New Share Capital Registered

Source: www.gulfoilandgas.com 5/31/2022, Location: Europe

Reference is made to the stock exchange announcements by PGS ASA (“PGS” or the “Company”) on 4 and 5 May 2022 regarding a successfully placed private placement (the "Private Placement") of 216,216,216 new shares in the Company (the “New Shares”), raising gross proceeds of approximately NOK 800 million.

The Private Placement consists of one tranche of 74,200,000 New Shares ("Tranche 1") and a second tranche of 142,016,216 New Shares ("Tranche 2"), allocated among applicants on a pro-rata basis based on their overall allocation in the Private Placement (subject to rounding).

On 27 May 2022, the Company’s extraordinary general meeting resolved to approve the share capital increase pertaining to the Private Placement (both tranches), which has now been registered with the Norwegian Register of Business Enterprises. The new share capital of the Company is NOK 1,850,718,840 comprising 616,906,280 shares, each with a nominal value of NOK 3.00.

The New Shares allocated to investors in Tranche 1 are tradable on Oslo Børs as of today, while the New Shares allocated to investors in Tranche 2 will not be tradable on Oslo Børs until a listing prospectus has been approved by the Financial Supervisory Authority of Norway and will be issued on a separate ISIN NO0012535840 until such prospectus is published, expected late June 2022 (the "Prospectus").


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