Petroleum Geo-Services ASA : PGS Board Approves IFRS Financial Statements

March 23, 2012: London, United Kingdom. The Board of Directors of Petroleum Geo-
Services ASA ('PGS' or the 'Company') has on March 22, 2012 approved the 2011
annual financial statements prepared in accordance with International Financial
Reporting Standards ("IFRS").

The Company reported its IFRS unaudited 4th quarter and preliminary full year
2011 results on February 20, 2012. There were no changes to the consolidated
statement of operations or the statement of financial position compared to those
presented in the February earnings release.

The Board of Directors proposes a dividend of NOK 1.10 per share for 2011, to be
approved by the Annual General Meeting.

The Company expects to submit the annual report to the Company's shareholders
electronically in April.

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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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.


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


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