Petroleum Geo Services : Settlement of 2014 PRSU Program

1. Settlement

The 2014 Performance based Restricted Stock Unit ('PRSU') program settled on
June 6, 2017. Employees in Petroleum Geo-Services ASA and subsidiaries ('PGS' or 'the Company') have received a total number of 642 900 shares. Following the transaction, 642 900 shares will be transferred from the Company's holding of own shares.

Subsequent to the transaction Petroleum Geo-Services ASA holds 45 264 own shares.

2. Receipt of shares by primary insiders

Out of the abovementioned shares, the following were received by primary insiders:

Jon Erik Reinhardsen has received 36 000 shares in the Company.

Gottfred Langseth has received 21 600 shares in the Company.

Guillaume Cambois has received 21 600 shares in the Company.

Sverre Strandenes has received 21 600 shares in the Company.

Per Arild Reksnes has received 21 600 shares in the Company.

Magne A. Reiersgard has received 21 600 shares in the Company.

Rune Olav Pedersen has received 9 600 shares in the Company.

Terje Bjølseth has received 9 600 shares in the Company.

Joanna Oustad has received 9 600 shares in the Company.

Berit Osnes has received 6 000 shares in the Company.

David J. Dakin has received 3 000 shares in the Company.

Anette Valbø has received 2 700 shares in the Company.

Christin Steen-Nilsen has received 2 700 shares in the Company.

Bård Stenberg has received 2 350 shares in the Company.

Kai Reith has received 2 150 shares in the Company.

Hege Renshus has received 1 200 shares in the Company.

3. Sale of shares

On June 6th, the primary insiders mentioned below ordered for the received shares to be immediately sold by a third party.

The sales amount was determined on the basis of the price subsequently obtained by the third party when selling the shares in the market. All primary insiders
mentioned below sold their shares for a price of NOK 16.9768.

Guillaume Cambois has sold 6 079 shares in the Company.

Sverre Strandenes has sold 10 638 shares in the Company.

Per Arild Reksnes has sold 10 855 shares in the Company.

Magne A. Reiersgard has sold 6 774 shares in the Company.

David J. Dakin has sold 3 000 shares in the Company.

Christin Steen-Nilsen has sold 1 280 shares in the Company.

Anette Valbø has sold 1 280 shares in the Company.

4. New holding

After completion of the above mentioned transactions, Jon Erik Reinhardsen holds 210 000 PRSU/RSU in the Company. As of today the primary insider holds 346 574 shares in the Company.

After completion of the above mentioned transactions, Gottfred Langseth holds 90 000 PRSU/RSU in the Company. As of today the primary insider holds 150 106 shares in the Company.

After completion of the above mentioned transactions, Guillaume Cambois holds 90 000 PRSU/RSU in the Company. As of today the primary insider holds 162 817
shares in the Company.

After completion of the above mentioned transactions, Sverre Strandenes holds 90 000 PRSU/RSU in the Company. As of today the primary insider holds 64 583
shares in the Company.

After completion of the above mentioned transactions, Per Arild Reksnes holds 90 000 PRSU/RSU in the Company. As of today the primary insider holds 59 263
shares in the Company.

After completion of the above mentioned transactions, Magne A. Reiersgard holds 90 000 PRSU/RSU in the Company. As of today the primary insider holds 61 189
shares in the Company.

After completion of the above mentioned transactions, Rune Olav Pedersen holds 115 000 PRSU/RSU in the Company. As of today the primary insider holds 32 617
shares in the Company.

After completion of the above mentioned transactions, Terje Bjølseth holds 40 000 PRSU/RSU in the Company. As of today the primary insider holds 47 088
shares in the Company.

After completion of the above mentioned transactions, Joanna Oustad holds 40 000 PRSU/RSU in the Company. As of today the primary insider holds 56 034
shares in the Company.

After completion of the above mentioned transactions, Berit Osnes holds 20 000 PRSU/RSU in the Company. As of today the primary insider holds 21 186
shares in the Company.

After completion of the above mentioned transactions, David J. Dakin holds 12 000 PRSU/RSU in the Company. As of today the primary insider holds 7 753
shares in the Company.

After completion of the above mentioned transactions, Bård Stenberg holds 16 500 PRSU/RSU in the Company. As of today the primary insider holds 6 936
shares in the Company.

After completion of the above mentioned transactions, Anette Valbø holds 10 000 PRSU/RSU in the Company. As of today the primary insider holds 7 142 shares in
the Company.

After completion of the above mentioned transactions, Christin Steen-Nilsen holds 10 000 PRSU/RSU in the Company. As of today the primary insider holds
7 012 shares in the Company.

After completion of the above mentioned transactions, Kai Reith holds 14 000 PRSU/RSU in the Company. As of today the primary insider holds 9 341 shares in the Company.

After completion of the above mentioned transactions, Hege Renshus holds 4 400 PRSU/RSU in the Company. As of today the primary insider holds 1 918 shares in the Company.

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