PGS ASA

Share Issue/Capital Change • May 16, 2014

Petroleum Geo-Services ASA : Exercise of Employee Share Options and Increase in Executives' Share Holdings

Petroleum Geo-Services ASA : Exercise of Employee Share Options and Increase in Executives' Share Holdings

1.     Employees in Petroleum Geo-Services ASA and subsidiaries ('PGS' or 'the

Company') have on May 15 2014 exercised a total number of 273 836 employee share

options. Following the exercise, 273 836 shares will be transferred from the

Company's holding of own shares.

Subsequent to the transaction Petroleum Geo-Services ASA holds 3 053 164 own

shares.

2.     Out of the above options, the following were exercised by primary

insiders on May 15, 2014:

Reiersgard, Magne A. has exercised 20 000 options in the Company, corresponding

to 20 000 shares at the strike price of NOK 35,24.

Langseth, Gottfred has exercised 60 000 options in the Company, corresponding to

60 000 shares at the strike price of NOK 35,24.

Reksnes, Per Arild has exercised 20 000 options in the Company, corresponding to

20 000 shares at the strike price of NOK 35,24.

Stenberg, Bård has exercised 1334 options in the Company, corresponding to

1 334 shares at the strike price of NOK 35,24.

3.     Transfer of rights

On May 15, 2014, the primary insiders mentioned below transferred the rights to

receive shares resulting from the exercise of options to a third party. The

payment was determined based on a selling price of NOK 65,5333 per right.

Reiersgard, Magne A. transferred 20 000 rights.

Langseth, Gottfred transferred 60 000 rights.

Reksnes, Per Arild transferred 20 000 rights.

Stenberg, Bård transferred 1 334 rights.

4.     Purchase of shares

On May 15, 2014, the primary insiders mentioned below entered into an agreement

to use the compensation mentioned in item 3 to purchase shares.

Langseth, Gottfred purchased 10 000 shares at a price of NOK 65,5333

Stenberg, Bård purchased 609 shares at a price of NOK 65,5333

5.     New holding

After exercising options, Reiersgard, Magne A. holds 45 000 unexercised options

in the Company, corresponding to 45 000 shares at the strike price of NOK

73.34, 45 000 unexercised options in the Company, corresponding to 45 000 shares

at the strike price of NOK 72.07 and 42 900 restricted share units in the

Company. As of today the primary insider holds 17 427 shares in the company.

After exercising options, Langseth, Gottfred holds 45 000 unexercised options in

the Company, corresponding to 45 000 shares at the strike price of NOK

73.34, 45 000 unexercised options in the Company, corresponding to 45 000 shares

at the strike price of NOK 72.07 and 42 900 restricted share units in the

Company. As of today the primary insider holds 46 190 shares in the company.

After exercising options, Reksnes, Per Arild holds 45 000 unexercised options in

the Company, corresponding to 45 000 shares at the strike price of NOK

73.34, 45 000 unexercised options in the Company, corresponding to 45 000 shares

at the strike price of NOK 72.07 and 42 900 restricted share units in the

Company. As of today the primary insider holds 14 791 shares in the company.

After exercising options, Stenberg, Bård holds 3 000 unexercised options in the

Company, corresponding to 3 000 shares at the strike price of NOK 73.34, 6 000

unexercised options in the Company, corresponding to 6 000 shares at the strike

price of NOK 72.07 and 4 750 restricted share units in the Company. As of today

the primary insider holds 1 216 shares in the company.

_________________

FOR DETAILS, PLEASE CONTACT:

Tore Langballe, SVP Corporate Communications

Phone:   +47 67 51 43 75

Mobile:  +47 90 77 78 41

This information is subject of the disclosure requirements pursuant to section

5-12 of the Norwegian Securities Trading Act.

[HUG#1786374]