April 14, 2021
Oslo, Norway

Reference is made to PGS ASA (the “Company”) convertible bond loan with ISIN NO0010920697 in the aggregate amount of NOK 116,162,097 issued in Q1 2021. The Company has received conversion notices from convertible bondholders representing NOK 8 424 249 in this bond issue to convert 8 424 249 bonds into shares with a conversion price of NOK 3. Pursuant to standard terms set out in the bond terms, the bonds are thus convertible into 2,808,083 new freely tradable shares in the Company. After the conversion, the remaining principal outstanding under the convertible bond loan amounts to NOK 95 116 698. The share capital increase pertaining to the conversion of convertible bonds has today been registered in the Norwegian Register of Business Enterprises (Nw.:Foretaksregisteret). The Company's new share capital is NOK 1 182 666 387 divided into 394 222 129 shares, each with a nominal value of NOK 3. The new shares will be listed on the Oslo Stock Exchange and will be tradeable from the time at which they are issued in the VPS, expected to be on April 14, 2021.

FOR DETAILS, CONTACT:

Bård Stenberg, VP IR & Corporate Communication Mobile:  +47 99 24 52 35