Lysaker, Norway, November 10, 2011: Petroleum Geo-Services ASA ("PGS") today announces the pricing of an offering of USD 300 million senior notes due 2018 (the "Notes") guaranteed on a senior basis by certain of its subsidiaries. The Notes were priced with a coupon of 7.375% and will be issued at 98.638% of the principal amount. PGS expects to use the net proceeds of the offering for general corporate purposes. PGS intends to repurchase or repay the outstanding principal amount of its existing convertible notes on or before maturity with cash on hand which may include the net proceeds received from this offering.
| FOR DETAILS, CONTACT: |
| Bård Stenberg, Investor Relations Manager Phone: +47 67 51 43 16 Mobile: +47 99 24 52 35 Tore Langballe, SVP Corporate Communications Phone: +47 67 51 43 75 Mobile: +47 90 77 78 41 |
This information is subject of the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act.