PGS ASA

PGS ASA: New Share Capital after Conversion of Parts of Convertible Bond

November 4, 2021; Oslo, Norway, reference is made to PGS ASA (the "Company")

convertible bond loan with ISIN NO0010920697 in the aggregate amount of NOK

116,162,097 issued in Q1 2021. The Company has received conversion notices from

convertible bondholders representing NOK 325,395 in this bond issue to convert

325,395 bonds into shares with a conversion price of NOK 3. Pursuant to standard

terms set out in the bond terms, the bonds are thus convertible into 108,465 new

freely tradable shares in the Company. After the conversion, the remaining

principal outstanding under the convertible bond loan amounts to NOK

78,708,018. The share capital increase pertaining to the conversion of

convertible bonds has today been registered in the Norwegian Register of

Business Enterprises (Nw.:Foretaksregisteret). The Company's new share capital

is NOK 1,199,075,067 divided into 399,691,689 shares, each with a nominal value

of NOK 3. The new shares will be listed on the Oslo Stock Exchange and will be

tradeable from the time at which they are issued in the VPS, expected to be on

November 4, 2021.

FOR DETAILS, CONTACT:

Bård Stenberg, VP IR & Corporate Communication

Mobile: +47 99 24 52 35

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