Update on regulatory approvals relating to the merger with TGS

14 February 2024, Oslo, Norway - Reference is made to the joint stock exchange announcement on 18 September 2023 by TGS ASA ("TGS," OSE: TGS) and PGS ASA ("PGS" or the "Company," OSE: PGS) regarding the combination of the two companies (the "Merger") to establish the premier energy data company, as well as subsequent announcements on 25 October and 1 December 2023 regarding, respectively, the execution and approval of the definitive merger plan for the Merger.

The Merger is currently subject to ongoing review by the competition authorities in the UK, and in Norway, the Norwegian Competition Authority has resolved to continue its assessment of the transaction in a Phase II review.    

Completion of the Merger remains conditional on the customary closing conditions described in the merger plan, including the remaining regulatory approvals set out above.

The statutory creditor notice period for the Merger has expired.

The parties still expect that completion of the Merger will occur during the second quarter of 2024, as previously communicated.

For further information on the Merger and the complete terms and conditions for the Merger, please see the merger plan for the Merger available on www.pgs.com and www.tgs.com.

Contact information:

TGS:
Sven Børre Larsen
CFO
Tel: +47 909 43 673
Email: [email protected]

PGS:
Gottfred Langseth
CFO
Tel: +47 930 55 580
Email: [email protected]