TGS and PGS have confirmed that the Norwegian Competition Authority has provided its clearance of the Merger.

With respect to the UK, the UK Competition Market Authority is still in its phase I review. The deadline for the CMA to announce clearance or phase II review is 11 June 2024.

Kristian Johansen, CEO of TGS comments: 
"TGS has had a good dialogue with the Norwegian Competition Authority since announcement of the transaction and is pleased to have received the required clearance today. We now look forward to receiving clearance also from the UK authorities in due course, and moving towards completion of the merger".

Rune Olav Pedersen, President & CEO of PGS comments: 
"The Norwegian Competition Authorities decided in mid-February to assess the TGS-PGS merger transaction in a more detailed phase II review. Our impression is that they have done a thorough assessment, and we are pleased they have now approved the merger".

On this basis, the parties continue to expect and work towards completion of the Merger occurring during the second quarter of 2024, as previously communicated.

Completion of the Merger otherwise remains conditional on the closing conditions described in the merger plan. The statutory creditor notice period for the Merger has as announced expired, and the shareholders of both parties have approved the Merger. 

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