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2014-05-16

Petroleum Geo-Services ASA : Exercise of Employee Share Options and Increase in Executives' Share Holdings

1. Employees in Petroleum Geo-Services ASA and subsidiaries ('PGS' or 'the Company') have on May 15 2014 exercised a total number of 273 836 employee share options. Following the exercise, 273 836 shares will be transferred from the Company's holding of own shares.
Subsequent to the transaction Petroleum Geo-Services ASA holds 3 053 164 own shares.

2. Out of the above options, the following were exercised by primary insiders on May 15, 2014:
Reiersgard, Magne A. has exercised 20 000 options in the Company, corresponding to 20 000 shares at the strike price of NOK 35,24.
Langseth, Gottfred has exercised 60 000 options in the Company, corresponding to 60 000 shares at the strike price of NOK 35,24.
Reksnes, Per Arild has exercised 20 000 options in the Company, corresponding to 20 000 shares at the strike price of NOK 35,24.
Stenberg, Bård has exercised 1334 options in the Company, corresponding to 1 334 shares at the strike price of NOK 35,24.

3. Transfer of rights
On May 15, 2014, the primary insiders mentioned below transferred the rights to receive shares resulting from the exercise of options to a third party. The payment was determined based on a selling price of NOK 65,5333 per right.
Reiersgard, Magne A. transferred 20 000 rights.
Langseth, Gottfred transferred 60 000 rights.
Reksnes, Per Arild transferred 20 000 rights.
Stenberg, Bård transferred 1 334 rights.
4. Purchase of shares
On May 15, 2014, the primary insiders mentioned below entered into an agreement to use the compensation mentioned in item 3 to purchase shares.
Langseth, Gottfred purchased 10 000 shares at a price of NOK 65,5333
Stenberg, Bård purchased 609 shares at a price of NOK 65,5333
5. New holding
After exercising options, Reiersgard, Magne A. holds 45 000 unexercised options in the Company, corresponding to 45 000 shares at the strike price of NOK 73.34, 45 000 unexercised options in the Company, corresponding to 45 000 shares at the strike price of NOK 72.07 and 42 900 restricted share units in the Company. As of today the primary insider holds 17 427 shares in the company.
After exercising options, Langseth, Gottfred holds 45 000 unexercised options in the Company, corresponding to 45 000 shares at the strike price of NOK 73.34, 45 000 unexercised options in the Company, corresponding to 45 000 shares at the strike price of NOK 72.07 and 42 900 restricted share units in the Company. As of today the primary insider holds 46 190 shares in the company.
After exercising options, Reksnes, Per Arild holds 45 000 unexercised options in the Company, corresponding to 45 000 shares at the strike price of NOK 73.34, 45 000 unexercised options in the Company, corresponding to 45 000 shares at the strike price of NOK 72.07 and 42 900 restricted share units in the Company. As of today the primary insider holds 14 791 shares in the company.
After exercising options, Stenberg, Bård holds 3 000 unexercised options in the Company, corresponding to 3 000 shares at the strike price of NOK 73.34, 6 000 unexercised options in the Company, corresponding to 6 000 shares at the strike price of NOK 72.07 and 4 750 restricted share units in the Company. As of today the primary insider holds 1 216 shares in the company.

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FOR DETAILS, PLEASE CONTACT:
Tore Langballe, SVP Corporate Communications
Phone: +47 67 51 43 75
Mobile: +47 90 77 78 41

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

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This announcement is distributed by NASDAQ OMX Corporate Solutions on behalf of NASDAQ OMX Corporate Solutions clients.
The issuer of this announcement warrants that they are solely responsible for the content, accuracy and originality of the information contained therein.
Source: Petroleum Geo-Services ASA via Globenewswire

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