PGS ASA

Director's Dealing • Jun 2, 2015

NEWS RELEASE

FOR DETAILS, CONTACT: FOR IMMEDIATE RELEASE June 2, 2015

Bård Stenberg, VP Corporate Communications Phone: +47 67 51 43 16 Mobile: +47 99 24 52 35

Settlement of 2012 RSU Program

1. Settlement

The 2012 Restricted Stock Unit ("RSU") program settled on June 1, 2015. Employees in Petroleum Geo-Services ASA and subsidiaries ("PGS" or "the Company") have received a total number of 494 450 shares. Following the transaction, 494 450 shares will be transferred from the Company's holding of own shares.

Subsequent to the transaction Petroleum Geo-Services ASA holds 3 190 569 own shares.

1. Receipt of shares by primary insiders

Out of the abovementioned shares, the following were received by primary insiders:

Jon Erik Reinhardsen has received 30 000 shares in the Company

Sverre Strandenes has received 19 000 shares in the Company

Per Arild Reksnes has received 18 000 shares in the Company

Magne A. Reiersgard has received 18 000 shares in the Company

Gottfred Langseth has received 18 000 shares in the Company

Guillaume Cambois has received 18 000 shares in the Company

Rune Olav Pedersen has received 8 000 shares in the Company

Jostein Ueland has received 8 000 shares in the Company

Terje Bjølseth has received 8 000 shares in the Company

Joanna Oustad has received 8 000 shares in the Company

Berit Osnes has received 5 000 shares in the Company

David J. Dakin has received 2 500 shares in the Company

Christin Steen-Nilsen has received 2 000 shares in the Company

Anette Valbø has received 2 000 shares in the Company

Bård Stenberg has received 2 000 shares in the Company

3. Sale of shares

On June 1st, the primary insiders mentioned below ordered for the received shares to be immediately sold by a third party.

The sales amount was determined on the basis of the price subsequently obtained by the third party when selling the shares in the market. All primary insiders mentioned below sold their shares for a price of NOK 48.20.

Sverre Strandenes has sold 9 144 shares in the Company.

Per Arild Reksnes has sold 9 203 shares in the Company.

Magne A. Reiersgard has sold 18 000 shares in the Company.

Gottfred Langseth has sold 9 383 shares in the Company.

Guillaume Cambois has sold 8 483 shares in the Company.

Rune Olav Pedersen has sold 3 851 shares in the Company.

Jostein Ueland has sold 8 000 shares in the Company.

David J. Dakin has sold 1 179 shares in the Company.

Christin Steen-Nilsen has sold 2 000 shares in the Company.

Anette Valbø has sold 944 shares in the Company.

Bård Stenberg has sold 865 shares in the Company.

4. New holding

After completion of the above mentioned transactions, Jon Erik Reinhardsen holds 77 500 RSUs in the Company. In addition, Jon Erik Reinhardsen holds 75 000 unexercised options in the Company, corresponding to 75 000 shares at the strike price of NOK 72,64 and 75 000 unexercised options in the Company, corresponding to 75 000 shares at the strike price of NOK 71,37. As of today the primary insider holds 187 389 shares in the Company.

After completion of the above mentioned transactions, Sverre Strandenes holds 46 500 RSUs in the Company. In addition, Sverre Strandenes holds 45 000 unexercised options in the Company, corresponding to 45 000 shares at the strike price of NOK 72,64 and 45 000 unexercised options in the Company, corresponding to 45 000 shares at the strike price of NOK 71,37. As of today the primary insider holds 26 602 shares in the Company.

After completion of the above mentioned transactions, Per Arild Reksnes holds 46 500 RSUs in the Company. In addition, Per Arild Reksnes holds 45 000 unexercised options in the Company, corresponding to 45 000 shares at the strike price of NOK 72,64 and 45 000 unexercised options in the Company, corresponding to 45 000 shares at the strike price of NOK 71,37. As of today the primary insider holds 23 588 shares in the Company.

After completion of the above mentioned transactions, Magne A. Reiersgard holds 46 500 RSUs in the Company. In addition, Magne A. Reiersgard holds 45 000 unexercised options in the Company, corresponding to 45 000 shares at the strike price of NOK 72,64 and 45 000 unexercised options in the Company, corresponding to 45 000 shares at the strike price of NOK 71,37. As of today the primary insider holds 17 427 shares in the Company.

After completion of the above mentioned transactions, Gottfred Langseth holds 46 500 RSUs in the Company. In addition, Gottfred Langseth holds 45 000 unexercised options in the Company, corresponding to 45 000 shares at the strike price of NOK 72,64 and 45 000 unexercised options in the Company, corresponding to 45 000 shares at the strike price of NOK 71,37. As of today the primary insider holds 69 807 shares in the Company.

After completion of the above mentioned transactions, Guillaume Cambois holds 46 500 RSUs in the Company. In addition, Guillaume Cambois holds 45 000 unexercised options in the Company, corresponding to 45 000 shares at the strike price of NOK 72,64 and 45 000 unexercised options in the Company, corresponding to 45 000 shares at the strike price of NOK 71,37. As of today the primary insider holds 58 555 shares in the Company.

After completion of the above mentioned transactions, Rune Olav Pedersen holds 45 660 RSUs in the Company. In addition, Rune Olav Pedersen holds 20 000 unexercised options in the Company, corresponding to 20 000 shares at the strike price of NOK 71,37. As of today the primary insider holds 11 337 shares in the Company.

After completion of the above mentioned transactions, Terje Bjølseth holds 20 660 RSUs in the Company. In addition Terje Bjølseth holds 20 000 unexercised options in the Company, corresponding to 20 000 shares at the strike price of NOK 72,64 and 20 000 unexercised options in the Company, corresponding to 20 000 shares at the strike price of NOK 71,37. As of today the primary insider holds 16 568 shares in the Company.

After completion of the above mentioned transactions, Joanna Oustad holds 20 660 RSUs in the Company. In addition, Joanna Oustad holds 5 000 unexercised options in the Company, corresponding to 5 000 shares at the strike price of NOK 72,64 and 5 000 unexercised options in the Company, corresponding to 5 000 shares at the strike price of NOK 71,37. As of today the primary insider holds 23 161 shares in the Company.

After completion of the above mentioned transactions, Jostein Ueland holds 20 660 RSUs in the Company. In addition, Jostein Ueland holds 20 000 unexercised options in the Company, corresponding to 20 000 shares at the strike price of NOK 72,64 and 20 000 unexercised options in the Company, corresponding to 20 000 shares at the strike price of NOK 71,37. As of today the primary insider holds 4 879 shares in the company.

After completion of the above mentioned transactions, David J. Dakin holds 6 450 RSUs in the Company. In addition, David J. Dakin holds 10 000 unexercised options in the Company, corresponding to 10 000 shares at the strike price of NOK 72,64 and 10 000 unexercised options in the Company, corresponding to 10 000 shares at the strike price of NOK 71,37. As of today the primary insider holds 5 152 shares in the Company.

After completion of the above mentioned transactions, Berit Osnes holds 12 900 RSUs in the Company. In addition, Berit Osnes holds 20 000 unexercised options in the Company, corresponding to 20 000 shares at the strike price of NOK 72,64 and 13 000 unexercised options in the Company, corresponding to 13 000 shares at the strike price of NOK 71,37. As of today the primary insider holds 6 043 shares in the Company.

After completion of the above mentioned transactions, Christin Steen-Nilsen holds 5 450 RSUs in the Company. In addition, Christin Steen-Nilsen 5 000 unexercised options in the Company, corresponding to 5 000 shares at the strike price of NOK 72,64 and 6 000 unexercised options in the Company, corresponding to 6 000 shares at the strike price of NOK 71,37. As of today the primary insider holds 4 143 shares in the Company.

After completion of the above mentioned transactions, Anette Valbø holds 5 450 RSUs in the Company. In addition, Anette Valbø 4 000 unexercised options in the Company, corresponding to 4 000 shares at the strike price of NOK 72,64 and 6 000 unexercised options in the Company, corresponding to 6 000 shares at the strike price of NOK 71,37. As of today the primary insider holds 2 972 shares in the Company.

After completion of the above mentioned transactions, Bård Stenberg holds 7 600 RSUs in the Company. In addition, Bård Stenberg holds 3 000 unexercised options in the Company, corresponding to 3 000 shares at the strike price of NOK 72,64 and 6 000 unexercised options in the Company, corresponding to 6 000 shares at the strike price of NOK 71,37. As of today the primary insider holds 2 351 shares in the Company.

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Petroleum Geo-Services ("PGS" or "the Company") is a focused Marine geophysical company that provides a broad range of seismic and reservoir services, including acquisition, imaging, interpretation, and field evaluation. The Company's MultiClient data library is among the largest in the seismic industry, with modern 3D coverage in all significant offshore hydrocarbon provinces of the world. The Company operates on a worldwide basis with headquarters in Oslo, Norway.

For more information on Petroleum Geo-Services visit www.pgs.com.

**** The information included herein contains certain forward-looking statements that address activities, events or developments that the Company expects, projects, believes or anticipates will or may occur in the future. These statements are based on various assumptions made by the Company, which are beyond its control and are subject to certain additional risks and uncertainties. The Company is subject to a large number of risk factors including but not limited to the demand for seismic services, the demand for data from our multi-client data library, the attractiveness of our technology, unpredictable changes in governmental regulations affecting our markets and extreme weather conditions. For a further description of other relevant risk factors we refer to our Annual Report for 2013. As a result of these and other risk factors, actual events and our actual results may differ materially from those indicated in or implied by such forward-looking statements. The reservation is also made that inaccuracies or mistakes may occur in the information given above about current status of the Company or its business. Any reliance on the information above is at the risk of the reader, and PGS disclaims any and all liability in this respect.

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