PGS ASA

Major Shareholding Notification • Jul 17, 2019

Disclosure of Large Shareholding

Disclosure of Large Shareholding

July 16th, 2019

RE: Norwegian Filing Notification Requirements

To Financial Supervisory Authority of Norway (FSA):

This is to notify the FSA of a threshold crossing above 10% of Petroleum Geo-Services (Ticker PGS NO). The following is the required information outlined in section 4-1(1) of the Securities Trade Act Regulations.

A. Name of the issuer of the shares:

Petroleum Geo-Services

B. The date on which the proportion of shares held reached, exceeded or fell below the thresholds set in the Securities Trading Act section 4-3 subsection (1):

July 16th, 2019

C. Name of the entity subject to the disclosure obligation, including the name of the shareholder:

Coltrane Master Fund, LP

D. The number of shares the notification encompasses:

33,933,000

E. The subsequent situation with regard to voting rights, including the percentage of the votes and shares of the company held by the entity concerned:

10.02%

F. What percentage of the votes and shares of the company the entity concentered holds in the form of rights to shares:

0%

G. The circumstance that triggered the disclosure obligation and whether such circumstance applied to the entity concerned himself or to any related party as mentioned in the Securities Trading Act section 2-5:

Purchase of shares on July 16th, 2019

H. The chain of controlled undertakings through which the shares or rights are owned:

Coltrane Asset Management, L.P.

Mandeep Manku

Coltrane Domestic Fund, L.P.

Coltrane Offshore Fund, Ltd

Coltrane GP, LLC

Coltrane Master Fund, L.P.

I. Where the notification concerns rights to shares as mentioned in the Securities Trading Act section 4-3 subsection (4) the notification shall also contain a description of the rights, including information on the date and time that the rights will or can be exercised and the date and time of their expiry."

N/A