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2022-06-29

PGS ASA: Approval and publication of prospectus – Listing of shares and Subsequent Offering

29 June, 2022

NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART, DIRECTLY OR INDIRECTLY, IN OR INTO AUSTRALIA, CANADA, JAPAN, HONG KONG, SOUTH AFRICA OR THE UNITED STATES, OR ANY OTHER JURISDICTION IN WHICH THE RELEASE, PUBLICATION OR DISTRIBUTION WOULD BE UNLAWFUL. THIS ANNOUNCEMENT DOES NOT CONSTITUTE AN OFFER OF ANY OF THE SECURITIES DESCRIBED HEREIN.

Reference is made to the previous stock exchange announcements by PGS ASA (“PGS” or the “Company”) regarding a successfully placed private placement (the "Private Placement") of new shares in the Company, raising gross proceeds of approximately NOK 800 million and a potential subsequent offering (the “Subsequent Offering) of up to 38,155,803 new shares at a subscription price of NOK 3.70, and the Company’s extraordinary general meeting’s approval of the same on 27 May 2022.

The Private Placement consisted of one tranche of 74,200,000 new shares ("Tranche 1") and a second tranche of 142,016,216 new shares ("Tranche 2"). The new shares in both Tranche 1 and Tranche 2 were issued on 31 May 2022. The Tranche 1 shares were registered on the Company’s ordinary ISIN and the new shares allocated to investors in Tranche 2 were issued on a separate ISIN NO0012535840 until a listing prospectus for the new shares is approved and published.

The Company has prepared a prospectus for the listing of the Tranche 2 shares and the listing and offering of the shares in the Subsequent Offering (the “Prospectus”), which today has been approved by the Norwegian Financial Supervisory Authority (Nw. Finanstilsynet). The Prospectus is available at the Company’s website www.pgs.com.

The new shares allocated in Tranche 2 will be registered on the Company’s ordinary ISIN NO0010199151 and become freely tradable on Oslo Børs under the trading symbol “PGS” on or about 30 June 2022.


The Subsequent Offering

The Subsequent Offering consists of up to 38,155,803 new shares at a subscription price of NOK 3.70 per share (the “Offer Shares”) raising gross proceeds of up to NOK 141,176,471.

The Subsequent Offering is directed towards eligible shareholders in PGS who (i) were shareholders in the Company as of 3 May 2022, as registered in PGS' register of shareholders with the Norwegian Central Securities Depositary (Nw. Verdipapirsentralen), Euronext Securities Oslo (the "VPS") on 5 May 2022 (the “Record Date”), (ii) were not allocated new shares in the Private Placement, and (iii) are not resident in a jurisdiction where such offering would be unlawful or, for jurisdictions other than Norway, would require any prospectus, filing, registration or similar action. Eligible shareholders will be entitled to allocation of 0.13803 non-tradable allocation rights to subscribe for, and, upon subscription, be allocated new shares, for each share held in the Company on the Record Date (the “Subscription Rights”), rounded down to the nearest whole Subscription Right. Each Subscription Right gives, subject to applicable law, a right to subscribe for and be allocated one Offer Share. Over-subscription is permitted, but subscription without Subscription Rights is not permitted.

The subscription period for the Subsequent Offering will commence on 1 July 2022 at 09:00 (CEST) and will close on 15 July 2022 at 12:00 (CEST).

Allocation of the Offer Shares is expected to take place on or about 18 July 2022 and the payment for the Offer Shares allocated to a subscriber is expected to fall due on or about 20 July 2022. Pursuant to a pre-funding arrangement between the Company and Carnegie AS, the Company expects that the share capital increase pertaining to the Subsequent Offering will be registered with the Norwegian Register of Business Enterprises (Nw. Foretaksregisteret) on or about 20 July 2022 and that the Offer Shares will be delivered to the VPS accounts of the subscribers to whom they are allocated on or about 21 July 2022, subject to timely payment of the offer price by the subscriber.

Reference is made to the Prospectus and subscription form available on this link: https://www.pgs.com/investor-relations/ir-news-stock-announcements/approval-and-publication-of-prospectus--listing-of-shares-and-subsequent-offering for further information and the terms and conditions for the Subsequent Offering.

Carnegie AS is acting as Manager in the Subsequent Offering and Advokatfirmaet BAHR AS is acting as legal advisor to the Company.

Contacts:

Bård Stenberg, VP IR & Corporate Communication

Mobile: +47 99 24 52 35

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PGS and its subsidiaries 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 group 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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IMPORTANT NOTICE

This announcement is not and does not form a part of any offer to sell, or a solicitation of an offer to purchase, any securities of PGS. The distribution of this announcement and other information may be restricted by law in certain jurisdictions. Copies of this announcement are not being made and may not be distributed or sent into any jurisdiction in which such distribution would be unlawful or would require registration or other measures. Persons into whose possession this announcement or such other information should come are required to inform themselves about and to observe any such restrictions.

The securities referred to in this announcement have not been and will not be registered under the U.S. Securities Act of 1933, as amended (the "Securities Act"), and accordingly may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements of the Securities Act and in accordance with applicable U.S. state securities laws. The Company does not intend to register any part of the offering or their securities in the United States or to conduct a public offering of securities in the United States. Any sale in the United States of the securities mentioned in this announcement will be made solely to "qualified institutional buyers" as defined in Rule 144A under the Securities Act.

In any EEA Member State, this communication is only addressed to and is only directed at qualified investors in that Member State within the meaning of the Prospectus Regulation, i.e., only to investors who can receive the offer without an  approved prospectus  in such  EEA Member  State. The expression "Prospectus Regulation" means Regulation 2017/1129 as amended together with any applicable implementing measures in any Member State.

This communication is only being distributed to and is only directed at persons in the United  Kingdom that are (i) investment professionals falling within Article 19(5) of the Financial Services  and Markets Act 2000 (Financial Promotion) Order 2005, as amended (the "Order") or (ii) high net worth entities, and other persons to whom this announcement may lawfully be communicated, falling within Article 49(2)(a) to (d) of the Order (all such persons together being referred to as "relevant persons"). This communication must not be acted on or relied on by persons who are not relevant persons. Any investment or investment activity to which this communication relates is available only for relevant persons and will be engaged in only with relevant persons. Persons distributing this communication must satisfy themselves that it is lawful to do so.

Matters discussed in this announcement may constitute forward-looking statements. Forward-looking statements are statements that are not historical facts and may be identified by words such as "believe", "expect", "anticipate", "strategy", "intends", "estimate", "will", "may", "continue",  "should" and similar expressions. The forward-looking statements in this release are based upon various assumptions, many of which are based, in turn, upon further assumptions. Although the Company believe that these assumptions were reasonable when made, these  assumptions are inherently  subject to significant known and unknown risks, uncertainties, contingencies and other important factors which are difficult or impossible to predict and are beyond its control.

Actual events may differ significantly from any anticipated development due to a number of  factors, including without limitation, changes in public sector investment levels, changes in the  general economic, political and market conditions in the markets in which the Company operate, the Company’s ability to attract, retain and motivate qualified personnel, changes in the Company’s ability to engage in commercially acceptable acquisitions and strategic investments, and changes  in laws and regulation and the potential impact of legal proceedings and actions. Such risks, uncertainties, contingencies and other important factors could cause actual events to differ materially from the expectations expressed or implied in this release by such forward-looking statements. The Company does not provide any guarantees that the assumptions underlying the forward-looking statements in this announcement are free from errors nor does it accept any responsibility for the future accuracy of the opinions expressed in this announcement or any obligation to update or revise the statements in this announcement to reflect subsequent events. You should not place undue reliance on the forward-looking statements in this document.

The information, opinions and forward-looking statements contained in this announcement speak only as at its date, and are subject to change without notice. The Company does not undertake any obligation to review, update, confirm, or to release publicly any revisions to any forward-looking statements to reflect events that occur or circumstances that arise in relation to the content of this announcement.

Neither the Manager nor any of its affiliates make any representation as to the accuracy or completeness of this announcement and none of them accepts any responsibility for the contents of this announcement or any matters referred to...

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