Exercise of employee share options

1. Employees in PGS have exercised 88 465 options. Following the transaction,

88 465 shares will be transferred from PGS` holding of own shares.

2. Options exercised by primary insiders on August 4, 2010:

Guillaume Cambois has exercised 20 000 options in the Company, corresponding to

20 000 shares at the strike price of NOK 40.29.

3. Transfer of rights

On August 4, 2010, the primary insider 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 60.9038 per right.

Guillaume Cambois transferred 20 000 rights.

4. New holding

After exercising options, Guillaume Cambois holds 45 000 unexercised options in

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

133.05, 40 000 unexercised options in the Company, corresponding to 40 000

shares at the strike price of NOK 40.29, and 45 000 unexercised options in the

Company, corresponding to 45 000 shares at the strike price of NOK 78.39. As of

today the primary insider holds 1885 shares in the Company.

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

(Norwegian Securities Trading Act)

[HUG#1435880]

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