PGS ASA

Related Party Transaction • Jun 6, 2017

Petroleum Geo-Services ASA: Settlement of 2014 PRSU Program

Petroleum Geo-Services ASA: Settlement of 2014 PRSU Program

1. Settlement

The 2014 Performance based Restricted Stock Unit ("PRSU") program settled on

June 6, 2017. Employees in Petroleum Geo-Services ASA and subsidiaries ("PGS" or

"the Company") have received a total number of 642 900 shares. Following the

transaction, 642 900 shares will be transferred from the Company's holding of

own shares.

Subsequent to the transaction Petroleum Geo-Services ASA holds 45 264 own

shares.

2. Receipt of shares by primary insiders

Out of the abovementioned shares, the following were received by primary

insiders:

Jon Erik Reinhardsen has received 36 000 shares in the Company.

Gottfred Langseth has received 21 600 shares in the Company.

Guillaume Cambois has received 21 600 shares in the Company.

Sverre Strandenes has received 21 600 shares in the Company.

Per Arild Reksnes has received 21 600 shares in the Company.

Magne A. Reiersgard has received 21 600 shares in the Company.

Rune Olav Pedersen has received 9 600 shares in the Company.

Terje Bjølseth has received 9 600 shares in the Company.

Joanna Oustad has received 9 600 shares in the Company.

Berit Osnes has received 6 000 shares in the Company.

David J. Dakin has received 3 000 shares in the Company.

Anette Valbø has received 2 700 shares in the Company.

Christin Steen-Nilsen has received 2 700 shares in the Company.

Bård Stenberg has received 2 350 shares in the Company.

Kai Reith has received 2 150 shares in the Company.

Hege Renshus has received 1 200 shares in the Company.

3. Sale of shares

On June 6th, the primary insiders mentioned below ordered for the received

shares to be immediately sold by a third party.

The sales amount was determined on the basis of the price subsequently obtained

by the third party when selling the shares in the market. All primary insiders

mentioned below sold their shares for a price of NOK 16.9768.

Guillaume Cambois has sold 6 079 shares in the Company.

Sverre Strandenes has sold 10 638 shares in the Company.

Per Arild Reksnes has sold 10 855 shares in the Company.

Magne A. Reiersgard has sold 6 774 shares in the Company.

David J. Dakin has sold 3 000 shares in the Company.

Christin Steen-Nilsen has sold 1 280 shares in the Company.

Anette Valbø has sold 1 280 shares in the Company.

4. New holding

After completion of the above mentioned transactions, Jon Erik Reinhardsen holds

210 000 PRSU/RSU in the Company. As of today the primary insider holds 346 574

shares in the Company.

After completion of the above mentioned transactions, Gottfred Langseth holds

90 000 PRSU/RSU in the Company. As of today the primary insider holds 150 106

shares in the Company.

After completion of the above mentioned transactions, Guillaume Cambois holds

90 000 PRSU/RSU in the Company. As of today the primary insider holds 162 817

shares in the Company.

After completion of the above mentioned transactions, Sverre Strandenes holds

90 000 PRSU/RSU in the Company. As of today the primary insider holds 64 583

shares in the Company.

After completion of the above mentioned transactions, Per Arild Reksnes holds

90 000 PRSU/RSU in the Company. As of today the primary insider holds 59 263

shares in the Company.

After completion of the above mentioned transactions, Magne A. Reiersgard holds

90 000 PRSU/RSU in the Company. As of today the primary insider holds 61 189

shares in the Company.

After completion of the above mentioned transactions, Rune Olav Pedersen holds

115 000 PRSU/RSU in the Company. As of today the primary insider holds 32 617

shares in the Company.

After completion of the above mentioned transactions, Terje Bjølseth holds

40 000 PRSU/RSU in the Company. As of today the primary insider holds 47 088

shares in the Company.

After completion of the above mentioned transactions, Joanna Oustad holds

40 000 PRSU/RSU in the Company. As of today the primary insider holds 56 034

shares in the Company.

After completion of the above mentioned transactions, Berit Osnes holds 20 000

PRSU/RSU in the Company. As of today the primary insider holds 21 186

shares in the Company.

After completion of the above mentioned transactions, David J. Dakin holds

12 000 PRSU/RSU in the Company. As of today the primary insider holds 7 753

shares in the Company.

After completion of the above mentioned transactions, Bård Stenberg holds

16 500 PRSU/RSU in the Company. As of today the primary insider holds 6 936

shares in the Company.

After completion of the above mentioned transactions, Anette Valbø holds 10 000

PRSU/RSU in the Company. As of today the primary insider holds 7 142 shares in

the Company.

After completion of the above mentioned transactions, Christin Steen-Nilsen

holds 10 000 PRSU/RSU in the Company. As of today the primary insider holds

7 012 shares in the Company.

After completion of the above mentioned transactions, Kai Reith holds 14 000

PRSU/RSU in the Company. As of today the primary insider holds 9 341 shares in

the Company.

After completion of the above mentioned transactions, Hege Renshus holds 4 400

PRSU/RSU in the Company. As of today the primary insider holds 1 918 shares in

the Company.

This information is subject to the disclosure requirements pursuant to section

5 -12 of the Norwegian Securities Trading Act.