PGS ASA: Settlement of 2020 Long-term Incentive Plan

August 25, 2023

Reference is made to the announcement made on August 24, 2020 by PGS ASA (the "PGS” or the "Company"). There, PGS announced the award of 2 389 500 Performance based Restricted Stock Units ("PRSUs") to employees and primary insiders in the Company and its subsidiaries under the PGS ASA 2020 Long Term Incentive Plan (the "2020 LTI Plan”). Each vested PRSU under the 2020 LTI Plan give the holder the right to receive one share in the Company. Ahead of the settlement date there were 2 103 800 active PRSUs in the program. The 2020 LTI Plan settled on August 24, 2023, and the results were made available today.

The total program ended at settling 1 024 104 PRSUs of which 308 152 PRSUs have been awarded to primary insiders. The transaction is settled in treasury shares, and following the transaction the Company holds 825 982 treasury shares.

PRSUs awarded to the below primary insiders under the 2020 LTI Plan have settled as follows:

Rune Olav Pedersen, President & CEO, has received settlement of 81 786 PRSUs into an equal amount of shares in the Company. After completion of this transaction, he holds 1 218 000 PRSUs and 726 151 shares in the Company.

Gottfred Langseth, Executive Vice President & CFO has received settlement of 36 511PRSUs into an equal amount of shares in the Company. After completion of this transaction, he holds 511 000 PRSUs and 1 304 808 shares in the Company.

Nathan Selvoy Oliver, Executive Vice President Sales & Services has received settlement of 36 511 PRSUs into an equal amount of shares in the Company. 18 255 shares of the gross number of shares received are sold to cover the personal tax expense. After completion of this transaction, he holds 511 000 PRSUs and 33 255 shares in the Company.

Robert James Adams, Executive Vice President Operations, has received settlement of 36 511 PRSUs into an equal amount of shares in the Company. After completion of this transaction, he holds 511 000 PRSUs and 52 637 shares in the Company.

Berit Osnes, Executive Vice President New Energy has received settlement of 24 341 PRSUs into an equal amount of shares in the Company. After completion of this transaction, she holds 405 000 PRSUs and 78 718 shares in the Company.

Lars Ragnar van der Bijl Mysen, General Counsel, has received settlement of 12 657 PRSUs into an equal amount of shares in the Company. 6 328 shares of the gross number of shares received are sold to cover the personal tax expense. After completion of this transaction, he holds 187 000 PRSUs and 208 634 shares in the Company.

Erik Ewig, Senior Vice President Technology & Digitalization has received settlement of 19 473 PRSUs into an equal amount of shares in the Company. 9 736 shares of the gross number of shares received are sold to cover the personal tax expense. After completion of this transaction, he holds 380 000 PRSUs and 17 127 shares in the Company.

Kristin Omreng, Senior Vice President Global HR has received settlement of 12 657 PRSUs into an equal amount of shares in the Company. After completion of this transaction, she holds 187 000 PRSUs and 32 657 shares in the Company.

Kai Reith, Senior Vice President Corporate Development, has received settlement of 12 657 PRSUs into an equal amount of shares in the Company. All the shares received are sold to get net cash proceeds after personal tax expense. After completion of this transaction, he holds 187 000 PRSUs and 90 647 shares in the Company.

Bård Stenberg, Vice President Investor Relations & Corporate Communications has received settlement of 11 196 PRSUs into an equal amount of shares in the Company. 5 598 shares of the gross number of shares received are sold to cover the personal tax expense. After completion of this transaction, he holds 187 000 PRSUs and 31 598 shares in the Company.

Anette Valbø, employee elected Board Member and Bidding Manager, has received settlement of 2 677 PRSUs into an equal amount of shares in the Company. After completion of this transaction, she holds 38 500 PRSUs and 16 031 shares in the Company.

Catrine Roalkvam, employee elected Board Member and Regional Geophysical Advisor & Geophysical Support Manager, has received settlement of 2 920 PRSUs into an equal amount of shares in the Company. After completion of this transaction, she holds 57 000 PRSUs and 3 890 shares in the Company.

Gunhild Myhr, employee elected alternate Board Member and Business Development Manager, has received settlement of 3 651 PRSUs into an equal amount of shares in the Company. 1 825 shares of the gross number of shares received are sold to cover the personal tax expense. After completion of this transaction, she holds 72 000 PRSUs and 3 765 shares in the Company.

Merethe Bryn, employee elected alternate Board Member and VP Global Tax, has received settlement of 9 736 PRSUs into an equal amount of shares in the Company. After completion of this transaction, she holds 114 000 PRSUs and 22 163 shares in the Company.

Christopher Watts, employee elected alternate Board Member and VP Sales & Services, has received settlement of 4 868 PRSUs into an equal amount of shares in the Company. All the shares received are sold to get net cash proceeds after personal tax expense. After completion of this transaction, he holds 87 000 PRSUs and 0 shares in the Company.

Primary insider notifications pursuant to the Market Abuse Regulation article 19 are attached.

Contacts:
Bård Stenberg, VP IR & Corporate Communication
Mobile: +47 99 24 52 35

This information is subject to the disclosure requirements pursuant to Regulation EU 596/2014 (MAR) article 19 number 3 and the Norwegian Securities Trading Act section 5-12.

Attachment

• Stock Exchange Notice PDMR notification 2020