Petroleum Geo-Services ASA : Implementation of the 2012 Restricted Stock Plan

June 4, 2012: Oslo, Norway.

Petroleum Geo-Services ASA ('PGS' or the 'Company') announced today that the
2012 restricted stock plan, as approved by the Annual General Meeting on May
3rd 2012, has now been implemented by allocating 542,300 shares. The complete
terms and conditions of the new Restricted Stock Plan are described in the
calling notice for the 2012 Annual General Meeting. The Board of Directors has
now decided on the individual allocation which includes 203 employees.

Pursuant to the Restricted Stock Plan, the Company may grant restricted stock
units ("RSUs") to employees. Awards will be granted based on amongst other
considerations the position in the Company and a review on the individual
participant's performance prior to award. Any RSU awarded will, subject to the
participant's continued employment with the Company (or a subsidiary), be
settled three years after grant. Upon settlement, the participant will receive a
number of shares in the Company which equals the number of RSUs awarded.
Delivery of shares will take place from the Company's pool of treasury shares
or, if an insufficient number of treasury shares exists, be settled by cash
payment of an equivalent value.

The purpose of the Restricted Stock Unit Plan is to further the interests of
PGS, its subsidiaries and its shareholders by providing incentives in the form
of awards 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 RSUs according to the plan to the following
primary insiders in PGS:

Terje Bjølseth, Senior Vice President Global Human Resources, has been awarded
8,000 RSUs. Following the award, Bjølseth holds 5,809 shares in PGS, 8,000 RSUs,
and 120,000 stock options.

Guillaume Cambois, Executive Vice President Data Processing & Technology, has
been awarded 18,000 RSUs. Following the award, Cambois holds 4,160 shares in
PGS, 18,000 RSUs, and 155,000 stock options.

David J Dakin, Chief Accounting Officer, has been awarded 2,500 RSUs. Following
the award, Dakin holds 3,831 shares in PGS, 2,500 RSUs, and 57,334 stock
options.

Tore D Langballe, Senior Vice President Corporate Communications, has been
awarded 8,000 RSUs. Following the award, Langballe holds 4,072 shares inPGS,
8,000 RSUs, and 120,000 stock options.

Gottfred Langseth, Executive Vice President & CFO, has been awarded 18,000 RSUs.
Following the award, Langseth holds 30,711 shares in PGS, 18,000 RSUs, and
270,000 stock options.

Joanna Oustad, Senior Vice President HSEQ, has been awarded 8,000 RSUs.
Following the award, Oustad holds 8,494 shares in PGS, 8,000 RSUs, and 16,667
stock options.

Rune Olav Pedersen, General Counsel, has been awarded 8,000 RSUs. Following the
award, Pedersen holds 2,405 shares in PGS, 8,000 RSUs, and 120,000 stock
options.

Magne Reiersgård, Executive Vice President Operations, has been awarded 18,000
RSUs. Following the award, Reiersgård holds 11,177 shares in PGS, 18,000 RSUs,
and 190,000 stock options.

Jon Erik Reinhardsen, President & CEO, has been awarded 30,000 RSUs. Following
the award, Reinhardsen holds 75,275 shares in PGS, 30,000 RSUs, and 450,000
stock options.

Per Arild Reksnes, Executive Vice President Marine Contract, has been awarded
18,000 RSUs. Following the award, Reksnes holds 9,913 shares in PGS, 18,000
RSUs, and 170,000 stock options.

Christin Steen-Nilsen, Corporate Controller, has been awarded 2,000 RSUs.
Following the award, Steen-Nilsen holds 4,143 shares in PGS, 2,000 RSUs, and
24,334 stock options.

Bård Stenberg, Investor Relations Manager, has been awarded 2,000 RSUs.
Following the award, Stenberg holds 607 shares in PGS, 2,000 RSUs, and 20,334
stock options.

Sverre L Strandenes, Executive Vice President MultiClient, has been awarded
19,000 RSUs. Following the award, Strandenes holds 11,962 shares in PGS, 19,000
RSUs, and 240,000 stock options.

Jostein Ueland, Senior Vice President Business Development has been awarded
8,000 RSUs. Following the award, Ueland holds 2009 shares in PGS, 8,000 RSUs,
and 53,334 stock options.

Further details on remuneration of management are described in the annual report
for 2011.


 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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