5/2016: PBG contract performance update

2016-04-15

The Management Board of PBG S.A. w upadłości układowej (in company voluntary arrangement) ('Company', 'PBG') reports that on April 15th 2016 the Company and the other Consortium members - SAIPEM S.p.A., SAIPEM S.A., SAIPEM CANADA INC (previously: SNAMPROGETTI CANADA INC), TECHINT - Compagnia Tecnica lnternazionale S.p.A. and EGBP Management sp. z o.o. w upadłości układowej (in company voluntary arrangement) (previously: PBG Export sp. z o.o.) − executed an annex to the agreement ('Consortium Agreement') setting out the framework for cooperation between the Consortium Members in the performance of the contract 'Delivery of the working design, construction and commissioning of the Liquefied Natural Gas Regasification Terminal in Świnoujście' of July 15th 2010 ('Contract') for Polskie LNG S.A. ('Employer').

Under the annex, PBG reduced its exposure to certain contract-related risks. Among other things, it was released from the obligation to provide financing for day-to-day performance of the Contract as a Consortium Member and reduced its share in a potential loss. The Parties agreed that until the Contract completion date, the other Consortium Members will take over direct management of the Contract, while PBG will provide the required staff and ensure that the performance bond issued by the Company remains in force and effect, as stipulated in the Contract.

The preliminary data on profit or loss generated on the Contract, taking into account the annex signed today, can be presented after the planned Contract completion date and the final figures can be presented after the date of final settlement of the Contract by the Consortium. The annex to the Consortium Agreement does not affect the terms and conditions of Contract performance by the Consortium.

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PBG SA issued this content on 15 April 2016 and is solely responsible for the information contained herein. Distributed by Public, unedited and unaltered, on 29 April 2016 14:19:46 UTC

Original Document: http://www.pbg-sa.pl/en/investor-relations/current-reports/5-2016-pbg-contract-performance-update.html