Petroleum Geo-Services ASA: Announces Pricing of USD 300 million Senior Notes Offering

LYSAKER, NORWAY -- (Marketwire) -- 11/10/11 -- Petroleum Geo-Services ASA ('PGS') today
announces the pricing of an offering of USD 300 million senior notes due
2018
(the 'Notes') guaranteed on a senior basis by certain of its subsidiaries.
The
Notes were priced with a coupon of 7.375% and will be issued at 98.638% of
the
principal amount. PGS expects to use the net proceeds of the offering for
general corporate purposes. PGS intends to repurchase or repay the
outstanding
principal amount of its existing convertible notes on or before maturity
with
cash on hand which may include the net proceeds received from this
offering.

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

This announcement is distributed by Thomson Reuters on behalf of
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(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.

[HUG#1562784]

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