PGS ASA

Major Shareholding Notification • Nov 23, 2016

Petroleum Geo-Services ASA: PRIMARY INSIDER DISCLOSURE

Petroleum Geo-Services ASA: PRIMARY INSIDER DISCLOSURE

Ferd AS ("Ferd") has subscribed for and been allocated 11 647 400 new shares at

the subscription price of NOK 22.50 per share in the private placement (the

"Private Placement") in Petroleum Geo-Services ASA (the "Company") as announced

on November 23, 2016.

Ferd currently owns 24 175 800 shares in the Company. Following delivery of the

new shares, Ferd will own a total of 35 823 200 shares which will represent

approximately 11% of the outstanding shares (after giving effect to the

completion of the issue of the new shares under the Private Placement) in the

Company. Ferd is represented on the Board of Directors of the Company.

***

The information contained herein is subject to the disclosure requirements of

section 4-2 of the Norwegian Securities Trading Act.