PGS ASA

Major Shareholding Notification • May 15, 2018

DISCLOSURE OF LARGE SHAREHOLDINGS, RIGHT TO SHARES AND VOTING RIGHTS PURSUANT TO SECTION 4-3 OF THE ACT ON SECURITIES TRADING

1. Identity of the issuer or the underlying issuer of existing shares to which voting rights are Petroleum Geo-Services attached:		ASA
2. Reason for the notification (please tick the appropriate box or boxes)
An acquisition or disposal of voting rights
An acquisition or disposal of financial instruments which may result in the acquisition of shares already issued to which voting rights are attached
An event changing the breakdown of voting rights
Other (please specify):
3. Full name of person(s) subject to the The Goldman Sachs Group, Inc. notification obligation:
4. Full name of shareholder(s) (if different from 3.): Goldman Sachs Asset Management, L.P.
5. Date of the transaction (and date on which the threshold is crossed or reached if different):	11 May 2018
6. Date on which issuer notified:	14 May 2018
7. Threshold(s) that is/are crossed or reached: Below 5%

8. Notified details:
A: Voting rights attached to shares
Class/type of shares if possible using the	Situation the transaction	previous to Triggering			Resulting situation after the triggering transaction
ISIN CODE	Number of Shares	Number of Voting Rights viii	Numbe Number of voting rights % of voting rights ix r of shares
			Direct	Direct x	Indirect xi	Direct	Indirect
NO0010199151	18,185,085	18,185,085			Below 5%		Below 5%

B: Financial Instruments
Resulting situation after the triggering transaction xii
Type of financial instrument	Expiration date xiii	Exercise/ Conversion Period/ Date xiv	Number of voting rights that may be acquired if the instrument is exercised/ converted.	% of voting rights

Total (A+B)
Number of voting rights	% of voting rights
Below 5%	Below 5%

9. Chain of controlled undertakings through which the voting rights and/or the financial instruments are effectively held, if applicable xv:

N/A

Proxy Voting:
10. Name of the proxy holder:	N/A
11. Number of voting rights proxy holder will cease to hold:	N/A
12. Date on which proxy holder will cease to hold voting rights:	N/A

13. Additional information:	General email contact: RegOpsEMEA-RnM@gs.com
14. Contact name:	Kashif Rafiq
15. Contact telephone number:	+44 207 051 0547