Long Term Credit Lines and Interest Bearing Debt	Nominal Amount as of December 31, 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 133.3 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

Q4 2023 financials Petroleum Geo-Services AS