Implementation of 2019 Employee Long-term Incentive Plan

June 21, 2019: Oslo, Norway, PGS (or "the Company") announces that the 2019 long term incentive plan, as approved by the Annual General Meeting on April 24, 2019, has now been implemented by allocating 2 249 300 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 2019 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, 330 000 PRSUs and 9 000 RSUs.

Gottfred Langseth, Executive Vice President & CFO, has been awarded 75 000 PRSUs in the Company. Following the award, Langseth holds 225 106 shares in PGS, 171 000 PRSUs and 9 000 RSUs.

Per Arild Reksnes, Executive Vice President Operations & Technology, has been awarded 75 000 PRSUs in the Company. Following the award, Reksnes holds 59 263 shares in PGS, 171 000 PRSUs and 9 000 RSUs.

Berit Osnes, Executive Vice President New Ventures, has been awarded 75 000 PRSUs in the Company. Following the award, Osnes holds 21 186 shares in PGS, 105 000 PRSUs and 4 000 RSUs.

Nathan Oliver, Executive Vice President Sales & Imaging, has been awarded 75 000 PRSUs in the Company. Following the award, Oliver holds 0 shares in PGS, 111 000 PRSUs and 4 000 RSUs.

Terje Bjølseth, Senior Vice President HR, has been awarded 30 000 PRSUs in the Company. Following the award, Bjølseth holds 47 088 shares in PGS, 70 000 PRSUs and 4 000 RSUs.

Bård Stenberg, Senior Vice President IR & Corporate Communications, has been awarded 26 000 PRSUs in the Company. Following the award, Stenberg holds 9 436 shares in PGS, 50 800 PRSUs and 3 200 RSUs.

Lars Ragnar Mysen, General Counsel, has been awarded 26 000 PRSUs in the Company. Following the award, Mysen holds 21 000 shares in PGS, 48 100 PRSUs and 1 400 RSUs.

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, 50 800 PRSUs and 3 200 RSUs.

Magnus Christiansen, Vice President HSEQ, has been awarded 22 500 PRSUs in the Company. Following the award, Christiansen holds 3 637 shares in PGS, 40 820 PRSUs and 880 RSUs.

David J. Dakin, Chief Accounting Officer, has been awarded 20 000 PRSUs in the Company. Following the award, Dakin holds 7 753 shares in PGS, 40 600 PRSUs and 2 400 RSUs.

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, 40 000 PRSUs and 2 000 RSUs.

Grunde Rønholt, Area Manager, has been awarded 13 500 PRSUs in the Company. Following the award, Rønholt holds 25 259 shares in PGS, 27 100 PRSUs and 2 400 RSUs.

Merethe Bryn, Head of Tax Europe, Africa & Middle East, has been awarded 10 000 PRSUs in the Company. Following the award, Bryn holds 0 shares in PGS, 13 920 PRSUs and 280 RSUs.

Jens Fredrik Wisløff, Section Manager, has been awarded 10 000 PRSUs in the Company. Following the award, Wisløff holds 1 700 shares in PGS, 17 100 PRSUs and 1 400 RSUs.

Anette Valbø, Bidding Manager, has been awarded 5 000 PRSUs in the Company. Following the award, Valbø holds 7 142 shares in PGS, 12 000 PRSUs and 2 000 RSUs.

Hege Renshus, Senior Navigation Specialist, has been awarded 5 000 PRSUs in the Company. Following the award, Renshus holds 1 918 shares in PGS, 10 320 PRSUs and 880 RSUs.

Further details on remuneration of management are described in the 2018 annual report.

This information is subject to the disclosure requirements pursuant to section 5 -12 of the Norwegian Securities Trading Act.

 
 

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PGS ASA and its subsidiaries (or "the Company") is a focused marine geophysical company that provides a broad range of seismic and reservoir services, including acquisition, imaging, interpretation, and field evaluation. The Company MultiClient data library is among the largest in the seismic industry, with modern 3D coverage in all significant offshore hydrocarbon provinces of the world. The Company operates on a worldwide basis with headquarters in Oslo, Norway and the PGS share is listed on the Oslo stock exchange (OSE: PGS). For more information on PGS visit www.pgs.com.

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The information included herein contains certain forward-looking statements that address activities, events or developments that the Company expects, projects, believes or anticipates will or may occur in the future. These statements are based on various assumptions made by the Company, which are beyond its control and are subject to certain additional risks and uncertainties. The Company is subject to a large number of risk factors including but not limited to the demand for seismic services, the demand for data from our MultiClient data library, the attractiveness of our technology, unpredictable changes in governmental regulations affecting our markets and extreme weather conditions. For a further description of other relevant risk factors we refer to our Annual Report for 2018. As a result of these and other risk factors, actual events and our actual results may differ materially from those indicated in or implied by such forward-looking statements. The reservation is also made that inaccuracies or mistakes may occur in the information given above about current status of the Company or its business. Any reliance on the information above is at the risk of the reader, and PGS disclaims any and all liability in this respect.

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This information is subject to the disclosure requirements pursuant to section 5 -12 of the Norwegian Securities Trading Act.