Petroleum Geo-Services ASA: Board Approves IFRS Fi

March 15, 2017: Today the Board of Directors of Petroleum Geo-Services ASA ('PGS' or the 'Company') approved the 2016 annual financial statements prepared in accordance with International Financial Reporting Standards ("IFRS").

The Company reported its IFRS unaudited fourth quarter and preliminary full year 2016 results on February 16, 2017. There were no changes to the consolidated statements of profit and loss or the statements of financial position compared to those presented on February 16, 2017.

The Company will make available an electronic version of the 2016 annual report to shareholders at the latest four weeks before the Annual General Meeting scheduled for May 10, 2017.

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

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