Subsequent Offering

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Reference is made to the stock exchange release published earlier today, November 23, 2016, by Petroleum Geo-Services ASA (the "Company") regarding the private placement of 85,500,000 new shares (the "Private Placement") in the Company raising gross proceeds of approximately NOK 1.9 billion (approximately USD 225 million) and the decision to carry out a subsequent offering (the "Subsequent Offering"), subject to market conditions, of up to 13,500,000 new shares in the Company (the "Offer Shares") for gross proceeds of approximately NOK 300 million (approximately USD 35 million) (corresponding to approximately 16% of the size of the Private Placement). The Subsequent Offering is subject to shareholder approval by the Company's general meeting, such extraordinary general meeting scheduled to be held on December 14, 2016.

The Subsequent Offering will, on the basis of a prospectus (the "Prospectus") to be approved by the Norwegian Financial Supervisory Authority and published thereafter, be directed towards the shareholders of the Company as of the expiry of November 22, 2016, as registered in Company's shareholder register with the Norwegian Securities Depository ("VPS") as of expiry of November 24, 2016, who were not allocated shares in the Private Placement, and who 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"). For the purposes of determining Eligible Shareholders, the Company's Board of Directors may look solely to a transcript from the Company's shareholder register with VPS on November 24, 2016, without further consideration of whether this actually reflects who were shareholders as of expiry of November 22, 2016. Such Eligible Shareholders will be granted non-tradable subscription rights giving right to subscribe and be allocated Offer Shares.

The subscription price in the Subsequent Offering is NOK 22.50 per Offer Share, being the same as the subscription price in the Private Placement. The subscription period in the Subsequent Offering will commence shortly after publication of the Prospectus (expected to take place on or about December 15, 2016).

The following key information is given with respect to the Subsequent Offering:

Date of announcement of the Subsequent Offering: November 23, 2016

Last day including right: November 22, 2016

Ex-date: November 23, 2016

Record date: November 24, 2016

Date of approval: The Subsequent Offering is subject to shareholder approval by the Company's general meeting, such extraordinary general meeting scheduled to be held on December 14, 2016

Maximum number of Offer Shares: 13,500,000

Subscription price per Offer Share: NOK 22.50

DNB Markets, a part of DNB Bank ASA and Nordea Markets, a part of Nordea Bank Norge ASA are acting as Managers for the Subsequent Offering.


Bård Stenberg, VP IR & Corporate Communications: Phone: +47 67 51 43 16, Mobile: +47 992 45 235

Gottfred Langseth, EVP & CFO: Phone: +47 67 51 44 10, Mobile: +47 930 55 580

Rune Olav Pedersen, EVP & General Counsel: Phone: +47 67 51 57 06, Mobile: +47 908 16 337


Petroleum Geo-Services ASA ("PGS" or "the Company") is a focused Marine geophysical company that provides a broad range of seismic and reservoir services, including acquisition, imaging, interpretation, and field evaluation. The Company's MultiClient data library is among the largest in the seismic industry, with modern 3D coverage in all significant offshore hydrocarbon provinces of the world. The Company operates on a worldwide basis with headquarters in Oslo, Norway.

For more information on PGS visit


This announcement does not constitute or form part of an offer for sale or solicitation of an offer to purchase or subscribe for securities in the United States or any other jurisdiction. The securities referred to herein have not been and will not be registered under the U.S. Securities Act of 1933, as amended (the "Securities Act"), and may not be offered or sold, directly or indirectly, in the United States, absent registration under or an exemption from, or in a transaction not subject to, the registration requirements of, the Securities Act. No public offering of securities is being made in the United States or in any other jurisdiction.

The offering of the securities referred to in this announcement will be made pursuant to an exemption under the Prospectus Directive, as implemented in Member States of the European Economic Area, from the requirement to produce a prospectus for offers of securities.  This announcement does not constitute an advertisement for the purposes of the Prospectus Directive.

This announcement does not constitute an offer to sell or the solicitation of an offer to buy any securities, nor will there be any sale of securities referred to in this announcement, in any jurisdiction, including the United States, in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of such jurisdiction.

The information included herein contains certain forward-looking statements that address activities, events or developments that the Company expects, projects, believes or anticipates will or may occur in the future. These statements are based on various assumptions made by the Company, which are beyond its control and are subject to certain additional risks and uncertainties. The Company is subject to a large number of risk factors including but not limited to the demand for seismic services, the demand for data from our multi-client data library, the attractiveness of our technology, unpredictable changes in governmental regulations affecting our markets and extreme weather conditions.

DNB Markets, a part of DNB Bank ASA and Nordea Markets, a part of Nordea Bank Norge ASA (together, the "Managers") are each acting exclusively for the Company and for no-one else in connection with any transaction mentioned in this announcement and will not regard any other person (whether or not a recipient of this announcement) as a client in relation to any such transaction and will not be responsible to any other person for providing the protections afforded to their respective clients, or for advising any such person on the contents of this announcement or in connection with any transaction referred to in this announcement. The contents of this announcement have not been verified by the Managers.

No representation or warranty, express or implied, is given by or on behalf of the Managers or any of their respective subsidiaries, affiliates, agents or advisers or any of such persons' affiliates, directors, officers or employees or any other person as to the fairness, truth, accuracy, completeness or verification of the information or the opinions contained in this announcement (or whether any information has been omitted from the announcement) or any other information relating to the Company, its subsidiaries or associated companies, whether written, oral or in a visual or electronic form, and howsoever transmitted or made available, and no liability is accepted for any such information, omissions or opinions.

For a further description of other relevant risk factors we refer to our Annual Report for 2015. As a result of these and other risk factors, actual events and our actual results may differ materially from those indicated in or implied by such forward-looking statements. The reservation is also made that inaccuracies or mistakes may occur in the information given above about current status of the Company or its business. Any reliance on the information above is at the risk of the reader, and PGS disclaims any and all liability in this respect.

This information is subject to the disclosure requirements of section 5-12 of the Norwegian Securities Trading Act.


Contact Investor Relations

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