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

NOT FOR DISTRIBUTION IN AUSTRALIA, CANADA OR JAPAN

Lysaker, Norway, November 10, 2011: 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.

FOR DETAILS, CONTACT:


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

Tore Langballe, SVP Corporate Communications
Phone:   +47 67 51 43 75
Mobile: +47 90 77 78 41




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This announcement does not constitute an offer to sell or a solicitation of an
offer to buy any of the Notes or the related guarantees. The Notes and the
related guarantees will not be and have not been registered under the U.S.
Securities Act of 1933 and may not be offered or sold in the United States
absent registration or an applicable exemption from registration requirements.

The offer and sale of the Notes and related guarantees will be made pursuant to
an exemption under the Prospectus Directive as implemented in Member States of
the European Economic Area from the requirement to produce a prospectus for
offers of securities. This announcement does not constitute an advertisement for
the purposes of the Prospectus Directive.

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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 visitwww.pgs.com.

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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.



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