PGS ASA

Major Shareholding Notification • Dec 19, 2016

Kiltearn Partners LLP Disclosure - Petroleum Geo Services

Kiltearn Partners LLP Disclosure - Petroleum Geo Services

We act as an Investment Manager for a number of

commingled funds and separate accounts

our "Clients"). In acting for our Clients, we are

given full discretion over their investments.

However, we do not act as their Custodian, and

therefore shares are not held in our name, but in the

nominee name of their Custodian Bank.

As a result of the recent private placement of shares

by Petroleum Geo-Services ASA, this has resulted in

our having control over the following shares and

voting rights (also see attached):

KILTEARN 13 983 449

KILTEARN VOTING RIGHTS 13 983 449

Our records show that Petroleum Geo-Services ASA

(ISIN: NO0010199151) has the following issued ordinary

shares:

Petroleum Geo-Services ASA (ISIN: NO0010199151)

325 079 996

Our records show that Petroleum Geo-Services ASA

(ISIN: NO0010199151) has the following voting

entitlements:

Petroleum Geo-Services ASA (ISIN: NO0010199151)

325 079 996

As a result, we exercise control over 4.3% of the

shares and 4.3% of the voting entitlements.

See attachment