PGS ASA

Remuneration Information • Feb 19, 2014

Petroleum Geo-Services ASA : Exercise of Employee Share Options and Increase in Executives' Share Holdings

Petroleum Geo-Services ASA : Exercise of Employee Share Options and Increase in Executives' Share Holdings

1.        Employees in PGS have on February 19, 2014 exercised a total number of

209 667 options. Following the exercise, 209 667 shares will be transferred from

Petroleum Geo-Services holding of own shares.

Subsequent to the transaction Petroleum Geo-Services ASA holds 2 449 004 own

shares.

2.        Options exercised by the following primary insiders on February

19, 2014:

Bjølseth, Terje has exercised 25 000 options in the Company, corresponding to

25 000 shares at the strike price of NOK 39,19.

Guillaume Cambois has exercised 20 000 options in the Company, corresponding to

20 000 shares at the strike price of NOK 39,19.

Jon Erik Reinhardsen has exercised 100 000 options in the Company, corresponding

to 100 000 shares at the strike price of NOK 39,19.

Sverre Strandenes has exercised 30 000 options in the Company, corresponding to

30 000 shares at the strike price of NOK 39,19.

3.        Transfer of rights

On February 19, 2014, the primary insiders mentioned below transferred the

rights to receive shares resulting from the exercise of options to a third

party. The payment was determined based on a selling price of NOK 62.39 per

right.

Terje Bjølseth transferred 25 000 rights.

Jon Erik Reinhardsen transferred 50 000 rights.

Sverre Strandenes transferred 30 000 rights.

4.        New holding

After exercising options, Bjølseth, Terje holds 20 000 unexercised options in

the Company, corresponding to 20 000 shares at the strike price of NOK

77.29, 20 000 unexercised options in the Company, corresponding to 20 000 shares

at the strike price of NOK 76.02 and 19 060 restricted share units in the

Company. As of today the primary insider holds 8 568 shares in the company.

After exercising options, Cambois, Guillaume holds 45 000 unexercised options in

the Company, corresponding to 45 000 shares at the strike price of NOK

77.29, 45 000 unexercised options in the Company, corresponding to 45 000 shares

at the strike price of NOK 76.02 and 42 900 restricted share units in the

Company. As of today the primary insider holds 29 038 shares in the company, an

increase of 20 000 shares from the previous holding.

After exercising options, Reinhardsen, Jon Erik holds 75 000 unexercised options

in the Company, corresponding to 75 000 shares at the strike price of NOK

77.29, 75 000 unexercised options in the Company, corresponding to 75 000 shares

at the strike price of NOK 76.02 and 71 500 restricted share units in the

Company. As of today the primary insider holds 137 389 shares in the company,

and increase of 50 000 shares from the previous holding.

After exercising options, Strandenes, Sverre holds 45 000 unexercised options in

the Company, corresponding to 45 000 shares at the strike price of NOK

77.29, 45 000 unexercised options in the Company, corresponding to 45 000 shares

at the strike price of NOK 76.02 and 43 900 restricted share units in the

Company. As of today the primary insider holds 16 746 shares in the company.

FOR DETAILS, CONTACT:

Bård Stenberg, Investor Relations Manager

Phone:   +47 67 51 43 16

Mobile:  +47 99 24 52 35

Tore Langballe, SVP Corporate Communications

Phone:   +47 67 51 43 75

Mobile:  +47 90 77 78 41

This information is subject of the disclosure requirements pursuant to section

5-12 of the Norwegian Securities Trading Act.

[HUG#1763273]