Minutes from Extraordinary General Meeting

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Approval of Private Placement and Subsequent Offering

Oslo, 23 November 2022


Reference is made to the stock exchange announcements by PGS ASA (“PGS” or the “Company”) on 1 November 2022 regarding a successfully placed private placement (the "Private Placement") of new shares in the Company, raising gross proceeds of NOK 1,536 million (corresponding to approximately USD 150 million), a potential subsequent offering (the “Subsequent Offering) of new shares, and the calling for an extraordinary general meeting (the “EGM”) in the Company to approve the Private Placement and the Subsequent Offering.

The EGM was today held as a virtual meeting, and all resolutions on the agenda were approved, including the share capital increase pertaining to the Private Placement by issuing 229,250,000 new shares in the Company (the “New Shares”).

The Private Placement consists of one tranche of 110,822,311 New Shares ("Tranche 1") and a second tranche of 118,427,689 New Shares ("Tranche 2"), allocated among applicants on a pro-rata basis based on their overall allocation in the Private Placement (subject to rounding).

It is expected that the share capital increase relating to the issuance of the New Shares will be registered with the Norwegian Register of Business Enterprises on or about 24 November 2022, and that the Private Placement will be completed by delivery of New Shares against payment (DVP) on or about 25 November 2022. The New Shares allocated to investors in Tranche 1 will be tradable on Oslo Børs following approval by the EGM and registration of the share capital increase pertaining to the Private Placement with the Norwegian Register of Business Enterprises. The Company expects that a listing prospectus (the "Prospectus") will be approved by the Financial Supervisory Authority of Norway prior to completion of the Private Placement, in which case the New Shares allocated to investors in Tranche 2 will be tradeable on Oslo Børs at the same time as the New Shares allocated to investors in Tranche 1. In the event the Prospectus is not approved prior to completion of the Private Placement, the New Shares allocated in Tranche 2 will not be tradeable on Oslo Børs until the Prospectus has been approved and will be issued on a separate ISIN until such Prospectus is published, which in any event is expected to occur shortly after completion of the Private Placement.

The EGM also approved a share capital increase pertaining to the Subsequent Offering of up to 45,841,000 new shares at a subscription price of NOK 6.70 per share for gross proceeds of up to approximately NOK 307 million, as further announced on 2 November 2022. Subject to approval of the Prospectus, the subscription period for the Subsequent Offering is expected to commence on or about 28 November 2022. Further information will be published by the Company once the Prospectus has been approved.

Minutes from the EGM are attached to this notice and can be downloaded at the Company’s website www.pgs.com or www.newsweb.no.


Bård Stenberg, VP IR & Corporate Communication

Mobile:  +47 99 24 52 35


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.


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 Managers nor any of their respective affiliates makes 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 herein.

This announcement is for information purposes only and is not to be relied upon in substitution for the exercise of independent judgment. It is not intended as investment advice and under no circumstances is it to be used or considered as an offer to sell, or a solicitation of an offer to buy any securities or a recommendation to buy or sell any securities in the Company. Neither the Managers nor any of their respective affiliates accepts any liability arising from the use of this announcement.

This information is subject to the disclosure requirements pursuant to the EU Market Abuse Regulation (MAR) article 17 and Section 5-12 the Norwegian Securities Trading Act.