PGS ASA

Capital/Financing Update • Apr 14, 2021

PGS ASA: New Share Capital after Conversion of Parts of Convertible Bond

PGS ASA: New Share Capital after Conversion of Parts of Convertible Bond

April 14, 2021; Oslo, Norway, reference is made to PGS ASA (the "Company")

convertible bond loan with ISIN NO0010920697 in the aggregate amount of NOK

116,162,097 issued in Q1 2021. The Company has received conversion notices from

convertible bondholders representing NOK 8 424 249 in this bond issue to convert

8 424 249 bonds into shares with a conversion price of NOK 3. Pursuant to

standard terms set out in the bond terms, the bonds are thus convertible into

2,808,083 new freely tradable shares in the Company. After the conversion, the

remaining principal outstanding under the convertible bond loan amounts to NOK

95 116 698. The share capital increase pertaining to the conversion of

convertible bonds has today been registered in the Norwegian Register of

Business Enterprises (Nw.:Foretaksregisteret). The Company's new share capital

is NOK 1 182 666 387 divided into 394 222 129 shares, each with a nominal value

of NOK 3. The new shares will be listed on the Oslo Stock Exchange and will be

tradeable from the time at which they are issued in the VPS, expected to be on

April 14, 2021.

FOR DETAILS, CONTACT:

Bård Stenberg, VP IR & Corporate Communication

Mobile:  +47 99 24 52 35