PGS ASA

Agreement in Principle with Lenders on Main Terms - Seite 2

The Company will continue working to achieve support from the required lenders under the RCF and TLB. However, if such support is not ultimately achieved, the Company has agreed with the supporting lenders under the RCF and TLB to seek implementation by use of available alternative legal restructuring procedures.

The Company will continue to operate its business as usual by performing other obligations, including payment of interest, as they fall due.

The Company will provide updates as further milestones are reached.

FOR DETAILS, CONTACT:

Bård Stenberg, VP IR & Corporate Communication Mobile:  [phone]

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PGS ASA and its subsidiaries (“PGS” or "the Company") is an integrated marine geophysical company, providing advanced subsurface images, plus 2D and 3D data, that energy companies use to find and produce oil and gas. PGS MultiClient data library is among the largest in the seismic industry, with modern 3D coverage in all significant offshore hydrocarbon provinces worldwide. 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 2019. 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.

This information is subject to the disclosure requirements pursuant to Section 5-12 the Norwegian Securities Trading Act.

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