PGS ASA

Capital/Financing Update • Jun 19, 2019

PGS Withdraws Refinancing

PGS Withdraws Refinancing

June 19, 2019: Oslo, Norway, reference is made to the press releases published

May 27, 2019 and June 3, 2019 where PGS initiated a process ("the transaction")

seeking to raise approximately $525 million of 5-year first lien term loan and

approximately $150 million of 5.5-year second lien notes. The proceeds were

intended to repay the Company's existing $212 million senior notes maturing in

December 2020 and $380 million term loan maturing in March 2021, and to reduce

drawings under its revolving credit facility.

As a result of increased volatility in the capital markets and weaker investor

sentiment toward oil field service post-launch, PGS has not been able to reach

the targeted terms and has decided to withdraw the proposed transaction.

The marine seismic market is in recovery with increased activity levels and a

significant improvement of pricing for contract services. PGS expects to

generate positive cash flow and reduce net debt in 2019. The Company's existing

capital markets debts still have 18 and 21 months to maturity, respectively, and

are at attractive terms. PGS expects to refinance these facilities in 2019.

FOR DETAILS, CONTACT:

Bård Stenberg, SVP IR & Corporate Communications

Phone:  +47 67 51 43 16

Mobile:  +47 99 24 52 35

***

PGS ASA and its subsidiaries ("PGS" or "the Company") is a focused marine

geophysical company that provides a broad range of seismic and reservoir

services, including acquisition, imaging, interpretation, and field evaluation.

The Company MultiClient data library is among the largest in the seismic

industry, with modern 3D coverage in all significant offshore hydrocarbon

provinces of the world. The Company 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.

***

The information included herein contains certain forward-looking statements that

address activities, events or developments that the Company expects, projects,

believes or anticipates will or may occur in the future. These statements are

based on various assumptions made by the Company, which are beyond its control

and are subject to certain additional risks and uncertainties. The Company is

subject to a large number of risk factors including but not limited to the

demand for seismic services, the demand for data from our MultiClient data

library, the attractiveness of our technology, unpredictable changes in

governmental regulations affecting our markets and extreme weather conditions.

For a further description of other relevant risk factors we refer to our Annual

Report for 2018. As a result of these and other risk factors, actual events and

our actual results may differ materially from those indicated in or implied by

such forward-looking statements. The reservation is also made that inaccuracies

or mistakes may occur in the information given above about current status of the

Company or its business. Any reliance on the information above is at the risk of

the reader, and PGS disclaims any and all liability in this respect.

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This information is subject to the disclosure requirements pursuant to section

5 -12 of the Norwegian Securities Trading Act.