July 9, 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 7,483,275 in this bond issue to convert 7,483,275 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 2,494,425 new freely tradable shares in the Company.