PGS ASA

Update on regulatory approvals relating to the merger with TGS

14 February 2024, Oslo, Norway - Reference is made to the joint stock exchange

announcement on 18 September 2023 by TGS ASA ("TGS," OSE: TGS) and PGS ASA

("PGS" or the "Company," OSE: PGS) regarding the combination of the two

companies (the "Merger") to establish the premier energy data company, as well

as subsequent announcements on 25 October and 1 December 2023 regarding,

respectively, the execution and approval of the definitive merger plan for the

Merger.

The Merger is currently subject to ongoing review by the competition authorities

in the UK, and in Norway, the Norwegian Competition Authority has resolved to

continue its assessment of the transaction in a Phase II review.

Completion of the Merger remains conditional on the customary closing conditions

described in the merger plan, including the remaining regulatory approvals set

out above.

The statutory creditor notice period for the Merger has expired.

The parties still expect that completion of the Merger will occur during the

second quarter of 2024, as previously communicated.

For further information on the Merger and the complete terms and conditions for

the Merger, please see the merger plan for the Merger available on www.pgs.com

(https://eur03.safelinks.protection.outlook.com/?url=http%3A%2F%2Fwww.pgs.com%2F

&data=05%7C02%7CViggo.Bang-

Hansen%40schjodt.com%7C6f6e1d65f6be4d2f21b508dc2bdf3c44%7C4651385ecc6244a7bde5db

da3fc721be%7C0%7C0%7C638433485008420896%7CUnknown%7CTWFpbGZsb3d8eyJWIjoiMC4wLjAw

MDAiLCJQIjoiV2luMzIiLCJBTiI6Ik1haWwiLCJXVCI6Mn0%3D%7C0%7C%7C%7C&sdata=CfJWri4JU8

bI8ztq0UJDPrCyQh9caGMist4NeL5mGmk%3D&reserved=0) and www.tgs.com

(https://eur03.safelinks.protection.outlook.com/?url=http%3A%2F%2Fwww.tgs.com%2F

&data=05%7C02%7CViggo.Bang-

Hansen%40schjodt.com%7C6f6e1d65f6be4d2f21b508dc2bdf3c44%7C4651385ecc6244a7bde5db

da3fc721be%7C0%7C0%7C638433485008429224%7CUnknown%7CTWFpbGZsb3d8eyJWIjoiMC4wLjAw

MDAiLCJQIjoiV2luMzIiLCJBTiI6Ik1haWwiLCJXVCI6Mn0%3D%7C0%7C%7C%7C&sdata=Ea%2FXbdyy

vAk4Qshk3H%2F5%2BTz1kxNE8gjs%2FsQais6u6Rc%3D&reserved=0).

Contact information:

TGS:

Sven Børre Larsen

CFO

Tel: +47 909 43 673

PGS:

Gottfred Langseth

CFO

Tel: +47 930 55 580

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