PGS Announces Mandatory Notification of Trade

Source: www.gulfoilandgas.com 6/1/2022, Location: Europe

Reference is made to the mandatory notice of trade of 2 February 2021 where it was disclosed that funds managed by Sculptor Capital LP (together with its affiliates, "Sculptor") had committed to subscribe for 25,237,631 convertible bonds in PGS ASA ("PGS") at the subscription price of NOK 3 per convertible bond ("CB") which can be converted into 25,237,631 shares in PGS, equalling 6.52% of the shares and votes in PGS.

Further reference is made to the stock exchange notice of 31 May 2022 from PGS regarding registration of new share capital following a successful private placement. Sculptor have, as a result of the private placement, crossed below the 5% threshold as of 31 May 2022. Sculptor's holding of 25,237,631 CBs can, prior giving effect to the contemplated repair issue, be converted into shares equalling approximately 3.93% of the shares and voting rights in PGS.


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