PGS ASA — Director's Dealing 2010

May 11, 2010

Implementation of stock option plan 2010

May 11, 2010: Oslo, Norway, Petroleum Geo-Services ASA ('PGS' or the 'Company')

announced today that the 2010 stock option plan, as approved by the Annual

General Meeting on April 29th 2010, has now been implemented by allocating

1,469,000 stock options. The Board of Directors has now decided on the

individual allocation which includes 160 employees. The options have an exercise

price of NOK 78.39, which represents the volume weighted average trading price

on May 10th 2010.

The purpose of the plan is to further the interests of the Company, its

subsidiaries and its shareholders by providing incentives in the form of awards

to employees who can contribute materially to the success and profitability of

PGS. Such awards will recognize and reward outstanding performances and

individual contributions and give participants in the plan an interest in the

Company parallel to that of the shareholders, thus enhancing the proprietary and

personal interest of such participants in the Company's continued success and

progress. This plan will also enable the Company and its subsidiaries to attract

and retain such employees.

The Board of Directors has allocated stock options according to the plan to the

following primary insiders in PGS:

Guillaume Cambois, Executive Vice President Data Processing & Technology has

been awarded 45,000 options. Following the award, Cambois holds 1,885 shares in

PGS, and 150,000 stock options.

Rune Eng, Executive Vice President Marine Contract has been awarded 45,000

options. Following the award, Eng holds 30,023 shares in PGS, and 285,000 stock

options.

Terje Glesaaen, Senior Vice President and CAO, has been awarded 6,000 options.

Following the award, Glesaaen holds 512 shares in PGS, and 18,000 stock options.

Tore D Langballe, Senior Vice President Corporate Communications has been

awarded 20,000 options. Following the award, Langballe holds 2,567 shares in

PGS, and 100,000 stock options.

Gottfred Langseth, Executive Vice President & CFO has been awarded 45,000

options. Following the award, Langseth holds 28,752 shares in PGS, and 315,000

stock options.

Magne Reiersgård, Executive Vice President Operations has been awarded 45,000

options. Following the award, Reiersgard holds 8,678 shares in PGS, and 204,999

stock options.

Jon Erik Reinhardsen, President & CEO has been awarded 75,000 options. Following

the award, Reinhardsen holds 49,785 shares in PGS, and 375,000 stock options.

Per Arild Reksnes, Executive Vice President New Ventures has been awarded

45,000 options. Following the award, Reksnes holds 5,434 shares in PGS, and

204,999 stock options.

Christin Steen-Nilsen, Corporate Controller has been awarded 5,000 options.

Following the award, Steen-Nilsen holds 4,143 shares in PGS, and 33,001 stock

options.

Bård Stenberg, Investor Relations Manager, has been awarded 3,000 options.

Following the award, Stenberg holds 607 shares in PGS, and 17,000 stock options.

Sverre L Strandenes, Executive Vice President MultiClient has been awarded

45,000 options. Following the award, Strandenes holds 9,330 shares in PGS, and

275,001 stock options.

Jostein Ueland, Senior Vice President Business Development has been awarded

20,000 options. Following the award, Ueland holds 682 shares in PGS, and 60,000

stock options.

Full details of the stock option plan can be found in the calling notice for the

annual general meeting 2010, available on www.pgs.com.

Further details on remuneration of management are described in the annual report

for 2009.

FOR DETAILS, CONTACT:

Tore Langballe, SVP Corporate Communications

Phone:   +47 67 51 43 75

Mobile: +47 90 77 78 41

Bård Stenberg, Investor Relations Manager

Phone: +47 67 51 43 16

Mobile: +47 99 24 52 35

US Investor Services

Phone: +1 281 509 8712

****

Petroleum Geo-Services is a focused geophysical company providing a broad range

of seismic and reservoir services, including acquisition, processing,

interpretation, and field evaluation. The company also possesses the world's

most extensive MultiClient data library. PGS operates on a worldwide basis with

headquarters at Lysaker, Norway.

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

.

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This information is subject of the disclosure requirements acc. to §5-12 vphl

(Norwegian Securities Trading Act)

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