Settlement of 2017 LTI Program

1. Settlement

The PGS ASA 2017 Long Term Incentive Program settled on June 22, 2020. Employees in PGS ASA and subsidiaries ("PGS" or "the Company") have received a total number of 359 560 RSUs and a total number of 0 PRSUs that were settled in cash. The payment has been determined based on an average share price on June 22 of NOK 3.3175 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 9 000 RSUs and 0 PRSUs in the Company

Rune Olav Pedersen has settled 9 000 RSUs and 0 PRSUs in the Company

Nathan Selvoy Oliver has settled 4 000 RSUs and 0 PRSUs in the Company

Berit Osnes has settled 4 000 RSUs and 0 PRSUs in the Company

Bård Stenberg has settled 3 200 RSUs and 0 PRSUs in the Company

Kai Reith has settled 3 200 RSUs and 0 PRSUs in the Company

Grunde Rønholt has settled 2 400 RSUs and 0 PRSUs in the Company

Christin Steen-Nilsen has settled 2 000 RSUs and 0 PRSUs in the Company

Anette Valbø has settled 2 000 RSUs and 0 PRSUs in the Company

Lars Mysen has settled 1 400 RSUs and 0 PRSUs in the Company

Jens Fredrik Wisløff has settled 1 400 RSUs and 0 PRSUs in the Company

Robert James Adams has settled 3 200 RSUs and 0 PRSUs in the Company

Hege Renshus has settled 880 RSUs and 0 PRSUs in the Company

Merethe Bryn has settled 280 RSUs and 0 PRSUs in the Company

3. New holding

After completion of the above mentioned transactions, Gottfred Langseth holds 0 RSUs and 135 000 PRSUs in the Company. As of today the primary insider holds 275 106 shares in the Company.

After completion of the above mentioned transactions, Rune Olav Pedersen holds 0 RSUs and 294 000 PRSUs in the Company. As of today the primary insider holds 123 617 shares in the Company.

After completion of the above mentioned transactions, Nathan Selvoy Oliver holds 0 RSUs and 105 000 PRSUs in the Company. As of today the primary insider holds 0 shares in the Company.

After completion of the above mentioned transactions, Berit Osnes holds 0 RSUs and 99 000 PRSUs in the Company. As of today the primary insider holds 36 186 shares in the Company.

After completion of the above mentioned transactions, Bård Stenberg holds 0 RSUs and 46 000 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 0 RSUs and 46 000 PRSUs in the Company. As of today the primary insider holds 44 341 shares in the Company.

After completion of the above mentioned transactions, Grunde Rønholt holds 0 RSUs and 23 500 PRSUs in the Company. As of today the primary insider holds 45 000 shares in the Company.

After completion of the above mentioned transactions, Christin Steen-Nilsen holds 0 RSUs and 37 000 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 0 RSUs and 9 000 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 Mysen holds 0 RSUs and 46 000 PRSUs in the Company. As of today the primary insider holds 36 000 shares in the Company.

After completion of the above mentioned transactions, Jens Fredrik Wisløff holds 0 RSUs and 15 000 PRSUs in the Company. As of today the primary insider holds 11 700 shares in the Company.

After completion of the above mentioned transactions, Robert James Adams holds 0 RSUs and 60 000 PRSUs in the Company. As of today the primary insider holds 8 850 shares in the Company.

After completion of the above mentioned transactions, Hege Renshus holds 0 RSUs and 9000 PRSUs in the Company. As of today the primary insider holds 1 918 shares in the Company.

After completion of the above mentioned transactions, Merethe Bryn holds 0 RSUs and 13 500 PRSUs in the Company. As of today the primary insider holds 10 000 shares in the Company.

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