PGS GeoStreamer(R) Boosts MultiClient Sales;

OSLO, NORWAY -- (Marketwire) -- 07/15/11 -- Petroleum Geo-Services ASA (PGS) will present
its second quarter results on July
28, 2011. The Company expects to report results which are higher than
current
market expectations, due to strong MultiClient sales in the quarter.

The Company has not provided any earnings guidance for Q2 2011. Based on
preliminary consolidated numbers, however, it observes that Q2 2011
Revenues,
EBITDA and EBIT are expected to end significantly higher than current
market
expectations.

Total revenues for Q2 2011 are expected to exceed $310 million. EBITDA is
expected to exceed $150 million. EBIT is expected to exceed $40 million.

+----------------+----------------------------------+
|                |                                  |
| In USD million |         2(nd)( ) quarter         |
|                |                                  |
|                +---------------------------+------+
|                |           2011            | 2010 |
+----------------+---------------------------+------+
| Revenues       | To exceed            310  |  215 |
+----------------+---------------------------+------+
| EBITDA         | To exceed            150  |   71 |
+----------------+---------------------------+------+
| EBIT           | To exceed              40 |    5 |
+----------------+---------------------------+------+

PGS recognizes changes in the fair value of its convertible bond investment
in
Seabird Exploration Ltd. as financial income/expense. During Q2, the fair
value
was negatively impacted by approximately $8 million due primarily to the
decline
in Seabird's share price in the quarter.

The Company provides this information based on preliminary consolidated Q2
2011
numbers. The Company has not completed all review and control procedures
relating to its quarterly reporting, and significant evaluations have not
yet
been concluded, including tax provision. The estimates provided in this
release
are therefore subject to change and the Q2 2011 financial statements
finally
approved and released by the Company may deviate materially from the
information
herein.

The Company's full year 2011 EBITDA guidance remains unchanged.

****

Petroleum Geo-Services is a focused geophysical company providing a broad
range
of seismic and reservoir services, including acquisition,
processing,
interpretation, and field evaluation. The company also possesses the
world's
most extensive multi-client data library. PGS operates on a worldwide basis
with
headquarters at Lysaker, 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 2010. 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 of the disclosure requirements pursuant to
section
5-12 of the Norwegian Securities Trading Act.

Q2 earnings update:
http://hugin.info/115/R/1531199/465978.pdf

This announcement is distributed by Thomson Reuters on behalf of
Thomson 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#1531199]

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