taken out of operation with streamers and all other equipment necessary to perform seismic operation still onboard the vessel and the crew required to operate the vessel can be sourced with some delay.

FOR DETAILS, CONTACT:

Bård Stenberg, SVP IR & Communications Mobile:  [phone]

****

Petroleum Geo-Services is a focused marine geophysical company providing 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. PGS operates on a worldwide basis with headquarters at Lilleaker, Oslo, Norway.

For more information on Petroleum Geo-Services visit www.pgs.com.

 ****
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.

--END--

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

---

This announcement is distributed by Nasdaq Corporate Solutions on behalf of Nasdaq Corporate Solutions 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