PGS ASA: Initiation of share buy-back for settlement of PRSU’s granted under Long Term Incentive Plan for employees

August 14, 2023 – PGS ASA (the «Company») has decided to initiate a share buy-back program to cover settlement of Performance based Restricted Stock Units (“PRSU’s”) granted under the Company’s 2020 Long Term Incentive Plan for employees.

The buy-back program will be conducted in accordance with the authorization to purchase treasury shares provided to the Board of Directors by the Company’s Annual General Meeting held on April 26, 2023.

The program will commence on August 14, 2023 and continue until August 18, 2023. The shares purchased under this program will be used in connection with the Company’s Long Term Incentive Plan for employees.

The share buy-back program will be for a maximum of 1,600,000 PGS shares and will comprise purchase of own shares for an aggregate amount of up to NOK 13,000,000. The number of shares purchased per day shall not exceed 25% of the average daily trading volume for the 20 days preceding the day of the purchase. The Company has engaged DNB Markets AS to carry out the share buy-back program on its behalf. The shares will be bought back in accordance with the requirements in Commission Delegate Regulation (EU) No 2016/1052 of March 8, 2016 and Regulation (EU) No 697/2014. DNB Markets AS guarantees a maximum price of volume weighted average price (“VWAP”) and the parties share any profit if actual price achieved is below VWAP.This information is published in accordance with the requirements in article 5 of the EU Market Abuse Regulation and subject to the disclosure requirements pursuant to Section 5-12 of the Norwegian Securities Trading Act.