June 10, 2014: Oslo, Norway.

The 2014 Performance Based Restricted Stock Unit Plan, as approved by the Annual General Meeting on May 8th 2014, has now been implemented by allocating 692 000 restricted stock units (PRSUs). The complete terms and conditions of the Performance Based Restricted Stock Unit Plan are described in the calling notice for the 2014 Annual General Meeting. The Board of Directors has now decided on the individual allocation which includes 234 employees.

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 awarded will, subject to the participant's continued employment with the Company (or a subsidiary), be settled three years after grant. Upon settlement, the participant will receive a number of shares in the Company which equals the number of PRSUs awarded.

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

The purpose of the Performance Based Restricted Stock Unit Plan is to further the interests of PGS, its subsidiaries and its shareholders by providing incentives in the form of awards 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 according to the plan to the following primary insiders in PGS:

Terje Bjølseth, Senior Vice President Global Human Resources, has been awarded 9 600 PRSUs. Following the award, Bjølseth holds 8 568 shares in PGS, 28 660 PRSUs, and 40 000 stock options.

Guillaume Cambois, Executive Vice President Data Processing & Technology, has been awarded 21 600 PRSUs. Following the award, Cambois holds 29 038 shares in PGS, 64 500 PRSUs, and 90 000 stock options.

David J Dakin, Chief Accounting Officer, has been awarded 3 000 PRSUs. Following the award, Dakin holds 3 831 shares in PGS, 8 950 PRSUs, and 20 000 stock options.

Tore D Langballe, Senior Vice President Corporate Communications, has been awarded 9 600 PRSUs. Following the award, Langballe holds 7 107 shares in PGS, 28 660 PRSUs, and 40 000 stock options.

Gottfred Langseth, Executive Vice President & CFO, has been awarded 21 600 PRSUs. Following the award, Langseth holds 46 190 shares in PGS, 64 500 PRSUs, and 90 000 stock options.

Joanna Oustad, Senior Vice President HSEQ, has been awarded 9 600 PRSUs. Following the award, Oustad holds 10 161 shares in PGS, 28 660 PRSUs, and 10 000 stock options.

Rune Olav Pedersen, General Counsel, has been awarded 9 600 PRSUs. Following the award, Pedersen holds 7 188 shares in PGS, 28 660 PRSUs, and 120 000 stock options.

Magne Reiersgård, Executive Vice President Operations, has been awarded 21 600 PRSUs. Following the award, Reiersgård holds 17 427 shares in PGS, 64 500 PRSUs, and 90 000 stock options.

Jon Erik Reinhardsen, President & CEO, has been awarded 36 000 PRSUs. Following the award, Reinhardsen holds 137 389 shares in PGS, 107 500 PRSUs, and 150 000 stock options.

Per Arild Reksnes, Executive Vice President Marine Contract, has been awarded 21 600 PRSUs. Following the award, Reksnes holds 14 791 shares in PGS, 64 500 PRSUs, and 90 000 stock options.

Christin Steen-Nilsen, Corporate Controller, has been awarded 2 700 PRSUs. Following the award, Steen-Nilsen holds 4 143 shares in PGS, 7 450 PRSUs, and 11 000 stock options.

Bård Stenberg, Investor Relations Manager, has been awarded 2 350 PRSUs. Following the award, Stenberg holds 1 216 shares in PGS, 7 100 PRSUs, and 9 000 stock options.

Sverre L Strandenes, Executive Vice President MultiClient, has been awarded 21 600 PRSUs. Following the award, Strandenes holds 16 746 shares in PGS, 65 500 PRSUs, and 90 000 stock options.

Jostein Ueland, Senior Vice President Business Development has been awarded 9 600 PRSUs. Following the award, Ueland holds 4 879 shares in PGS, 28 660 PRSUs, and 40 000 stock options.


Further details on remuneration of management are described in the annual report for 2013.

 FOR DETAILS, PLEASE CONTACT:

Tore D Langballe, SVP Corporate Communications
Phone:  +47 67 51 43 75
Mobile: +47 90 77 78 41

Bård Stenberg, Investor Relations Manager 
Phone:   +47 67 51 43 16
Mobile:  +47 99 24 52 35

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

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