PGS ASA

Major Shareholding Notification

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SHAREHOLDING DISCLOSURE

Reference is made to today's notice from Polarcus

Limited ("Polarcus"). Petroleum Geo-Services ASA

("PGS") has been allocated 48,346,153 Class B shares

in Polarcus pursuant to the resolutions passed at

Polarcus' extraordinary general meeting. After

allocation of Class B shares PGS will hold 9.11% of

the shares and votes in Polarcus. PGS does not hold

other shares or rights to shares in Polarcus.

This announcement is made pursuant to section 4-3 of

the Norwegian Securities Trading Act.

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