PGS ASA

Remuneration Information • Aug 24, 2020

PGS ASA: Implementation of 2020 Employee Long-term Incentive Plan

PGS ASA: Implementation of 2020 Employee Long-term Incentive Plan

August 24, 2020: Oslo, Norway, PGS (or the "Company") announces that the 2020

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

22, 2020, has now been implemented by allocating 2 389 050 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

2020 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 168 000 PRSUs in the

Company. Following the award, Pedersen holds 123 617 shares in PGS and 462 000

PRSUs.

Gottfred Langseth, Executive Vice President & CFO, has been awarded 75 000 PRSUs

in the Company. Following the award, Langseth holds 275 106 shares in PGS and

210 000 PRSUs.

Robert J. Adams, Executive Vice President Operations, has been awarded 75 000

PRSUs in the Company. Following the award, Adams holds 8 850 shares in PGS and

135 000 PRSUs.

Nathan Oliver, Executive Vice President Sales & Services, has been awarded

75 000 PRSUs in the Company. Following the award, Oliver holds 0 shares in PGS

and 180 000 PRSUs.

Berit Osnes, Executive Vice President Sales & Services Eurasia, has been awarded

50 000 PRSUs in the Company. Following the award, Osnes holds 36 186 shares in

PGS, 149 000 PRSUs.

Lars Ragnar Mysen, General Counsel, has been awarded 26 000 PRSUs in the

Company. Following the award, Mysen holds 36 000 shares in PGS and 72 000 PRSUs.

Kai Reith, Senior Vice President Corporate Development, has been awarded 26 000

PRSUs in the Company. Following the award, Reith holds 44 341 shares in PGS and

72 000 PRSUs.

Kristin Omreng, Senior Vice President Global HR, has been awarded 26 000 PRSUs

in the Company. Following the award, Omreng holds 0 shares in PGS and 56 000

PRSUs.

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

23 000 PRSUs in the Company. Following the award, Stenberg holds 9 436 shares in

PGS and 69 000 PRSUs.

Kristian H. Hoddevik, Chief Accounting Officer, has been awarded 23 000 PRSUs in

the Company. Following the award, Hoddevik holds 10 000 shares in PGS and

36 500 PRSUs.

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

20 000 PRSUs in the Company. Following the award, Steen-Nilsen holds 7 012

shares in PGS and 57 000 PRSUs.

Merethe Bryn, Vice President Global Tax and employee elected alternate Board

member, has been awarded 20 000 PRSUs in the Company. Following the award, Bryn

holds 10 000 shares in PGS and 33 500 PRSUs.

Grunde Rønholt, Vice President Imaging and employee elected Board member, has

been awarded 15 000 PRSUs in the Company. Following the award, Rønholt holds

45 000 shares in PGS and 38 500 PRSUs.

Jens Fredrik Wisløff, Digital Transformation Advisor and employee elected

alternate Board member, has been awarded 10 000 PRSUs in the Company. Following

the award, Wisløff holds 11 700 shares in PGS and 25 000 PRSUs.

Hege Renshus, Vice President Seismic Quality and employee elected Board member,

has been awarded 9 000 PRSUs in the Company. Following the award, Renshus holds

1 918 shares in PGS and 18 000 PRSUs.

Anette Valbø, Bidding Manager and employee elected Board member, has been

awarded 5 500 PRSUs in the Company. Following the award, Valbø holds 7 142

shares in PGS, and 14 500 PRSUs.

Michael Malling, Sourcing Manager and employee elected alternate Board member,

has been awarded 4 000 PRSUs in the Company. Following the award, Malling holds

0 shares in PGS and 4 000 PRSUs.

Pernille Undseth, Executive Assistant to CEO, has been awarded 4 000 PRSUs in

the Company. Following the award, Undseth holds 10 000 shares in PGS and 4 000

PRSUs.

Further details on remuneration of management are described in Note 28 and 29 of

the 2019 annual report.

This information is subject to the disclosure requirements pursuant to section

5 -12 of the Norwegian Securities Trading Act.