PGS ASA

Major Shareholding Notification • May 27, 2020

May 26th, 2020

RE: Norwegian Filing Notification Requirements

To Financial Supervisory Authority of Norway (FSA):

This is to notify the FSA of a threshold crossing above 15% of Petroleum GeoServices (Ticker PGS NO). The following is the required information outlined in section 41(1) of the Securities Trade Act Regulations.

• A. Name of the issuer of the shares: Petroleum GeoServices
• B. The date on which the proportion of shares held reached, exceeded or fell below the thresholds set in the Securities Trading Act section 43 subsection (1): May 26th, 2020
• C. Name of the entity subject to the disclosure obligation, including the name of the shareholder: Coltrane Master Fund, LP
• D. The number of shares the notification encompasses: 62,347,000
• E. The subsequent situation with regard to voting rights, including the percentage of the votes and shares of the company held by the entity concerned: 16.10%
• F. What percentage of the votes and shares of the company the entity concentered holds in the form of rights to shares:
• G. The circumstance that triggered the disclosure obligation and whether such circumstance applied to the entity concerned himself or to any related party as mentioned in the Securities Trading Act section 25: Purchase of shares on May 26th, 2020
• H. The chain of controlled undertakings through which the shares or rights are owned: Coltrane Asset Management, L.P. Mandeep Manku Coltrane Domestic Fund, L.P. Coltrane Offshore Fund, Ltd Coltrane GP, LLC Coltrane Master Fund, L.P.
• I. Where the notification concerns rights to shares as mentioned in the Securities Trading Act section 43 subsection (4) the notification shall also contain a description of the rights, including information on the date and time that the rights will or can be exercised and the date and time of their expiry." N/A

_______________________

Sincerely,

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George Cairoli Chief Financial Officer