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PGS: Signed Vessel Sale Agreement for Ramform Sterling - CORRECTION

Oslo, Norway: Reference is made to PGS press release dated November 15, 2018. PGS has now signed the vessel sale agreement for the Ramform Sterling to Japan Oil, Gas and Metals National Corporation ("JOGMEC"), an incorporated administrative agency of Ministry of Economy Trade and Industry in Japan.

JOGMEC will take delivery of the Ramform Sterling late April 2019. The sales price is approximately $100 million. PGS will receive about 75% of the cash proceeds at delivery. The remaining will be paid in FY2020.

The vessel sale does not include seismic streamers.


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