Settlement of parts of the 2014 PRSU program

1. Settlement

The Performance based Restricted Stock Units ("PRSU") awarded on September 1, 2014, settled on September 1, 2017. Employees in Petroleum Geo-Services ASA and subsidiaries ("PGS" or "the Company") have received a total number of 27 500 shares. The value of the shares is taxable and reported as normal income. Following the transaction 27 500 shares will be transferred from the Company's holding of own shares.

Subsequent to the transaction PGS holds 30 288 own shares.

2. Receipt of shares by primary insiders

Rune Olav Pedersen, President & CEO has received 25 000 shares in the Company at a price of NOK 14.66 per share.

Bård Stenberg, VP IR & Corporate Communications has received 2 500 shares in the Company at a price of NOK 14.66 per share.

3. New holding

After completion of the above mentioned transaction, Rune Olav Pedersen holds 90 000 PRSU/RSU in the Company. As of today the primary insider holds 57 617 shares in the Company.

After completion of the above mentioned transaction, Bård Stenberg holds 14 000 PRSU/RSU in the Company. As of today the primary insider holds 9 436 shares in the Company.

For details, contact:

Bård Stenberg, VP IR & Corporate Communications

Phone:   +47 67 51 43 16

Mobile:  +47 99 24 52 35

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