PGS ASA

Major Shareholding Notification • Mar 6, 2020

March 6th, 2020

RE: Norwegian Filing Notification Requirements

To Financial Supervisory Authority of Norway (FSA):

This is to notify the FSA of a threshold crossing below 15% of Petroleum Geo-Services (Ticker PGS NO). The following is the required information outlined in section 4-1(1) of the Securities Trade Act Regulations.

• A. Name of the issuer of the shares: Petroleum Geo-Services
• B. The date on which the proportion of shares held reached, exceeded or fell below the thresholds set in the Securities Trading Act section 4-3 subsection (1): March 5th, 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: 54,447,000
• 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: 14.06%
• F. What percentage of the votes and shares of the company the entity concentered holds in the form of rights to shares:
  • 0%
• 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 2-5: Sale of shares on March 5th, 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.
• !. Where the notification concerns rights to shares as mentioned in the Securities Trading Act section 4-3 subsection (4) the notification shall also contain a description of the rights, including information on the date and time that the rights will or gan be exercised and the date and time of their expiry." N/A

Sineerely,

George Cairoli Chief Financial Officer