PGS ASA

Capital/Financing Update • May 27, 2019

PGS Initiates Refinancing

PGS Initiates Refinancing

May 27, 2019: Oslo, Norway, PGS has initiated a refinancing seeking to raise

approximately $525 million in a 5-year first lien term loan. In addition, the

Company is seeking to raise approximately $150 million of 5.5-year second lien

debt. Upon completion, proceeds will be used to repay the Company's existing

$380 million term loan maturing in March 2021 and $212 million senior notes

maturing in December 2020, and to reduce drawings under its revolving credit

facility that are currently outstanding.

Final terms and amounts will be decided following a book building process and

the transactions are expected to close mid-June 2019.

PGS has secured a 4.5 years commitment for a $250 million extension of the

Company's current $350 million Revolving Credit Facility, subject to customary

conditions, including completing the above transactions.

For further details, an outline of the lender presentation will be made

available on www.pgs.com/investor-relations/presentations/ before 08:00 am CEST

on Tuesday May 28, 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.