December 6th, 2017

RE: Norwegian Filing Notification Requirements

To Financial Supervisory Authority of Norway (FSA):

This is to notify the FSA of a threshold crossing below 5% of Petroleum
Geo-Services (Ticker PGS NO). The following is the required information outlined
in section 4-1(1) of the Securities Trade Act Regulations. 

A.Name of the issuer of the shares: 
Petroleum Geo-Services

B.The date on which the proportion of shares held reached,   exceeded or fell
below the thresholds set in the Securities Trading Act section 4-3 subsection
(1): 
December 5th, 2017

C.Name of the entity subject to the disclosure obligation, including the name of
the shareholder:
Coltrane Master Fund, LP

D.The number of shares the notification encompasses: 
17,327,844

E.The subsequent situation with regard to voting rights, including the
percentage of the votes and shares of the company held by the entity concerned: 
5.12%

F.What percentage of the votes and shares of the company the entity concentered
holds in the form of rights to shares: 
0%

G.The circumstance that triggered the disclosure obligation and whether such
circumstance applied to the entity concerned himself or to any related party as
mentioned in the Securities Trading Act section 2-5: 
Purchase of shares on December 5th, 2017

H.The chain of controlled undertakings through which the shares or rights are
owned: 
Coltrane Asset Management, L.P. 
Mandeep Manku
Coltrane Domestic Fund, L.P.
Coltrane Offshore Fund, Ltd
Coltrane GP, LLC
Coltrane Master Fund, L.P.

I.Where the notification concerns rights to shares as mentioned in the
Securities Trading Act section 4-3 subsection (4) the notification shall also
contain a description of the rights, including information on the date and time
that the rights will or can be exercised and the date and time of their expiry."
N/A