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

July 17, 2012: Oslo, Norway.

Petroleum Geo-Services ASA ("PGS" or "the Company") will present second quarter
results on July 26, 2012.  The Company expects to report results which are
significantly better than current market expectations, driven by excellent
performance in all units.

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

Total revenues for Q2 2012 are expected to exceed $395 million. EBITDA is
expected to exceed $230 million, EBIT is expected to exceed $75 million, and
Pretax 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 the
Company expects the reported tax expense to be approximately 30% of Pretax
profit.

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

The Company provides this information based on preliminary consolidated Q2 2012
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 2012 financial statements finally
approved and released by the Company may deviate materially from the information
herein.

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

FOR DETAILS, PLEASE CONTACT:


Bård 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




****
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 2011. 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 of the disclosure requirements pursuant to section
5-12 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 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#1627165]




Unternehmen: Petroleum Geo-Services ASA - ISIN: NO0010199151