OSLO, NORWAY -- (Marketwire) -- 02/14/13 -- Solid 2012 Performance and Increased Dividend

Highlights 2012

* Revenues of $1,518.3 million, up 21% from 2011

* EBITDA of $776.2 million, up 45% from 2011

* EBIT of $293.8 million, up 112% from 2011

* Group EBIT margin of 19%, up from 11% in 2011

* Cash flow from operations of $752.9 million, up 57% from 2011

* Delivered on the Profit Improvement Program

* Financial strength further enhanced by $250 million Japanese export credit financing and $150 million add-on to Senior Notes

* Exercised options for two additional Ramform Titan-class vessels

* Substantial technology achievements within Towed EM, permanent reservoir monitoring and imaging

* The Board expects to propose an ordinary dividend for 2012 of NOK 1.65 per share, up 50% from previous year

"2012 performance was strong with operating profit more than doubling from previous year. The fourth quarter was coloured by some weakness in MultiClient late sales, high steaming activity, challenging mobilization and delayed project start-ups. The marine seismic market improved during 2012. A stronger market combined with our unique GeoStreamer® offering contributed to higher margins.

Strong client demand for GeoStreamer has secured an attractive order book well into the second half of 2013. We look forward to taking delivery of the first Ramform Titan-class vessel in April, which will position us even more favourably to capitalize on the sustained strengthening trend of the seismic market."

Jon Erik Reinhardsen, President and Chief Executive Officer

+-------------------------------+-------------------+---------------------+
|                               |                   |                     |
|                               |   4(th) quarter   |      Full year      |
|Key Financial Figures          +---------+---------+---------+-----------+
|(In USD millions, except per   |         |         |         |           |
|share data)                    |  2012   |  2011   |  2012   |   2011    |
|                               |Unaudited|Unaudited|Unaudited|Audited(1) |
+-------------------------------+---------+---------+---------+-----------+
|Revenues                       |    360.1|    344.6|  1,518.3|    1,253.3|
+-------------------------------+---------+---------+---------+-----------+
|EBITDA (as defined)            |    162.2|    145.0|    776.2|      534.8|
+-------------------------------+---------+---------+---------+-----------+
|EBIT ex. impairment charges (2)|     60.7|     45.4|    293.0|      141.3|
+-------------------------------+---------+---------+---------+-----------+
|EBIT as reported               |     60.6|     42.8|    293.8|      138.7|
+-------------------------------+---------+---------+---------+-----------+
|Income before income tax       |     45.0|     12.5|    228.5|       64.8|
| expense                       |         |         |         |           |
+-------------------------------+---------+---------+---------+-----------+
|Net income  to equity holders  |     40.1|      5.5|    185.5|       33.7|
+-------------------------------+---------+---------+---------+-----------+
|Basic earnings per share       |     0.19|     0.03|     0.86|       0.16|
| ($ per share)                 |         |         |         |           |
+-------------------------------+---------+---------+---------+-----------+
|Diluted earnings per share     |     0.18|     0.03|     0.85|       0.15|
| ($ per share)                 |         |         |         |           |
+-------------------------------+---------+---------+---------+-----------+
|Net cash provided by operating |    163.6|    150.5|    752.9|      480.4|
| activities                    |         |         |         |           |
+-------------------------------+---------+---------+---------+-----------+
|Cash investment in MultiClient |     71.3|     28.5|    297.4|      203.9|
| library                       |         |         |         |           |
+-------------------------------+---------+---------+---------+-----------+
|Capital expenditures (whether  |    139.5|     47.2|    368.1|      279.9|
| paid or not)                  |         |         |         |           |
+-------------------------------+---------+---------+---------+-----------+
|Total assets (period end)      |  3,274.0|  3,137.2|  3,274.0|    3,137.2|
+-------------------------------+---------+---------+---------+-----------+
|Cash and cash equivalents      |    390.3|    424.7|    390.3|      424.7|
| (period end)                  |         |         |         |           |
+-------------------------------+---------+---------+---------+-----------+
|Net interest bearing debt      |    435.6|    394.2|    435.6|      394.2|
| (period end)                  |         |         |         |           |
+-------------------------------+---------+---------+---------+-----------+

1. Financial information for the full year 2011 is derived from the audited financial statements as presented in the 2011 annual report.

2. See Note 7 for details of impairments by period presented.

Complete Q4 and preliminary full year 2012 earnings release and presentation can be downloaded from www.newsweb.no and www.pgs.com

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

Q4 2012 presentation: http://hugin.info/115/R/1678131/547581.pdf

Q4 2012 earnings release: http://hugin.info/115/R/1678131/547580.pdf

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Source: Petroleum Geo-Services ASA via Thomson Reuters ONE [HUG#1678131]