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PGS Q2 2012 Earnings Update: Excellent Performance in All Units: Numbers and Guidance Increased


July 17, 2012 - LYSAKER, NORWAY

Petroleum Geo-Services ASA ("PGS" or "theCompany") will present second quarterresults on July 26, 2012. The Company expects to report results which aresignificantly better than current market expectations, driven by excellentperformance in all units.

PGS has not provided any specific earnings guidance for Q2 2012. However,basedon preliminary consolidated numbers, the Company observes that Q2 2012Revenues,EBITDA, EBIT and Pretax profit ("PTP") are expected to be significantlyhigherthan analyst estimates.

Total revenues for Q2 2012 are expected to exceed $395 million. EBITDA isexpected to exceed $230 million, EBIT is expected to exceed $75 million,andPretax profit is expected to exceed $55 million.


+----------------+----------------------------------+
| | |
| In USD million | 2(nd) quarter |
| | |
| +---------------------------+------+
| | 2012 | 2011 |
+----------------+---------------------------+------+
| Revenues | To exceed 395 | 327 |
+----------------+---------------------------+------+
| EBITDA | To exceed 230 | 164 |
+----------------+---------------------------+------+
| EBIT | To exceed 75 | 49 |
+----------------+---------------------------+------+
| PTP | To exceed 55 | 30 |
+----------------+---------------------------+------+

Consolidated tax provision for Q2 2012 has not yet been completed, but theCompany expects the reported tax expense to be approximately 30% of Pretaxprofit.

The Company currently expects full year 2012 EBITDA to exceed $750 million,upfrom the previous guidance of approximately $700 million.

The Company provides this information based on preliminary consolidated Q22012numbers. The Company has not completed all review and control proceduresrelating to its quarterly reporting, and significant evaluations have notyetbeen concluded, including tax provision. The estimates provided in thisreleaseare therefore subject to change and the Q2 2012 financial statementsfinallyapproved and released by the Company may deviate materially from theinformationherein.

This information is subject of the disclosure requirements acc. to§5-12 vphl(Norwegian Securities Trading Act)

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Petroleum Geo-Services is a focused geophysical company providing a broadrangeof seismic and reservoir services, including acquisition,processing,interpretation, and field evaluation. The company also possesses theworld'smost extensive multi-client data library. PGS operates on a worldwide basiswithheadquarters at Lysaker, Norway.

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

 ****

The information included herein contains certain forward-looking statementsthat address activities, events or developments that the Company expects,projects, believes or anticipates will or may occur in the future. These statementsare based on various assumptions made by the Company, which are beyond itscontrol and are subject to certain additional risks and uncertainties. The Companyis subject to a large number of risk factors including but not limited tothe demand for seismic services, the demand for data from our multi-clientdata library, the attractiveness of our technology, unpredictable changes in governmental regulations affecting our markets and extreme weatherconditions.For a further description of other relevant risk factors we refer to ourAnnualReport for 2011. As a result of these and other risk factors, actual eventsand our actual results may differ materially from those indicated in orimplied bysuch forward-looking statements. The reservation is also made thatinaccuraciesor mistakes may occur in the information given above about current statusof theCompany or its business. Any reliance on the information above is at therisk of the reader, and PGS disclaims any and all liability in this respect.

 --END--

This information is subject of the disclosure requirements pursuant tosection5-12 of the Norwegian Securities Trading Act.

Q2 2012 Earnings Update:http://hugin.info/115/R/1627165/520743.pdf

This announcement is distributed by Thomson Reuters on behalf ofThomson Reuters clients. The owner of this announcement warrants that:(i) the releases contained herein are protected by copyright and other applicable laws; and(ii) they are solely responsible for the content, accuracy and originality of the information contained therein.

Source: Petroleum Geo-Services ASA via Thomson Reuters ONE[HUG#1627165]

FOR DETAILS, PLEASE CONTACT:

Bard Stenberg
Investor Relations Manager
Phone: +47 67 51 43 16
Mobile: +47 99 24 52 35

Tore D Langballe
SVP Corporate Communications
Mobile: +47 90 77 78 41

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