Petroleum Geo-Services ASA: Implementation of 2018 Employee Long-term Incentive Plan

June 12, 2018: Oslo, Norway, PGS(or the "Company") announces that the 2018 long term incentive plan, as approved by the Annual General Meeting on April 25, 2018, has now been implemented by allocating 1 746 450 Performance based Restricted Stock Units ("PRSUs").

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. The complete terms and conditions of the award are described in the calling notice for the 2018 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 according to the plan to the following primary insiders in PGS:

Rune Olav Pedersen, President & CEO, has been awarded 126 000 PRSUs in the Company. Following the award, Pedersen holds 90 617 shares in PGS, 189 000 PRSUs and 27 000 RSUs.

Gottfred Langseth, Executive Vice President & CFO, has been awarded 60 000 PRSUs in the Company. Following the award, Langseth holds 190 106 shares in PGS, 123 000 PRSUs and 27 000 RSUs.

Sverre Strandenes, Executive Vice President, has been awarded 60 000 PRSUs in the Company. Following the award, Strandenes holds 64 583 shares in PGS, 123 000 PRSUs and 27 000 RSUs.

Per Arild Reksnes, Executive Vice President, has been awarded 60 000 PRSUs in the Company. Following the award, Reksnes holds 59 263 shares in PGS, 123 000 PRSUs and 27 000 RSUs.

Terje Bjølseth, Senior Vice President, has been awarded 24 000 PRSUs in the Company. Following the award, Bjølseth holds 47 088 shares in PGS, 52 000 PRSUs and 12 000 RSUs.

Bård Stenberg, Vice President IR & Corporate Communications, has been awarded 20 000 PRSUs in the Company. Following the award, Stenberg holds 9 436 shares in PGS, 28 800 PRSUs and 7 200 RSUs.

Lars Ragnar Mysen, General Counsel, has been awarded 20 000 PRSUs in the Company. Following the award, Reith holds 11 000 shares in PGS, 23 850 PRSUs and 3 150 RSUs.

Kai Reith, Vice President, has been awarded 20 000 PRSUs in the Company. Following the award, Reith holds 9 341 shares in PGS, 28 800 PRSUs and 7 200 RSUs.

David J. Dakin, Chief Accounting Officer, has been awarded 17 00 PRSUs in the Company. Following the award, Dakin holds 7 753 shares in PGS, 23 600 PRSUs and 5 400 RSUs.

Christin Steen-Nilsen, Vice President Corporate Controller, has been awarded 17 000 PRSUs in the Company. Following the award, Steen-Nilsen holds 7 012 shares in PGS, 22 500 PRSUs and 4 500 RSUs.

Anette Valbø, Bid Manager, has been awarded 4 000 PRSUs in the Company. Following the award, Valbø holds 7 142 shares in PGS, 9 500 PRSUs and 4 500 RSUs.

Hege Renshus, Senior Navigation Specialist, has been awarded 4 000 PRSUs in the Company. Following the award, Renshus holds 1 918 shares in PGS, 6 420 PRSUs and 1 980 RSUs.

Espen Grimstad, Senior Navigation Specialist, has been awarded 4 000 PRSUs in the Company. Following the award, Grimstad holds 917 shares in PGS, 6 420 PRSUs and 1 980 RSUs.

Further details on remuneration of management are described in the annual report for 2017.

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

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Source: Petroleum Geo-Services ASA via Globenewswire