Petroleum Geo-Services ASA : Mandatory Notification of Trade

January 5, 2012: Oslo, Norway, Petroleum Geo-Services ASA ('PGS' or the
'Company') advises that the Company has  re-purchased a total of $ 3,000,000 of
nominal value of its Convertible Bonds (the CBs') with ISIN NO 0010402761 at a
price of 99.25% of nominal value.

Following today's transaction PGS owns $212,400,000 of CBs representing
53.1% of the total outstanding issue, and 1,223,921 shares.
FOR DETAILS, CONTACT:


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

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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