Settlement of 2015 LTI Program

1. Settlement

The Petroleum Geo-Services ASA 2015 Long Term Incentive Program settled on June 4, 2018. Employees in Petroleum Geo-Services ASA and subsidiaries ("PGS" or "the Company") have received a total number of 550 050 RSUs and a total number of 334 525 PRSUs that were settled in cash. The payment has been determined based on an average share price on June 4 of NOK 40.34 per share.

2. Settlement of RSUs/ PRSUs by primary insiders

Out of the abovementioned release, the following were settled by primary insiders:

Gottfred Langseth has settled 18 000 RSUs and 13 500 PRSUs in the Company

Sverre Strandenes has settled 18 000 RSUs and 13 500 PRSUs in the Company

Per Arild Reksnes has settled 18 000 RSUs and 13 500 PRSUs in the Company

Rune Olav Pedersen has settled 18 000 RSUs and 13 500 PRSUs in the Company

Terje Bjølseth has settled 8 000 RSUs and 6 000 PRSUs in the Company

David J. Dakin has settled 3 000 RSUs and 1 500 PRSUs in the Company

Bård Stenberg has settled 3 000 RSUs and 1 500 PRSUs in the Company

Kai Reith has settled 3 000 RSUs and 1 500 PRSUs in the Company

Christin Steen-Nilsen has settled 2 500 RSUs and 1 250 PRSUs in the Company

Anette Valbø has settled 2 500 RSUs and 1 250 PRSUs in the Company

Lars Ragnar Mysen has settled 1 750 RSUs and 875 PRSUs in the Company

Hege Renshus has settled 1 100 RSUs and 550 PRSUs in the Company

Espen Grimstad has settled 1 100 RSUs and 550 PRSUs in the Company

3. New holding

After completion of the above mentioned transactions, Gottfred Langseth holds 27 000 RSUs and 63 000 PRSUs in the Company. As of today the primary insider holds 190 106 shares in the Company.

After completion of the above mentioned transactions, Sverre Strandenes holds 27 000 RSUs and 63 000 PRSUs in the Company. As of today the primary insider holds 64 583 shares in the Company.

After completion of the above mentioned transactions, Per Arild Reksnes holds 27 000 RSUs and 63 000 PRSUs in the Company. As of today the primary insider holds 59 263 shares in the Company.

After completion of the above mentioned transactions, Rune Olav Pedersen holds 27 000 RSUs and 63 000 PRSUs in the Company. As of today the primary insider holds 90 617 shares in the Company.

After completion of the above mentioned transactions, Terje Bjølseth holds 12 000 RSUs and 28 000 PRSUs in the Company. As of today the primary insider holds 47 088 shares in the Company.

After completion of the above mentioned transactions, David J. Dakin holds 5 400 RSUs and 6 600 PRSUs in the Company. As of today the primary insider holds 7 753 shares in the Company.

After completion of the above mentioned transactions, Bård Stenberg holds 7 200 RSUs and 8 800 PRSUs in the Company. As of today the primary insider holds 9 436 shares in the Company.

After completion of the above mentioned transactions, Kai Reith holds 7 200 RSUs and 8 800 PRSUs in the Company. As of today the primary insider holds 9 341 shares in the Company.

After completion of the above mentioned transactions, Christin Steen-Nilsen holds 4 500 RSUs and 5 500 PRSUs in the Company. As of today the primary insider holds 7 012 shares in the Company.

After completion of the above mentioned transactions, Anette Valbø holds 4 500 RSUs and 5 500 PRSUs in the Company. As of today the primary insider holds 7 142 shares in the company.

After completion of the above mentioned transactions, Lars Ragnar Mysen holds 3 150 RSUs and 3 850 PRSUs in the Company. As of today the primary insider holds 11 000 shares in the Company.

After completion of the above mentioned transactions, Hege Renshus holds 1 980 RSUs and 2 420 PRSUs in the Company. As of today the primary insider holds 1 918 shares in the Company.

After completion of the above mentioned transactions, Espen Grimstad holds 1 980 RSUs and 2 420 PRSUs in the Company. As of today the primary insider holds 917 shares in the Company.

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