PGS Announces Pre-funded 2D MultiClient Project Offshore Sabah, Malaysia

January 8, 2023, Oslo, Norway: PGS together with JV consortium partners TGS and SLB, have secured pre-funding to expand MultiClient 2D seismic data coverage in the Sabah Basin offshore Malaysia.

The seventh phase of this multi-year project off the coast of Sabah encompasses over 5,000 kilometers of new 2D seismic data acquisition, over 2,600 kilometers of legacy seismic data processing and 2,800 square kilometers of 2D-cubed processing as part of a multi-year contract originally awarded by PETRONAS in 2016.

"The 2D MultiClient project will provide high-quality seismic data across Sabah. I am very pleased that we have secured pre-funding and we mobilized for the project in November 2023,” says Rune Olav Pedersen, President & CEO of PGS.

"High-quality 2D seismic data across Sabah will be instrumental in promoting the underlying open acreage in future bid rounds. It also allows E&P companies to further assess exploration opportunities in an under-explored proven petroleum system surrounded by prolific hydrocarbon provinces,” says Kristian Johansen, CEO of TGS.

The Eagle Explorer vessel mobilized in November 2023, with acquisition completion anticipated in February 2024. Fast-track results are anticipated to be available for evaluation during the 2024 Malaysia Bid Round.

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PGS ASA and its subsidiaries ("PGS” or "the Company”) is a fully integrated marine geophysical company that provides a broad range of seismic and reservoir services, including data acquisition, imaging, interpretation, and field evaluation. Our services are provided to the oil and gas industry, as well as to the broader and emerging new energy industries, including carbon storage and offshore wind. The Company operates on a worldwide basis with headquarters in Oslo, Norway and the PGS share is listed on the Oslo stock exchange (OSE: PGS). For more information on PGS visit www.pgs.com.

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The information included herein contains certain forward-looking statements that address activities, events or developments that the Company expects, projects, believes or anticipates will or may occur in the future. These statements are based on various assumptions made by the Company, which are beyond its control and are subject to certain additional risks and uncertainties. The Company is subject to a large number of risk factors including but not limited to the demand for seismic services, the demand for data from our multi-client data library, the attractiveness of our technology, unpredictable changes in governmental regulations affecting our markets and extreme weather conditions. For a further description of other relevant risk factors we refer to our Annual Report for 2022. As a result of these and other risk factors, actual events and our actual results may differ materially from those indicated in or implied by such forward-looking statements. The reservation is also made that inaccuracies or mistakes may occur in the information given above about current status of the Company or its business. Any reliance on the information above is at the risk of the reader, and PGS disclaims any and all liability in this respect.

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