Petroleum Geo-Services ASA (PGS) has exercised its options to order another two
Ramform Titan-class vessels at Mitsubishi Heavy Industries Ltd. Two vessels were
ordered in 2011. The two additional vessels will be vessel number three and four
in the Ramform Titan Class. When completed, the four new builds will be a part
of the 11 vessel fleet of Ramform icons. The first vessels in the series have a
planned delivery 1st quarter 2013.

The new generation Ramforms will strengthen PGS' unique position in the seismic
industry. The decision to renew and expand the fleet comes at a time when demand
for marine seismic services is increasing.

The Ramform Titan-class vessels have a planned delivery schedule as follows:

Vessel no. 1                 1st quarter 2013
Vessel no. 2                 4th quarter 2013
Vessel no. 3                 1st half 2015
Vessel no. 4                 2nd half 2015

The new Ramform Titan class will further enhance PGS' position as a leader in
3D seismic acquisition productivity and efficiency. The vessels are designed to
utilize and extract the full potential from the flagship GeoStreamer®
technology.

The vessel design is based on the demonstrated strengths of the current Ramform
fleet, while improving capabilities along a number of key parameters. The new
vessels will include a significantly upgraded GeoStreamer based seismic package
and are designed to take the full benefits of the GeoStreamer towing efficiency.
The vessels will further strengthen PGS' leading position in the High Density
segment of the market, where large spreads, long streamers and towing efficiency
are the key success factors. The High Density segments are driven by deep water
exploration and production in geologically complex areas such as Brazil, West
Africa and the Gulf of Mexico. The GeoStreamer technology is also opening up new
markets in mature basins, such as the North Sea, where the higher fidelity data
can reveal new geological plays.

Ramform Titan Class Specifications

Name Ramform Titan Class

Owner Petroleum Geo-Services

Flag

Vessel Classification DNV +1A1, SPS, ICE C, E0, HELDK, RP,
CLEAN DESIGN, TMON, BIS, NAUT-AW,
VIBR, COMF-C(3) V(3)

Length 104.2 m

Breadth 70 m

Draft 6.4 m

Fuel capacity 6 000 m3

Endurance (production/transit)        150 days

Transit speed 16 knots

Main propulsion system Diesel electric

Propulsion type Triple CP propeller plant with nozzle
and
propeller shaft, total 18MW

Engine plant 6 x 3840 kw

Accommodation (single berths) 60 single and 10 double cabins

Helideck 26m 15 t Super Puma/EH-101

Work boats 2 x 30' in stern cradle launching

Streamer winches    24 x 12 000m capacity

For more information on the Ramform Titan -class see link:
http://www.pgs.com/en/Pressroom/Media_Gallery/Ramform-Titan-Class/

FOR DETAILS, CONTACT:

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

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

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 acc. to §5-12 vphl
(Norwegian Securities Trading Act)

[HUG#1648988]

Petroleum Geo-Services ASA : PGS orders another two Ramform Titan class vessels