PGS ASA

Major Shareholding Notification • Dec 19, 2016

KILTEARN PARTNERS LLP

Edinburgh EH3 8BL Telephone 0131 460 1040 Facsimile 0131 228 1830 Exchange Place 3 3 Semple Street

Oslo Stock Exchange

Tollbugt. 2 PO Box 460, Sentrum N-0105, Oslo

19 December 2016

Dear Oslo Stock Exchange,

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.

Yours Faithfully,

Douglas McArthur Compliance

Partnership Registration Number: SO303158 Registered Office: Exchange Place 3, 3 Semple Street, Edinburgh, EH3 8BL AUTHORISED AND REGULATED BY THE FINANCIAL CONDUCT AUTHORITY

Company:
Petroleum Geo-Services ASA (ISIN: NO0010199151)	Attention:	Oslo Stock Exchange
Share Class: ORDINARY	Address:	Tollbugt. 2 PO Box 460, Sentrum N-0105, Oslo
Issued Share as at 19 December 2016:
325,079,996
KP Ownership:
13,983,449	Date of trade:	N/A
KP Voting Ownership:
13,983,449

% of Shares	Number of real voting rights as at 19 December 2016:	% of Voting Entitlements
4.30	325,079,996	4.30

KP Account	Nominee	Kiltearn Current Share Holding	% Holding at Fund Level
KILTEARN GLOBAL EQUITY FUND	Northern Trust Co	9,112,324	2.80
651 Holiday Drive, Suite 300
Pittsburgh, Pennsylvania 15220
USA
KILTEARN GLOBAL EQUITY SRI FUND	Northern Trust Co	882,810	0.27
651 Holiday Drive, Suite 300
Pittsburgh, Pennsylvania 15220
USA
KILTEARN GLOBAL EQUITY (IRELAND) FUND	Northern Trust Co	1,974,090	0.61
c/o Northern Trust Fund Services (Ireland) Limited
George's Court, 54-62 Townsend Street
Dublin 2, Ireland
SEPARATE ACCOUNTS	Separate Account Custodians	2,014,225	0.62
c/o Kiltearn Partners LLP
Exchange Place 3, 3 Semple Street
Edinburgh, EH3 8BL
TOTAL		13,983,449	4.30