PGS ASA

February 2, 2021: Oslo, Norway, PGS ASA (the "Company" or "PGS") announces that the UK Scheme of Arrangement (the "Scheme") announced on November 26, 2020 in connection with the proposed amendments under its term loan B and revolving credit facilities ("TLB" and "RCF", respectively) announced on October 21, 2020 (the "Transaction"), was approved by the High Court of Justice of England and Wales on February 2, 2021.

The Scheme was approved following the approval of the Transaction at the preceding creditors’ meeting. The Scheme had support of lenders to the RCF/TLB facilities representing 95.3% by value of debt and 99.5% by number of creditors voting.

The Court’s approval will enable the implementation of the Transaction, which will bind all TLB and RCF lenders. The final implementation of the Transaction is subject to customary conditions precedent and subsequent, and is expected to occur during February this year.

Further details on the Transaction is set out in the Company’s announcement on October 21, 2020.

The Company will provide updates in due course as appropriate.

FOR DETAILS, CONTACT:

BÅRD STENBERG, VP IR & CORPORATE COMMUNICATION MOBILE:  +47 99 24 52 35

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PGS is an integrated marine geophysical company, providing advanced subsurface images, plus 2D and 3D data, that energy companies use to find and produce oil and gas. PGS MultiClient data library is among the largest in the seismic industry, with modern 3D coverage in all significant offshore hydrocarbon provinces worldwide. The Company 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.

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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. For a further description of other relevant risk factors we refer to our Annual Report for 2019. 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.

Any securities proposed to be issued in connection with the Scheme will not be registered under the US Securities Act of 1933, as amended (the "US Securities Act") and may not be offered or sold in the United States, or to or for the account or benefit of US persons (as defined in Regulation S under the US Securities Act), unless they are registered under the US Securities Act or an exemption from the registration requirements is available.

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