PGS Secures Commitment for Senior Secured Debt
May 24, 2022, Oslo, Norway: Reference is made to the announcement issued on May
4, 2022 regarding the Private Placement and the Subsequent Offering. The Private
Placement is, among other things, subject to the Company obtaining commitments
to the satisfaction of the Company for approximately $50 million in new, senior
secured debt by the time of the Extraordinary General Meeting ("EGM") scheduled
for May 27, 2022.
PGS has now obtained commitments for $50 million in new, senior secured debt on
terms and conditions acceptable to the Company, and this condition is satisfied.
Completion of the Private Placement and the Subsequent Offering remain subject
to the other conditions previously announced by PGS, including approval by the
EGM.
The new senior secured debt has a maturity together with the Company's Term Loan
B, in March 2024 and can be drawn at any time before September 18, 2022. It will
bear interest at SOFR (Secured Overnight Financing Rate) plus a margin of 675
basis points. The Company will pay customary commitment fees and expenses.
FOR DETAILS, CONTACT:
Bård Stenberg, VP IR & Corporate Communication
Mobile: +47 99 24 52 35
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PGS ASA and its subsidiaries ("PGS" or "the Company") is a fully integrated
marine geophysical company that provides a broad range of seismic and reservoir
services, including data acquisition, imaging, interpretation, and field
evaluation. Our services are provided to the oil and gas industry, as well as to
the broader and emerging new energy industries, including carbon storage and
offshore wind. 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 (http://www.pgs.com).
***
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 2021. 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.
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