PGS ASA

Regulatory Filings • Aug 13, 2020

PGS ASA: Rejection of TGS Proposal to Acquire PGS MultiClient Library

PGS ASA: Rejection of TGS Proposal to Acquire PGS MultiClient Library

August 13, 2020: Oslo, Norway, the Board of PGS ASA ("PGS", or the "Company"),

together with PGS Management, has reviewed and assessed the unsolicited,

conditional and non-binding proposal to acquire the MultiClient data library of

PGS received from TGS-NOPEC Geophysical Company ASA ("TGS") on August 6, 2020.

The Board has unanimously concluded to reject the TGS proposal.

The Board of PGS is of the view that the value of the Company's MultiClient data

library is significantly greater to PGS than that represented by the TGS

proposal, and that the timing of the proposal is opportunistic given the current

market backdrop and macro-economic environment. Having consulted with its

financial and legal advisers, the Board of PGS has concluded that the proposal

is not in the best interests of the Company and its stakeholders.

PGS remains committed to its integrated service strategy and the benefits to the

Company and its stakeholders from the combination of MultiClient and Contract

operations.

PGS remains focused on its ongoing discussions with its lenders, as previously

announced.

COMPANY CONTACT:

Bård Stenberg, VP IR & Corporate Communication

Mobile:  +47 99 24 52 35