PGS ASA - Major Shareholding Notification 2015

Disclosure of large shareholdings

Kiltearn Partners LLP act as an Investment Manager for

a number of commingled funds and separate accounts

(our "Clients"). In acting for our Clients, we are

given full discretion over their investments.

However, we do not act as their Custodian, and

therefore shares are not held in our name, but in the

nominee name of their Custodian Bank.

As a result of the recent private placement of new

shares in Petroleum Geo-Services, this has resulted in

our having control over the following shares and

voting rights (also see attached):

KILTEARN 18 990 396

KILTEARN VOTING RIGHTS 18 990 396

Our records show that Petroleum Geo-Services ASA

(ISIN: NO0010199151) has the following issued ordinary

shares: Petroleum Geo-Services ASA (ISIN: NO0010199151)

239 579 996

Our records show that Petroleum Geo-Services ASA

(ISIN: NO0010199151) has the following voting

entitlements: Petroleum Geo-Services ASA (ISIN:

NO0010199151) 239 579 996

As a result, we exercise control over 7.93% of the

shares and 7.93% of the voting entitlements. The

Kiltearn Global Equity Fund now exercises control over

4.98% of the shares and voting entitlements as shown

overleaf.

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