Debt Financing

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Long Term Credit Lines
and Interest Bearing Debt 

Nominal Amount
as of September 30, 2023

Financial Covenants

Term Loan ("TLB"), due March 2024 

Libor + 600 - 750 basis points
(linked to total leverage ratio (“TGLR”))*

USD 69.8 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

Loan, SOFR + 700 basis points, due 2026

USD 75.0 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)
Japanese Export Credit Financing,

USD 144.9 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%.

**Total Net Leverage Ratio is calculated as debt + leases in the balance sheet - unrestricted cash - restricted cash held for debt service / (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

Q3 2023 financials Petroleum Geo-Services AS

Contact Investor Relations

You are welcome to send us an email or call Bård Stenberg VP IR & Corporate Communications: +47 992 45 235