PGS ASA

Disclosure of large shareholding

This is to notify the Oslo Stock Exchange of a threshold crossing above the 15% thresholds of PGS ASA (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:

PGS ASA (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):

February 21st, 2022

C. Name of the entity subject to the disclosure obligation, including the name of the shareholder:

Coltrane Master Fund, LP and Coltrane Long Value Master Fund, LP as disclosing parties, both with Coltrane

Asset Management, LP as manager; Coltrane Domestic Fund, LP and Coltrane Offshore Fund, Ltd. are both

limited partners in Coltrane Master Fund, LP. Coltrane Long Value Domestic Fund, LP and Coltrane Long

Value Offshore Fund, Ltd. are limited partners in Coltrane Long Value Master Fund, LP.

D. The number of shares the notification encompasses:

60,135,863 shares

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:

15.01%

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

to shares:

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 February 21st, 2022

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, L.P.

Coltrane Asset Management Holdings, Ltd.

Coltrane GP, LLC

Coltrane Master Fund, L.P.

Coltrane Long Value Domestic Fund, L.P

Coltrane Long Value Offshore Fund, Ltd.

Coltrane Long Value GP LLC

Coltrane Long Value 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

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