PGS ASA

Prospectus • Nov 24, 2022

PGS ASA: Approval and Publication of Prospectus. New share capital registered

PGS ASA: Approval and Publication of Prospectus. New share capital registered

Oslo, 24 November 2022

NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART, DIRECTLY OR

INDIRECTLY, IN OR INTO AUSTRALIA, CANADA, JAPAN, HONG KONG, SOUTH AFRICA OR THE

UNITED STATES, OR ANY OTHER JURISDICTION IN WHICH THE RELEASE, PUBLICATION OR

DISTRIBUTION WOULD BE UNLAWFUL. THIS ANNOUNCEMENT DOES NOT CONSTITUTE AN OFFER

OF ANY OF THE SECURITIES DESCRIBED HEREIN.

Reference is made to previous stock exchange announcements by PGS ASA ("PGS" or

the "Company") regarding a successfully placed private placement (the "Private

Placement") of new shares in the Company (the "New Shares"), raising gross

proceeds of NOK 1,536 million (corresponding to approximately USD 150 million),

a potential subsequent offering (the "Subsequent Offering) of new shares, and

the Company's extraordinary general meeting's approval of the same on 23

November 2022.

The Private Placement

The Private Placement consists of one tranche of 110,822,311 New Shares

("Tranche 1") and a second tranche of 118,427,689 New Shares ("Tranche 2"),

allocated among applicants on a pro-rata basis based on their overall allocation

in the Private Placement (subject to rounding).

The share capital increase pertaining to the Private Placement was registered

with the Norwegian Register of Business Enterprises today 24 November 2022.

The Company has prepared a prospectus for the listing of the Tranche 2 shares

and the listing and offering of the shares in the Subsequent Offering (the

"Prospectus"), which has been approved by the Norwegian Financial Supervisory

Authority (Nw. Finanstilsynet) today 24 November 2022.

As a result of the Prospectus already having been approved and published, both

the new shares allocated in Tranche 1 and the new shares allocated in Tranche 2

will be registered on the Company's ordinary ISIN NO0010199151 and become

tradable on Oslo Børs under the trading symbol "PGS" as from the time of this

announcement. The Private Placement will be completed by delivery of New Shares

against payment (DVP) on 25 November 2022.

The Prospectus is available at the Company's website on this link:

https://www.pgs.com/company/investor-relations/reports-and-results/prospectus/.

Following registration of the share capital increase pertaining to the Private

Placement, the issued share capital of the Company is NOK 2,728,649,142

comprising 909,549,714 shares, each with a nominal value of NOK 3.00.

The Subsequent Offering

The Subsequent Offering consists of up to 45,841,000 new shares at a

subscription price of NOK 6.70 per share (the "Offer Shares") raising gross

proceeds of up to approximately NOK 307 million.

The Subsequent Offering is directed towards eligible shareholders in PGS who (i)

were shareholders in the Company as of 1 November 2022, as registered in PGS'

register of shareholders with the Norwegian Central Securities Depositary (Nw.

Verdipapirsentralen), Euronext Securities Oslo (the "VPS") on 3 November 2022

(the "Record Date"), (ii) were not allocated new shares in the Private

Placement, and (iii) are not resident in a jurisdiction where such offering

would be unlawful or, for jurisdictions other than Norway, would require any

prospectus, filing, registration or similar action. Eligible shareholders will

be entitled to allocation of 0.07921 non-tradable allocation rights to subscribe

for, and, upon subscription, be allocated new shares, for each share held in the

Company on the Record Date (the "Subscription Rights"), rounded down to the

nearest whole Subscription Right. Each Subscription Right gives, subject to

applicable law, a right to subscribe for and be allocated one Offer Share. Over-

subscription is permitted, but subscription without Subscription Rights is not

permitted.

The subscription period for the Subsequent Offering will commence on 28 November

2022 at 09:00 (CET) and will close on 12 December 2022 at 12:00 (CET).

Allocation of the Offer Shares is expected to take place on or about 13 December

2022 and payment for allocated Offer Shares is expected to fall due on or about

15 December 2022. Pursuant to a pre-funding arrangement expected to be entered

into between the Company, Carnegie AS and Pareto Securities AS, the Company

expects that the share capital increase pertaining to the Subsequent Offering

will be registered with the Norwegian Register of Business Enterprises (Nw.

Foretaksregisteret) on or about 15 December 2022 and that the Offer Shares will

be delivered to the VPS accounts of the subscribers to whom they are allocated

on or about 16 December 2022, subject to timely payment of the offer price by

the subscriber.

Reference is made to the Prospectus and subscription form available on this

link: https://www.pgs.com/company/investor-relations/reports-and-

results/prospectus/ (https://protect-

eu.mimecast.com/s/U_cwCQ1Xpc6YwqWSxIZe2?domain=pgs.com/)  for further

information and the terms and conditions for the Subsequent Offering.

Carnegie AS and Pareto Securities AS are acting as Managers in the Subsequent

Offering and Advokatfirmaet BAHR AS is acting as legal advisor to the Company.

Contacts:

Bård Stenberg, VP IR & Corporate Communication

Mobile: +47 99 24 52 35

***

PGS and its subsidiaries is a fully integrated marine geophysical company that

provides a broad range of seismic and reservoir services, including data

acquisition, imaging, interpretation, and field evaluation. Our services are

provided to the oil and gas industry, as well as to the broader and emerging new

energy industries, including carbon storage and offshore wind. The group

operates on a worldwide basis with headquarters in Oslo, Norway and the PGS

share is listed on the Oslo stock exchange (OSE: PGS). For more information on

PGS visit www.pgs.com.

***

IMPORTANT NOTICE

This announcement is not and does not form a part of any offer to sell, or a

solicitation of an offer to purchase, any securities of PGS. The distribution of

this announcement and other information may be restricted by law in certain

jurisdictions. Copies of this announcement are not being made and may not be

distributed or sent into any jurisdiction in which such distribution would be

unlawful or would require registration or other measures. Persons into whose

possession this announcement or such other information should come are required

to inform themselves about and to observe any such restrictions.

The securities referred to in this announcement have not been and will not be

registered under the U.S. Securities Act of 1933, as amended (the "Securities

Act"), and accordingly may not be offered or sold in the United States absent

registration or an applicable exemption from the registration requirements of

the Securities Act and in accordance with applicable U.S. state securities laws.

The Company does not intend to register any part of the offering or their

securities in the United States or to conduct a public offering of securities in

the United States. Any sale in the United States of the securities mentioned in

this announcement will be made solely to "qualified institutional buyers" as

defined in Rule 144A under the Securities Act.

In any EEA Member State, this communication is only addressed to and is only

directed at qualified investors in that Member State within the meaning of the

Prospectus Regulation, i.e., only to investors who can receive the offer without

an approved prospectus in such EEA Member State. The expression "Prospectus

Regulation" means Regulation 2017/1129 as amended together with any applicable

implementing measures in any Member State.

This communication is only being distributed to and is only directed at persons

in the United Kingdom that are (i) investment professionals falling within

Article 19(5) of the Financial Services and Markets Act 2000 (Financial

Promotion) Order 2005, as amended (the "Order") or (ii) high net worth entities,

and other persons to whom this announcement may lawfully be communicated,

falling within Article 49(2)(a) to (d) of the Order (all such persons together

being referred to as "relevant persons"). This communication must not be acted

on or relied on by persons who are not relevant persons. Any investment or

investment activity to which this communication relates is available only for

relevant persons and will be engaged in only with relevant persons. Persons

distributing this communication must satisfy themselves that it is lawful to do

so.

Matters discussed in this announcement may constitute forward-looking

statements. Forward-looking statements are statements that are not historical

facts and may be identified by words such as "believe", "expect", "anticipate",

"strategy", "intends", "estimate", "will", "may", "continue", "should" and

similar expressions. The forward-looking statements in this release are based

upon various assumptions, many of which are based, in turn, upon further

assumptions. Although the Company believe that these assumptions were reasonable

when made, these assumptions are inherently subject to significant known and

unknown risks, uncertainties, contingencies and other important factors which

are difficult or impossible to predict and are beyond its control.

Actual events may differ significantly from any anticipated development due to a

number of factors, including without limitation, changes in public sector

investment levels, changes in the general economic, political and market

conditions in the markets in which the Company operate, the Company's ability to

attract, retain and motivate qualified personnel, changes in the Company's

ability to engage in commercially acceptable acquisitions and strategic

investments, and changes in laws and regulation and the potential impact of

legal proceedings and actions. Such risks, uncertainties, contingencies and

other important factors could cause actual events to differ materially from the

expectations expressed or implied in this release by such forward-looking

statements. The Company does not provide any guarantees that the assumptions

underlying the forward-looking statements in this announcement are free from

errors nor does it accept any responsibility for the future accuracy of the

opinions expressed in this announcement or any obligation to update or revise

the statements in this announcement to reflect subsequent events. You should not

place undue reliance on the forward-looking statements in this document.

The information, opinions and forward-looking statements contained in this

announcement speak only as at its date, and are subject to change without

notice. The Company does not undertake any obligation to review, update,

confirm, or to release publicly any revisions to any forward-looking statements

to reflect events that occur or circumstances that arise in relation to the

content of this announcement.

Neither the Manager nor any of its affiliates make any representation as to the

accuracy or completeness of this announcement and none of them accepts any

responsibility for the contents of this announcement or any matters referred to

herein.

This announcement is for information purposes only and is not to be relied upon

in substitution for the exercise of independent judgment. It is not intended as

investment advice and under no circumstances is it to be used or considered as

an offer to sell, or a solicitation of an offer to buy any securities or a

recommendation to buy or sell any securities in the Company. Neither the Manager

nor any of its affiliates accept any liability arising from the use of this

announcement.

This information is subject to the disclosure requirements pursuant to the EU

Market Abuse Regulation (MAR) article 17 and Section 5-12 the Norwegian

Securities Trading Act.