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    PGS private placement fully subscribed

    Company News // November 24, 2016

    Referring to a stock exchange release of 22 November, regarding a contemplated private placement of new shares in the company, PGS says the private placement was fully subscribed, raising gross proceeds of approximately NKr 1.9 billion (approximately US$225 million) through a placement of 85,500,00 new shares at a subscription price of NKr 22.50 per share. The placement was substantially over-subscribed.

    The proceeds will be used primarily to finance an inter-conditional exchange offer for the company's existing 7.375% Senior Notes due December 2018. The exchange offer was launched concurrently with the placement.

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