Looking at Newspaper Archive the majority of ads for Peter Freund sweaters are late 50's, early 60's. They all seem to be sweaters for women.
In a different database I found a broader scope than Amanda's finds. I saw references to Peter Freund sweaters from ca. 1917 to 1976 and ads that touted "Sweaters for the whole family." So, are those oil rigs?
It's unusual, that's for sure. I saw an oil rig on first glance but wondered about what was on the sides too. It looks older to me though as in 50s, that's why I wanted a closer look at the label. It certainly is nifty and a great addition to your collection.
This might be a crazy guess, but could it possibly be Grauman's Chinese Theater in LA? On opening night of a film, with moving spotlights and the cityscape or Hollywood Blvd. silhouetted underneath?