PGS ASA

Remuneration Information • Jun 21, 2019

PGS ASA: Implementation of 2019 Employee Long-term Incentive Plan

PGS ASA: Implementation of 2019 Employee Long-term Incentive Plan

June 21, 2019: Oslo, Norway, PGS (or "the Company") announces that the 2019 long

term incentive plan, as approved by the Annual General Meeting on April

24, 2019, has now been implemented by allocating 2 249 300 Performance based

Restricted Stock Units ("PRSUs").

The awards are based on amongst other considerations the position in the Company

and a review on the individual participant's performance prior to award. Any

PRSU awarded will, subject to the participant's continued employment with the

Company (or a subsidiary), be settled three years after grant. The complete

terms and conditions of the award are described in the calling notice for the

2019 Annual General Meeting.

Delivery of shares will take place from the Company's pool of treasury shares

or, if an insufficient number of treasury shares exist, it will be settled by

cash payment of an equivalent value.

The purpose of the long term incentive plan is to further the interests of PGS,

its subsidiaries and its shareholders to employees who can contribute materially

to the success and profitability of PGS. Such awards will recognize and reward

performance and individual contributions and give participants in the plan an

interest in the Company parallel to that of the shareholders, thus enhancing the

proprietary and personal interest in PGS' continued success and progress.

The Board of Directors has allocated PRSUs according to the plan to the

following primary insiders in PGS:

Rune Olav Pedersen, President & CEO, has been awarded 168 000 PRSUs in the

Company. Following the award, Pedersen holds 123 617 shares in PGS, 330 000

PRSUs and 9 000 RSUs.

Gottfred Langseth, Executive Vice President & CFO, has been awarded 75 000 PRSUs

in the Company. Following the award, Langseth holds 225 106 shares in PGS,

171 000 PRSUs and 9 000 RSUs.

Per Arild Reksnes, Executive Vice President Operations & Technology, has been

awarded 75 000 PRSUs in the Company. Following the award, Reksnes holds 59 263

shares in PGS, 171 000 PRSUs and 9 000 RSUs.

Berit Osnes, Executive Vice President New Ventures, has been awarded 75 000

PRSUs in the Company. Following the award, Osnes holds 21 186 shares in PGS,

105 000 PRSUs and 4 000 RSUs.

Nathan Oliver, Executive Vice President Sales & Imaging, has been awarded

75 000 PRSUs in the Company. Following the award, Oliver holds 0 shares in PGS,

111 000 PRSUs and 4 000 RSUs.

Terje Bjølseth, Senior Vice President HR, has been awarded 30 000 PRSUs in the

Company. Following the award, Bjølseth holds 47 088 shares in PGS, 70 000 PRSUs

and 4 000 RSUs.

Bård Stenberg, Senior Vice President IR & Corporate Communications, has been

awarded 26 000 PRSUs in the Company. Following the award, Stenberg holds 9 436

shares in PGS, 50 800 PRSUs and 3 200 RSUs.

Lars Ragnar Mysen, General Counsel, has been awarded 26 000 PRSUs in the

Company. Following the award, Mysen holds 21 000 shares in PGS, 48 100 PRSUs and

1 400 RSUs.

Kai Reith, Senior Vice President Corporate Development, has been awarded 26 000

PRSUs in the Company. Following the award, Reith holds 44 341 shares in PGS,

50 800 PRSUs and 3 200 RSUs.

Magnus Christiansen, Vice President HSEQ, has been awarded 22 500 PRSUs in the

Company. Following the award, Christiansen holds 3 637 shares in PGS, 40 820

PRSUs and 880 RSUs.

David J. Dakin, Chief Accounting Officer, has been awarded 20 000 PRSUs in the

Company. Following the award, Dakin holds 7 753 shares in PGS, 40 600 PRSUs and

2 400 RSUs.

Christin Steen-Nilsen, Vice President Corporate Controller, has been awarded

20 000 PRSUs in the Company. Following the award, Steen-Nilsen holds 7 012

shares in PGS, 40 000 PRSUs and 2 000 RSUs.

Grunde Rønholt, Area Manager, has been awarded 13 500 PRSUs in the Company.

Following the award, Rønholt holds 25 259 shares in PGS, 27 100 PRSUs and 2 400

RSUs.

Merethe Bryn, Head of Tax Europe, Africa & Middle East, has been awarded 10 000

PRSUs in the Company. Following the award, Bryn holds 0 shares in PGS, 13 920

PRSUs and 280 RSUs.

Jens Fredrik Wisløff, Section Manager, has been awarded 10 000 PRSUs in the

Company. Following the award, Wisløff holds 1 700 shares in PGS, 17 100 PRSUs

and 1 400 RSUs.

Anette Valbø, Bidding Manager, has been awarded 5 000 PRSUs in the Company.

Following the award, Valbø holds 7 142 shares in PGS, 12 000 PRSUs and 2 000

RSUs.

Hege Renshus, Senior Navigation Specialist, has been awarded 5 000 PRSUs in the

Company. Following the award, Renshus holds 1 918 shares in PGS, 10 320 PRSUs

and 880 RSUs.

Further details on remuneration of management are described in the 2018 annual

report.

This information is subject to the disclosure requirements pursuant to section

5 -12 of the Norwegian Securities Trading Act.

***

PGS ASA and its subsidiaries (or "the Company") is a focused marine geophysical

company that provides a broad range of seismic and reservoir services, including

acquisition, imaging, interpretation, and field evaluation. The Company

MultiClient data library is among the largest in the seismic industry, with

modern 3D coverage in all significant offshore hydrocarbon provinces of the

world. The Company operates on a worldwide basis with headquarters in Oslo,

Norway and the PGS share is listed on the Oslo stock exchange (OSE: PGS). For

more information on PGS visit www.pgs.com.

***

The information included herein contains certain forward-looking statements that

address activities, events or developments that the Company expects, projects,

believes or anticipates will or may occur in the future. These statements are

based on various assumptions made by the Company, which are beyond its control

and are subject to certain additional risks and uncertainties. The Company is

subject to a large number of risk factors including but not limited to the

demand for seismic services, the demand for data from our MultiClient data

library, the attractiveness of our technology, unpredictable changes in

governmental regulations affecting our markets and extreme weather conditions.

For a further description of other relevant risk factors we refer to our Annual

Report for 2018. As a result of these and other risk factors, actual events and

our actual results may differ materially from those indicated in or implied by

such forward-looking statements. The reservation is also made that inaccuracies

or mistakes may occur in the information given above about current status of the

Company or its business. Any reliance on the information above is at the risk of

the reader, and PGS disclaims any and all liability in this respect.

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This information is subject to the disclosure requirements pursuant to section

5 -12 of the Norwegian Securities Trading Act.