PGS ASA

Major Shareholding Notification • Dec 17, 2015

NOTIFICATION OF MAJOR INTEREST IN SHARES - The Notification Pursuant to Section 4- 3 (6) of the Securities Trading Act

1. Identity of the issuer or the underlying issuer of existing shares to which voting rights are attached:		PETROLEUM GEO-SERVICES ASA
2 Reason for the notification (please tick the appropriate box or boxes):
An acquisition or disposal of voting rights			x
An acquisition or disposal of qualifying financial instruments which may result in the acquisition of shares already issued to which voting rights are attached
An acquisition or disposal of instruments with similar economic effect to qualifying financial instruments
An event changing the breakdown of voting rights
Other (please specify):
3. Full name of person(s) subject to the Bank of America Corporation notification obligation:
4. Full name of shareholder(s) (if different from 3.):	Merrill Lynch International Merrill Lynch, Pierce, Fenner and Smith Incorporated Bank of America National Association
5. Date of the transaction and date on which the threshold is crossed or reached:	15 December 2015
6. Date on which issuer notified:	16 December 2015
7. Threshold(s) that is/are crossed or reached:	Above 5%

8. Notified details:
A: Voting rights attached to shares
Class/type of Situation previous Resulting situation after the triggering transaction shares to the triggering transaction
if possible using the ISIN CODE	Number of	Number of	Number of shares		Number of voting rights		% of voting rights
	Shares	Voting Rights	Direct	Indirect	Direct	Indirect	Direct	Indirect
NO0010199151	Below notifiable threshold	Below notifiable threshold	0	12,095,124	0	12,095,124	0%	5.048%

B: Qualifying Financial Instruments
Resulting situation after the triggering transaction
Type of financial instrument	Number of voting rights that may be acquired if the instrument is exercised/ converted.	% of voting rights
N/a

C: Financial Instruments with similar economic effect to Qualifying Financial Instruments Resulting situation after the triggering transaction Type of financial instrument Exercise price Expiration date Exercise/ Conversion period Number of voting rights instrument refers to % of voting rights

			Nominal	Delta
N/a

Total (A+B+C)
Number of voting rights	Percentage of voting rights
12,095,124	5.048%

9. Chain of controlled undertakings through which the voting rights and/or the financial instruments are effectively held, if applicable:

Shares:

Merrill Lynch International – 12,086,754 (5.045%) Merrill Lynch, Pierce, Fenner and Smith Incorporated – 100 (0.000%) Bank of America National Association – 8,270 (0.003%)

Proxy Voting:
10. Name of the proxy holder:
11. Number of voting rights proxy holder will cease to hold:
12. Date on which proxy holder will cease to hold voting rights:

13. Additional information:
14. Contact name:	Kim Oakley
15. Contact telephone number:	0207 9960275

Annex: Notification of major interests in shares

A: Identity of the persons or legal entity subject to the notification obligation
Full name (including legal form of legal entities)	Bank of America Corporation
Contact address (registered office for legal entities)	Corporation Trust Center 1209 Orange Street Wilmington DE 19801 United States
Phone number & email
Other useful information (at least legal representative for legal persons)