Sercel announced today that its multi-sensor solid streamer, the Sentinel® MS, has been commercially deployed for the first time and is being successfully operated
on a large 3D CGG multi-client survey being conducted by the CGG Geo Coral
in the Southern Porcupine Basin in Ireland.

The Annual General Meeting of Magseis ASA will be held on Thursday 22th June 2017 at 15:00 (CET), at the offices of Magseis at Dicks Vei 10b, 1366 Lysaker, Norway.

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In yet another sign that Newfoundland and Labrador’s oil industry is poised for growth, no fewer than 18 companies that specialize in seismic surveying have filed environmental assessments with the board that regulates the offshore.

A record amount of valuable 3D seismic data will be collected in the coming months, with one company deploying a small fleet of very specialized vessels.

It’s a unique situation in an environment where oil companies throughout the world have tightened the purse strings on exploration, with spending down by 75 per cent from just three years ago, when oil was trading at more than $100 US per barrel.

Oil is now hovering at about half that, yet oil companies continue to search for the next major find in the offshore.

“Based on the activity level here, we’re getting more than a reasonable share of that spending,” said Bob Cadigan, president and CEO of the Newfoundland and Labrador Oil and Gas Industries Association.

“It says that the eyes of explorers are on our offshore and that the prospectivity is really exciting to them.”

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Via Netfonds

1. Settlement

The 2014 Performance based Restricted Stock Unit (“PRSU”) program settled on

June 6, 2017. Employees in Petroleum Geo-Services ASA and subsidiaries (“PGS” or “the Company”) have received a total number of 642 900 shares. Following the transaction, 642 900 shares will be transferred from the Company’s holding of own shares.

Subsequent to the transaction Petroleum Geo-Services ASA holds 45 264 own shares.

2. Receipt of shares by primary insiders

Out of the abovementioned shares, the following were received by primary insiders:

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With a maiden voyage that takes her to the deep waters of Ireland’s Atlantic margin and the far North of the Barents Sea, Fugro Venturer is the newest of Fugro’s successful purpose-designed, standardised survey vessels, originally formulated in 2013.

The 72-metre vessel is a platform for technological innovation, where Fugro’s trademark technologies such as OARS (centralised command centres with direct access to offshore survey projects), Back2Base (enabling large amounts of survey data to be sent from offshore vessels to onshore processing centres and clients) and ROAMES (a powerful asset management solution streamlining subsea operations) are radically changing information delivery.

Fugro has secured a significant confirmed work backlog so that a campaign of site and pipeline route surveys, for clients including Aker BP, following commissioning and survey trials. Fugro Venturer is contracted to conduct simultaneous analogue/digital surveys, 3D high resolution seismic and environmental sampling and shallow geotechnical operations. An increased level of weather tolerance will ensure a highly reliable operational programme.

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PGS has developed a concept for efficient, large-scale collection of plastic in the oceans. The solution uses the inherent benefits of seismic vessels and takes advantage of their air compressors and capabilities for handling large towing configurations.

Each year, eight million tons of plastic ends up in the world’s oceans – equivalent to dumping the contents of one garbage truck into the sea every minute. If no action is taken, this is expected to increase to two garbage trucks per minute by 2030 and four garbage trucks per minute by 2050¹.

The PGS plastic collection concept consists of a seismic vessel and a support vessel towing booms, in a fan formation, which are connected to a processing unit at the end of the spread.

The uniqueness of the seismic vessel is its large onboard compressors, which usually supply the seismic source. These are instead used to pump air through a ventilated hose, towed at approximately 50 meters water depth between the seismic ship and the support vessel. The air bubbles attach to the submerged plastic which then rises to the sea surface, just like bubbles are attracted to a straw in a glass of sparkling water.

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Reference is made to the stock exchange announcement from SeaBird on 26 May 2017 concerning the proposed restructuring of the SeaBird group, as further described in said announcement.

The bondholders’ meeting of the SBX04 bond issue has today unanimously approved the proposal for the debt restructuring, pursuant to the summons therefore. The bondholders present formed a quorum.

Following the bondholders’ meeting, the Company continues its efforts to satisfy the outstanding conditions for the proposed restructuring. Said conditions include (i) the approval of the Restructuring at an extraordinary general meeting of the Company; (ii) consent to the Restructuring from Glander and subsequent execution of the same from Glander and Ordinat, (iii) that no SeaBird group entity has entered into any insolvency procedures, whether voluntary or involuntary; (iv) that no enforcement action have been taken by any creditors for any material claim or bankruptcy of any SeaBird group entity; (v) that final documentation required to implement the Restructuring, including final documentation on revised terms with trade creditors, has been entered into; (vi) subsequent confirmation that the abovementioned outstanding amounts under Tranche A and Tranche B of the SBX04 bond loan and the Glander credit facility have been irrevocably redeemed following the respective settlements; (vii) the entry into of an amended and restated SBX04 bond agreement between the Company and the bond trustee under the SBX04 bond agreement; and (viii) the entry into of an exchange agreement and income distribution agreement between TGS and the bond trustee under the SBX04 bond agreement to reflect the abovementioned distribution of the net income from the multi-client libraries.

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