Petroleum Geo-Services ASA: FINAL RESULT OF SUBSEQUENT OFFERING

NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART, DIRECTLY OR
INDIRECTLY, IN OR INTO THE UNITED STATES, AUSTRALIA, CANADA OR JAPAN, OR ANY
OTHER JURISDICTION IN WHICH THE RELEASE, PUBLICATION OR DISTRIBUTION WOULD BE
UNLAWFUL. THIS ANNOUNCEMENT DOES NOT CONSTITUTE AN OFFER OF ANY OF THE
SECURITIES DESCRIBED HEREIN.

PETROLEUM GEO-SERVICES ASA: FINAL RESULT OF SUBSEQUENT OFFERING

Reference is made to the stock exchange notice by Petroleum Geo-Services ASA
(the "Company") earlier today in respect of the preliminary result its
subsequent offering of up to 13,500,000 new shares in the Company (the
"Subsequent Offering").

Final counting shows that at the expiry of the subscription period, the Company
had received subscriptions for a total of 43,601,665 new shares in the
Subsequent Offering. The Subsequent Offering was accordingly oversubscribed by
223%.

Allocation  letters  will  today be  sent  to  subscribers who have been
allocated new shares, giving  notification  of  the  allocated  new  shares
and  the corresponding subscription amount to be paid by each subscriber.
Payment for the allocated shares falls due on January 10, 2017 in accordance
with the payment procedures described in the Company's prospectus dated December
15, 2016.

Subject to full payment being received, the share capital increase relating to
the Subsequent Offering is expected to be registered with the Norwegian Register
of Business Enterprises (Nw. Foretaksregisteret) on January 12, 2017 following
which the new shares are expected to be delivered to the investors' VPS accounts
on or about January 13, 2017.

The new shares issued through the Subsequent Offering will be registered on the
Company's ISIN NO0010199151 with the VPS and be traded on Oslo Børs under the
Company's trading symbol "PGS". This is expected to occur on or about January
13, 2017.

DNB Markets, a part of DNB Bank ASA and Nordea Markets, a part of Nordea Bank
Norge ASA are acting as Managers for the Subsequent Offering.

Contacts:

Bård Stenberg, VP IR & Corporate Communications: Phone: +47 67 51 43 16, Mobile:
+47 992 45 235

Gottfred Langseth, EVP & CFO: Phone: +47 67 51 44 10, Mobile: +47 930 55 580

Rune Olav Pedersen, EVP & General Counsel: Phone: +47 67 51 57 06, Mobile:
+47 908 16 337

***

Petroleum Geo-Services ASA ("PGS" or "the Company") is a focused Marine
geophysical company that provides 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. The Company operates on a worldwide basis with
headquarters in Oslo, Norway.

For more information on PGS visit www.pgs.com.

***

This announcement does not constitute or form part of an offer for sale or
solicitation of an offer to purchase or subscribe for securities in the United
States or any other jurisdiction. The securities referred to herein have not
been and will not be registered under the U.S. Securities Act of 1933, as
amended (the "Securities Act"), and may not be offered or sold, directly or
indirectly, in the United States, absent registration under or an exemption
from, or in a transaction not subject to, the registration requirements of, the
Securities Act. No public offering of securities is being made in the United
States or in any other jurisdiction.

The offering of the securities referred to in this announcement 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.

This announcement does not constitute an offer to sell or the solicitation of an
offer to buy any securities, nor will there be any sale of securities referred
to in this announcement, in any jurisdiction, including the United States, in
which such offer, solicitation or sale would be unlawful prior to registration
or qualification under the securities laws of such jurisdiction.

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.

DNB Markets, a part of DNB Bank ASA and Nordea Markets, a part of Nordea Bank
Norge ASA (together, the "Managers") are each acting exclusively for the Company
and for no-one else in connection with any transaction mentioned in this
announcement and will not regard any other person (whether or not a recipient of
this announcement) as a client in relation to any such transaction and will not
be responsible to any other person for providing the protections afforded to
their respective clients, or for advising any such person on the contents of
this announcement or in connection with any transaction referred to in this
announcement. The contents of this announcement have not been verified by the
Managers.

No representation or warranty, express or implied, is given by or on behalf of
the Managers or any of their respective subsidiaries, affiliates, agents or
advisers or any of such persons' affiliates, directors, officers or employees or
any other person as to the fairness, truth, accuracy, completeness or
verification of the information or the opinions contained in this announcement
(or whether any information has been omitted from the announcement) or any other
information relating to the Company, its subsidiaries or associated companies,
whether written, oral or in a visual or electronic form, and howsoever
transmitted or made available, and no liability is accepted for any such
information, omissions or opinions.

For a further description of other relevant risk factors we refer to the
prospectus dated 15 December 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.

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