PGS Secures Commitment for Senior Secured Debt

PGS Secures Commitment for Senior Secured Debt

May 24, 2022, Oslo, Norway: Reference is made to the announcement issued on May 4, 2022 regarding the Private Placement and the Subsequent Offering. The Private Placement is, among other things, subject to the Company obtaining commitments to the satisfaction of the Company for approximately $50 million in new, senior secured debt by the time of the Extraordinary General Meeting ("EGM”) scheduled for May 27, 2022.

PGS has now obtained commitments for $50 million in new, senior secured debt on terms and conditions acceptable to the Company, and this condition is satisfied. Completion of the Private Placement and the Subsequent Offering remain subject to the other conditions previously announced by PGS, including approval by the EGM.

The new senior secured debt has a maturity together with the Company’s Term Loan B, in March 2024 and can be drawn at any time before September 18, 2022. It will bear interest at SOFR (Secured Overnight Financing Rate) plus a margin of 675 basis points. The Company will pay customary commitment fees and expenses.

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PGS ASA and its subsidiaries ("PGS” or "the Company”) is a fully integrated marine geophysical company that provides a broad range of seismic and reservoir services, including data acquisition, imaging, interpretation, and field evaluation. Our services are provided to the oil and gas industry, as well as to the broader and emerging new energy industries, including carbon storage and offshore wind. 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.

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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 multi-client 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 2021. 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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