Long Term Credit Lines and Interest Bearing Debt	Nominal Amount as of June 30, 2023	Financial Covenants
Term Loan ("TLB"), due March 2024  Libor + 600 - 750 basis points (linked to total leverage ratio (“TGLR”))*	USD 137.9 million	Maintenance covenant: total net leverage ratio not to exceed 2.75x**. Minimum liquidity shall not be less than $75 million
Super Senior Loan, SOFR + 675 basis points, due March 2024, with a PGS extension option to March 2025	USD 50.0 million	Maintenance Covenants: Same as for TLB
Japanese Export Credit Financing,	USD 156.9 million
Senior Notes, coupon 13.5%, due 2027	USD 450 million	Leverage ratio ≤ 3.0x, stepping down to 2.5x March 31, 2025 Minimum liquidity of USD 50m (free and unrestricted cash and available undrawn committed facilities)

*If rating below B3/B- (stable outlook) from Moody’s or S&P, respectively, TLB margin 7.50% and RCF margin 6.50%.

**Total Net Leverage Ratio is calculated as debt + leases in the balance sheet - unrestricted cash - restricted cash / (12 month rolling EBITDA - unfunded MultiClient investment). Unfunded MultiClient investment is if prefunding revenue < MultiClient investment.

Corporate Credit Rating

Rating agency	Date of rating	Rating	Outlook
Moody’s	September 22, 2023	B2	Review for Upgrade
S&P	September 22, 2023	B-	CreditWatch Positive

Instrument rating of $450 million Senior Notes

Rating agency	Date of rating	Rating	Outlook
Moody’s	September 22, 2023	B2	Review for Upgrade
S&P	September 22, 2023	B	CreditWatch Positive

For credit rating definitions, please see link for Moody’s. 

Financial Accounts

Annual report 2022 Petroleum Geo-Services AS

Q1 2023 financials Petroleum Geo-Services AS

Q2 2023 financials Petroleum Geo-Services AS