Petroleum Geo-Services AS – Satisfaction of conditions for call option for PGEOS01

02 Dec 2024 15:23 CET

Oslo Norway (2 December 2024): We refer to the announcement published 20
November 2024 regarding the exercise by Petroleum Geo-Services AS of a
conditional notice of its option to redeem all outstanding bonds under the
Petroleum Geo-Services AS 13.50% Senior Secured USD 450,000,000 Bond Issue
(PGEOS01) with ISIN NO0012873670 (the "Bonds"). The exercise of the call option
was conditional on (a) fulfilment of all conditions precedent for the settlement
of a new senior secured notes; and (b) a closing mechanism in respect of the
refinancing of the Bonds and related documentation having been agreed to the
satisfaction of the Issuer, including a tripartite agreement regarding
assignment of claims against the paying agent as security in connection with the
release of security granted under the Bond Terms.

We are pleased confirm that the conditions have been satisfied and that all
outstanding Bonds will be redeemed as set out in announcement published 20
November 2024.

The Bonds will be redeemed at a price equal to 109.52900% of the face value for
each redeemed Bond, which constitutes the Make-Whole Amount under the Bonds. In
accordance with the terms of the Bonds, the settlement date for the call will be
5 December 2024 with record date of 3 December 2024.

For more information, visit TGS.com or contact:
Bård Stenberg IR & Communication
Mobile: +47 992 45 235
investor@tgs.com

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