PGS ASA

Share Issue/Capital Change • Aug 11, 2022

PGS ASA: Exercises Conversion Option of Convertible Bond Loan

PGS ASA: Exercises Conversion Option of Convertible Bond Loan

11 August 2022, Oslo, Norway: Reference is made to PGS ASA (the "Company")

convertible bond loan with ISIN NO0010920697 issued in Q1 2021 (the "Bond

Loan"). As the shares in the Company have traded above NOK 6.00 for a period of

more than 30 consecutive trading days, the Company has today exercised its

issuer conversion option under the Bond Loan whereby all outstanding bonds under

the Bond Loan with a current aggregate nominal amount of NOK 75,712,893 will be

converted into shares in the Company.

The outstanding Bond Loan will be converted into 25,237,631 new freely tradeable

shares, each share par value NOK 3.00, at a conversion price of NOK 3.00 per

share. The converted shares will be issued under the Company's ordinary ISIN

(NO0010199151).

Pursuant to the terms of the Bond Loan, no payment or adjustment shall be made

on exercise of the conversion rights for any interest which otherwise would have

accrued on the relevant bonds since the last interest payment date preceding the

conversion date relating to such bonds.

The Company expects that the record date for the conversion will be 23 August

2022 and settlement date to be 25 August 2022. Following delivery of the new

shares pursuant to the conversion, the Company's share capital will be NOK

2,040,899,142 divided into 680,299,714 shares par value NOK 3.00 each, and there

will be no outstanding bonds or indebtedness owed under the Bond Loan.

FOR DETAILS, CONTACT:

Bård Stenberg, VP IR & Corporate Communication

Mobile:  +47 99 24 52 35