Mandatory Notification of Trade

Ferd AS has on November 12, 2015 been allocated 2 178 000 shares at a price of NOK 39.00 per share in the private placement launched by Petroleum Geo-Services ASA ("PGS" or "the Company") on November 11, 2015.

Morten Borge, Investment Director of Ferd AS, is a PGS Board Member and a primary insider of the Company.

Following the transaction Ferd AS owns 24 175 800 shares, equivalent to 10.1 percent of the share capital and voting rights in PGS.

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