Settlement of a part of the 2013 PRSU Program

1. Settlement

A part of the 2013 Performance based Restricted Stock Unit ("PRSU") program settled on October 8, 2016. Employees in Petroleum Geo-Services ASA and subsidiaries ("PGS" or "the Company") have received a total number of 3000 shares. Following the transaction, 3000 shares will be transferred from the Company's holding of Own shares.

Subsequent to the transaction Petroleum Geo-Services ASA holds 706 219 own shares.

This information is subject of the disclosure requirements acc. to §5-12 vphl (Norwegian Securities Trading Act)