PGS ASA — Director's Dealing 2010

Nov 5, 2010

Exercise of employee share options

1. Employees in PGS have exercised 262 733 options. Following the transaction,

262 733 shares will be transferred from PGS` holding of own shares.

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

Christin Steen-Nilsen has exercised 3 333 options in the Company, corresponding

to 3 333 shares at the strike price of NOK 40.29.

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

20 000 shares at the strike price of NOK 40.29.

Rune Eng has exercised 30 000 options in the Company, corresponding to 30 000

shares at the strike price of NOK 40.29.

3. Transfer of rights

On November 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 80.2845 per right.

Christin Steen-Nilsen transferred 3 333 rights.

Per Arild Reksnes transferred 20 000 rights.

Rune Eng transferred 30 000 rights.

4. New holding

After exercising options, Christin Steen-Nilsen holds 10 000 unexercised options

in the Company, corresponding to 10 000 shares at the strike price of NOK

133.05, 8 001 unexercised options in the Company, corresponding to 8 001 shares

at the strike price of NOK 111.50, 5 000 unexercised options in the Company,

corresponding to 5 000 shares at the strike price of NOK 78.39 and 6 667 shares

at the strike price of NOK 40.29. As of today the primary insider holds 4 143

shares in the company.

After exercising options, Per Arild Reksnes holds 60 000 unexercised options in

the Company, corresponding to 60 000 shares at the strike price of NOK

133.05, 39 999 unexercised options in the Company, corresponding to 39 999

shares at the strike price of NOK 111.50, 45 000 unexercised options in the

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

40 000 unexercised options in the Company, corresponding to 40 000 shares at the

strike price of NOK 40.29. As of today the primary insider holds 5 434 shares in

the company.

After exercising options, Rune Eng holds 60 000 unexercised options in the

Company, corresponding to 60 000 shares at the strike price of NOK

133.05, 60 000 unexercised options in the Company and corresponding to 60 000

shares at the strike price of NOK 111.50. As of today the primary insider holds

30 023 shares in the company.

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

(Norwegian Securities Trading Act)

[HUG#1459399]