PGS ASA

Major Shareholding Notification • Dec 6, 2022

UBS Group AG Postfach 8098 Zürich

Tel. +41-44-438 11 11

Global Shareholder Reporting Group Compliance, Regulatory & Governance

Nemanja Pantic Europastrasse 2 Tel. +41-44-239 62 08 nemanja-n.pantic@ubs.com

www.ubs.com

Registered Strictly confidential

Oslo Børs Box 460 Sentrum 0105 Oslo Norway

December, 6th 2022

PGS ASA - Disclosure of large shareholdings under the Securities Trading Act

Dear Sir or Madam,

We would like to inform you that UBS Group AG has fallen below the reportable threshold of 5% of the share capital in issuer PGS ASA (NO0010199151). Please let this serve you as our disclosure as set forth below:

Name of the person obliged to notify:	UBS Group AG
Residing at:	Bahnhofstrasse 45 CH-8001 Zurich
Date of event:	December, 5th 2022
Event triggering the notification:	Disposal of shares
Total disposed shares:	15'954'284 shares
Total new holding:	35'064'549 shares representing 3.86% of the 909'549'714 voting rights and of the share capital.
	30'226'814 shares are held directly by UBS AG, a subsidiary of UBS Group AG. 4'837'735 shares are held indirectly by UBS AG through UBS Switzerland AG (4'837'735).

This notification has also been sent to the issuer.

If you have any questions regarding this disclosure, please contact Iwona Konwinska on +41-44-239 80 05 in Zurich.

Yours faithfully,

UBS Group AG

Iwona Konwinska Ewa Zajac

Authorized Officer Authorized Officer