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.