PGS ASA — Capital/Financing Update 2020

Feb 18, 2020

PGS ASA: Completion of Refinancing

PGS ASA: Completion of Refinancing

18 February 2020 Oslo, Norway: Reference is made to previous announcements by

PGS ASA ("PGS" or the "Company") in respect of the refinancing first published

on 21 January 2020 (the "Refinancing"). PGS is pleased to announce that the

Refinancing transaction has been completed.

As announced on 21 January 2020, selected terms and conditions of the TLB and

RCF are summarized in a Company presentation made available on PGS's website

www.pgs.com (http://www.pgs.com).

Contacts:

Bård Stenberg, SVP IR & Corporate Communication

Mobile:  +47 99 24 52 35

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This information is subject to the disclosure requirements pursuant to Section

5-12 the Norwegian Securities Trading Act.