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.