PGS ASA

Major Shareholding Notification • Dec 3, 2015

Disclosure

Disclosure

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 purchases in Petroleum Geo-

Services, this has resulted in our having control over

the following shares and voting rights (also see

attached):

KILTEARN 19 151 081

KILTEARN VOTING RIGHTS 19 151 081

Our records show that Petroleum Geo-Services ASA

(ISIN: NO0010199151) has the following issued ordinary

shares:

Petroleum Geo-Services ASA (ISIN: NO0010199151)

239 579 996

Our records show that Petroleum Geo-Services ASA

(ISIN: NO0010199151) has the following voting

entitlements:

Petroleum Geo-Services ASA (ISIN: NO0010199151)

239 579 996

As a result, we exercise control over 7.99% of the

shares and 7.99% of the voting entitlements. The

Kiltearn Global Equity Fund now exercises control over

5.04% of the shares and voting entitlements as shown

overleaf.