PGS ASA

Remuneration Information • Jun 12, 2018

Petroleum Geo-Services ASA: Implementation of 2018 Employee Long-term Incentive Plan

Petroleum Geo-Services ASA: Implementation of 2018 Employee Long-term Incentive Plan

June 12, 2018: Oslo, Norway, PGS(or the "Company") announces that the 2018 long

term incentive plan, as approved by the Annual General Meeting on April

25, 2018, has now been implemented by allocating 1 746 450 Performance based

Restricted Stock Units ("PRSUs").

The awards are based on amongst other considerations the position in the Company

and a review on the individual participant's performance prior to award. Any

PRSU awarded will, subject to the participant's continued employment with the

Company (or a subsidiary), be settled three years after grant. The complete

terms and conditions of the award are described in the calling notice for the

2018 Annual General Meeting.

Delivery of shares will take place from the Company's pool of treasury shares

or, if an insufficient number of treasury shares exist, it will be settled by

cash payment of an equivalent value.

The purpose of the long term incentive plan is to further the interests of PGS,

its subsidiaries and its shareholders to employees who can contribute materially

to the success and profitability of PGS. Such awards will recognize and reward

performance and individual contributions and give participants in the plan an

interest in the Company parallel to that of the shareholders, thus enhancing the

proprietary and personal interest in PGS' continued success and progress.

The Board of Directors has allocated PRSUs according to the plan to the

following primary insiders in PGS:

Rune Olav Pedersen, President & CEO, has been awarded 126 000 PRSUs in the

Company. Following the award, Pedersen holds 90 617 shares in PGS, 189 000 PRSUs

and 27 000 RSUs.

Gottfred Langseth, Executive Vice President & CFO, has been awarded 60 000 PRSUs

in the Company. Following the award, Langseth holds 190 106 shares in PGS,

123 000 PRSUs and 27 000 RSUs.

Sverre Strandenes, Executive Vice President, has been awarded 60 000 PRSUs in

the Company. Following the award, Strandenes holds 64 583 shares in PGS,

123 000 PRSUs and 27 000 RSUs.

Per Arild Reksnes, Executive Vice President, has been awarded 60 000 PRSUs in

the Company. Following the award, Reksnes holds 59 263 shares in PGS, 123 000

PRSUs and 27 000 RSUs.

Terje Bjølseth, Senior Vice President, has been awarded 24 000 PRSUs in the

Company. Following the award, Bjølseth holds 47 088 shares in PGS, 52 000 PRSUs

and 12 000 RSUs.

Bård Stenberg, Vice President IR & Corporate Communications, has been awarded

20 000 PRSUs in the Company. Following the award, Stenberg holds 9 436 shares in

PGS, 28 800 PRSUs and 7 200 RSUs.

Lars Ragnar Mysen, General Counsel, has been awarded 20 000 PRSUs in the

Company. Following the award, Reith holds 11 000 shares in PGS, 23 850 PRSUs and

3 150 RSUs.

Kai Reith, Vice President, has been awarded 20 000 PRSUs in the Company.

Following the award, Reith holds 9 341 shares in PGS, 28 800 PRSUs and 7 200

RSUs.

David J. Dakin, Chief Accounting Officer, has been awarded 17 00 PRSUs in the

Company. Following the award, Dakin holds 7 753 shares in PGS, 23 600 PRSUs and

5 400 RSUs.

Christin Steen-Nilsen, Vice President Corporate Controller, has been awarded

17 000 PRSUs in the Company. Following the award, Steen-Nilsen holds 7 012

shares in PGS, 22 500 PRSUs and 4 500 RSUs.

Anette Valbø, Bid Manager, has been awarded 4 000 PRSUs in the Company.

Following the award, Valbø holds 7 142 shares in PGS, 9 500 PRSUs and 4 500

RSUs.

Hege Renshus, Senior Navigation Specialist, has been awarded 4 000 PRSUs in the

Company. Following the award, Renshus holds 1 918 shares in PGS, 6 420 PRSUs and

1 980 RSUs.

Espen Grimstad, Senior Navigation Specialist, has been awarded 4 000 PRSUs in

the Company. Following the award, Grimstad holds 917 shares in PGS, 6 420 PRSUs

and 1 980 RSUs.

Further details on remuneration of management are described in the annual report

for 2017.

This information is subject to the disclosure requirements pursuant to section

5 -12 of the Norwegian Securities Trading Act.