Petroleum Geo-Services ASA: Settlement of all disputes relating to ISS tax in Rio de Janeiro (Brazil) - Positive liquidity effect of approximately USD 55 million

November 19, 2017: Oslo, Norway, Petroleum Geo-Services ASA ("PGS" or "the
Company") announces that it has entered into an agreement with the tax
authorities of Rio de Janeiro to settle all ongoing disputes related to
Municipal Services Tax ("ISS") on the licensing of MultiClient data.

The Municipality of Rio de Janeiro recently published new regulations for ISS
relating to licensing of MultiClient data. PGS has opted to settle all the
ongoing ISS disputes in accordance with the provisions of the new regulations
and has together with the Municipality of Rio de Janeiro presented a motion to
the courts for withdrawal of the lawsuits and release of the amounts deposited
as escrow.

The settlement covers all historical periods and exposures relating to ISS on
MultiClient licensing up to today. Under the settlement, PGS will pay an
aggregate amount which is substantially less than the amounts already deposited
by PGS for the parts of the exposure which are in court proceedings. With
current exchange rates, PGS estimates that it will receive approximately USD 55
million of the amounts on deposit and therefore realize a significant positive
liquidity effect. PGS expects that the funds will be released before year-end
2017.

PGS expects to record a loss of approximately USD 15 million in Q4 2017, since
the full book value of the deposited amount is not recovered. The deposit was
reported as restricted cash with a book value of USD 72.2 million at September
30, 2017.

PGS welcomes the new regulations issued by the Municipality of Rio de Janeiro
which will increase transparency going forward and specifically require 2% ISS
to be paid on MultiClient licensing.


FOR DETAILS, CONTACT:


Bård Stenberg, VP IR & Corporate Communications
Mobile:  +47 99 24 52 35




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Petroleum Geo-Services is a focused marine geophysical company providing a broad
range of seismic and reservoir services, including acquisition, imaging,
interpretation, and field evaluation. The Company's MultiClient data library is
among the largest in the seismic industry, with modern 3D coverage in all
significant offshore hydrocarbon provinces of the world. PGS operates on a
worldwide basis with headquarters at Lilleaker, Oslo, Norway.

For more information on Petroleum Geo-Services visit www.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 2016. 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.

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