Settlement of 2013 PRSU Program

1. Settlement

The 2013 Performance based Restricted Stock Unit ("PRSU") program settled on June 6, 2016. Employees in Petroleum Geo-Services ASA and subsidiaries ("PGS" or "the Company") have received a total number of 695 665 shares. Following the transaction, 695 665 shares will be transferred from the Company's holding of own shares.

Subsequent to the transaction Petroleum Geo-Services ASA holds 707 914 own shares.

2. Receipt of shares by primary insiders

Out of the abovementioned shares, the following were received by primary insiders:

Jon Erik Reinhardsen has received 41 500 shares in the Company

Gottfred Langseth has received 24 900 shares in the Company

Guillaume Cambois has received 24 900 shares in the Company

Sverre Strandenes has received 24 900 shares in the Company

Per Arild Reksnes has received 24 900 shares in the Company

Magne A. Reiersgard has received 24 900 shares in the Company

Rune Olav Pedersen has received 11 060 shares in the Company

Terje Bjølseth has received 11 060 shares in the Company

Joanna Oustad has received 11 060 shares in the Company

Berit Osnes has received 6 900 shares in the Company

David J. Dakin has received 3 450 shares in the Company

Bård Stenberg has received 2 750 shares in the Company

Anette Valbø has received 2 750 shares in the Company

Christin Steen-Nilsen has received 2 750 shares in the Company

3. Sale of shares

On June 6th, the primary insiders mentioned below ordered for the received shares to be immediately sold by a third party.

The sales amount was determined on the basis of the price subsequently obtained by the third party when selling the shares in the market. All primary insiders mentioned below sold their shares for a price of NOK 23.24.

Guillaume Cambois has sold 24 900 shares in the Company.

Sverre Strandenes has sold 11 984 shares in the Company.

Per Arild Reksnes has sold 12 371 shares in the Company.

Magne A. Reiersgard has sold 8 158 shares in the Company.

Rune Olav Pedersen has sold 5 434 shares in the Company.

David J. Dakin has sold 1 630 shares in the Company.

Bård Stenberg has sold 1 192 shares in the Company.
Christin Steen-Nilsen has sold 1 301 shares in the Company.

4. New holding

After completion of the above mentioned transactions, Jon Erik Reinhardsen holds 141 000 PRSU/RSU in the Company. As of today the primary insider holds 228 889 shares in the Company.

After completion of the above mentioned transactions, Gottfred Langseth holds 66 600 PRSU/RSU in the Company. As of today the primary insider holds 94 707 shares in the Company.

After completion of the above mentioned transactions, Guillaume Cambois holds 66 600 PRSU/RSU in the Company. As of today the primary insider holds 58 555 shares in the Company.

After completion of the above mentioned transactions, Sverre Strandenes holds 66 600 PRSU/RSU in the Company. As of today the primary insider holds 39 518 shares in the Company.

After completion of the above mentioned transactions, Per Arild Reksnes holds 66 600 PRSU/RSU in the Company. As of today the primary insider holds 36 117 shares in the Company.

After completion of the above mentioned transactions, Magne A. Reiersgard holds 66 600 PRSU/RSU in the Company. As of today the primary insider holds 34 169 shares in the Company.

After completion of the above mentioned transactions, Rune Olav Pedersen holds 79 600 PRSU/RSU in the Company. As of today the primary insider holds 16 963 shares in the Company.

After completion of the above mentioned transactions, Terje Bjølseth holds 29 600 PRSU/RSU in the Company. As of today the primary insider holds 27 628 shares in the Company.

After completion of the above mentioned transactions, Joanna Oustad holds 29 600 PRSU/RSU in the Company. As of today the primary insider holds 34 221 shares in the Company.

After completion of the above mentioned transactions, Berit Osnes holds 16 000 PRSU/RSU in the Company. As of today the primary insider holds 12 943 shares in the company.

After completion of the above mentioned transactions, David J. Dakin holds 9 000 PRSU/RSU in the Company. As of today the primary insider holds 6 972 shares in the Company.

After completion of the above mentioned transactions, Bård Stenberg holds 10 850 PRSU/RSU in the Company. As of today the primary insider holds 3 909 shares in the Company.

After completion of the above mentioned transactions, Anette Valbø holds 7 700 PRSU/RSU in the Company. As of today the primary insider holds 5 722 shares in the Company.

After completion of the above mentioned transactions, Christin Steen-Nilsen holds 7 700 PRSU/RSU in the Company. As of today the primary insider holds 5 592 shares in the Company.

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Petroleum Geo-Services ("PGS" 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's 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.

For more information on Petroleum Geo-Services visit www.pgs.com.

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