Completion of Refinancing

18 February 2020 Oslo, Norway: Reference is made to previous announcements by PGS ASA (“PGS” or the “Company”) in respect of the refinancing first published on 21 January 2020 (the “Refinancing”). PGS is pleased to announce that the Refinancing transaction has been completed.

As announced on 21 January 2020, selected terms and conditions of the TLB and RCF are summarized in a Company presentation made available on PGS’s website www.pgs.com.

Contacts:

Bård Stenberg, SVP IR & Corporate Communication

Mobile:  +47 99 24 52 35

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