May 17, 2019
Oslo, Norway

PGS and TGS announce the Torngat 3D MultiClient project in Offshore East Canada.

Torngat 3D will cover approximately 3,287 square kilometers and encompasses sections of the open acreage included in the Labrador South November 2021 bid round. PGS' Ramform Titan will perform the acquisition, utilizing GeoStreamer technology.  The project is expected to commence in late July 2019. PGS will process the GeoStreamer data.

The Torngat 3D survey sits within Labrador Sea's southern sedimentary basins where frontier exploration has already successfully identified hydrocarbons, such as in the nearby Hopedale and Snorri discoveries. Torngat 3D will be the first 3D seismic survey to be acquired offshore Labrador. 

Following this ninth consecutive season of data acquisition in offshore East Canada, the jointly owned library will have approximately 52,000 square kilometers of 3D GeoStreamer data and more than 189,000 line kilometers of 2D GeoStreamer data.

This project is supported by industry funding.

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Petroleum Geo-Services ASA and its subsidiaries ("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 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 and the PGS share is listed on the Oslo stock exchange (OSE: PGS). For more information on PGS 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 MultiClient 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 2018. 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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