Petroleum Geo Services ASA : Implementation of 2015 Employee Long-term Incentive Plan

June 4, 2015: Oslo, Norway, Petroleum Geo-Services ASA ("PGS" or the "Company") announces that the 2015 long term incentive plan, as approved by the Annual General Meeting on May 13th 2015, has now been implemented by allocating 776 100 Performance based Restricted Stock Units ("PRSUs") and 657 100 Restricted Stock Units ("RSUs").

The awards are based on amongst other considerations the position in the Company and a review on the individual participant's performance prior to award. Any PRSU and RSU awarded will, subject to the participant's continued employment with the Company (or a subsidiary), be settled three years after grant. The complete terms and conditions of the award are described in the calling notice for the 2015 Annual General Meeting.

Delivery of shares will take place from the Company's pool of treasury shares or, if an insufficient number of treasury shares exist, it will be settled by cash payment of an equivalent value.

The purpose of the long term incentive plan is to further the interests of PGS, its subsidiaries and its shareholders to employees who can contribute materially to the success and profitability of PGS. Such awards will recognize and reward performance and individual contributions and give participants in the plan an interest in the Company parallel to that of the shareholders, thus enhancing the proprietary and personal interest in PGS' continued success and progress.

The Board of Directors has allocated PRSUs and RSUs according to the plan to the following primary insiders in PGS:

Jon Erik Reinhardsen, President & CEO, has been awarded 79 000 PRSUs and 26 000 RSUs in the Company. Following the award, Reinhardsen holds 187 389 shares in PGS, 79 000 PRSUs, 103 500 RSUs and 150 000 stock options.

Sverre Strandenes, Executive Vice President MultiClient, has been awarded 27 000 PRSUs and 18 000 RSUs in the Company. Following the award, Strandenes holds 26 602 shares in PGS, 27 000 PRSUs, 64 500 RSUs and 90 000 stock options.

Per Arild Reksnes, Executive Vice President Operations, has been awarded 27 000 PRSUs and 18 000 RSUs in the Company. Following the award, Reksnes holds 23 588 shares in PGS, 27 000 PRSUs, 64 500 RSUs, and 90 000 stock options.

Magne A. Reiersgard, Executive Vice President Marine Contract, has been awarded 27 000 PRSUs and 18 000 RSUs in the Company. Following the award, Reiersgard holds 17 427 shares in PGS, 27 000 PRSUs, 64 500 RSUs and 90 000 stock options.

Gottfred Langseth, Executive Vice President & CFO, has been awarded 27 000 PRSUs and 18 000 RSUs in the Company. Following the award, Langseth holds 69 807 shares in PGS, 27 000 PRSUs, 64 500 RSUs and 90 000 stock options.

Guillaume Cambois, Executive Vice President Imaging & Engineering, has been awarded 27 000 PRSUs and 18 000 RSUs in the Company. Following the award, Cambois holds 58 555 shares in PGS, 27 000 PRSUs, 64 500 RSUs and 90 000 stock options.

Rune Olav Pedersen, General Counsel & Senior Vice President Communications and Marketing, has been awarded 27 000 PRSUs and 18 000 RSUs in the Company. Following the award, Pedersen holds 11 337 shares in PGS, 27 000 PRSUs, 63 660 RSUs and 20 000 stock options.

Jostein Ueland, Senior Vice President Business Development, has been awarded 12 000 PRSUs and 8 000 RSUs in the Company. Following the award, Ueland holds 4 879 shares in PGS, 12 000 PRSUs, 28 660 RSUs and 40 000 stock options.

Terje Bjølseth, Senior Vice President Global Human Resources, has been awarded 12 000 PRSUs and 8 000 RSUs in the Company. Following the award, Bjølseth holds 16 568 shares in PGS, 12 000 PRSUs, 28 660 RSUs and 40 000 stock options.

Joanna Oustad, Senior Vice President HSEQ, has been awarded 12 000 PRSUs and 8 000 RSUs in the Company. Following the award, Oustad holds 23 161 shares in PGS, 12 000 PRSUs, 28 660 RSUs and 10 000 stock options.

Berit Osnes, Senior Vice President MultiClient Special Sales, has been awarded 5 000 PRSUs and 5 000 RSUs in the Company. Following the award, Osnes holds 6 043 shares in PGS, 5 000 PRSUs, 17 900 RSUs and 33 000 stock options.

Espen Grimstad, Senior Supervisor Operations, has been awarded 1 100 PRSUs and 1 100 RSUs in the Company. Following the award, Grimstad holds 783 shares in PGS, 1 100 PRSUs and 1 100 RSUs.

David J. Dakin, Chief Accounting Officer, has been awarded 3 000 PRSUs and 3 000 RSUs in the Company. Following the award, Dakin holds 5 152 shares in PGS, 3 000 PRSUs, 9 450 RSUs, and 20 000 stock options.

Christin Steen-Nilsen, Vice President Corporate Controller, has been awarded 2 500 PRSUs and 2 500 RSUs in the Company. Following the award, Steen-Nilsen holds 4 143 shares in PGS, 2 500 PRSUs 7 950 RSUs and 11 000 stock options.

Anette Valbø, Business Controller Marine Contract, has been awarded 2 500 PRSUs and 2 500 RSUs in the Company. Following the award, Valbø holds 2 972 shares in PGS, 2 500 PRSUs, 7 950 RSUs and 10 000 stock options.

Bård Stenberg, Vice President IR & Corporate Communications, has been awarded 3 000 PRSUs and 3 000 RSUs in the Company. Following the award, Stenberg holds 2 351 shares in PGS, 3 000 PRSUs, 10 600 RSUs, and 9 000 stock options.

Further details on remuneration of management are described in the annual report for 2014.

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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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The information included herein contains certain forward-looking statements that address activities, events or developments that the Company expects, projects, believes or anticipates will or may occur in the future. These statements are based on various assumptions made by the Company, which are beyond its control and are subject to certain additional risks and uncertainties. The Company is subject to a large number of risk factors including but not limited to the demand for seismic services, the demand for data from our multi-client data library, the attractiveness of our technology, unpredictable changes in governmental regulations affecting our markets and extreme weather conditions. For a further description of other relevant risk factors we refer to our Annual Report for 2014. As a result of these and other risk factors, actual events and our actual results may differ materially from those indicated in or implied by such forward-looking statements.The reservation is also made that inaccuracies or mistakes may occur in the information given above about current status of the Company or its business. Any reliance on the information above is at the risk of the reader, and PGS disclaims any and all liability in this respect.

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