PGS: Implementation of 2017 Employee Long-term Incentive Plan

Petroleum Geo-Services ASA (‘PGS’ or the ‘Company’) announces that the 2017 long term incentive plan, as approved by the Annual General Meeting on May 10, 2017, has now been implemented by allocating 839 480 Performance based Restricted Stock Units (‘PRSUs’) and 456 320 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 2017 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.

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