PGS ASA: Awarded Two Significant Contracts in Asia-Pacific

July 21, 2022, Oslo, Norway: PGS has been awarded a significant 3D exploration acquisition contract offshore Indonesia by a major energy company. Further, the Company has also been awarded a major 4D acquisition contract offshore Australia by an international energy company. Ramform Sovereign will mobilize for the 3D exploration contract in Indonesia mid-October and acquisition is expected to complete mid-December. The vessel will continue to Australia and mobilize for the 4D contract around year-end 2022 and complete acquisition towards the end of February 2023.

"We are very pleased with these two contract awards, which in combination constitute an acquisition campaign of close to five months. The seismic acquisition market in Asia-Pacific has been slower than in the Atlantic basins, so it is encouraging to experience increasing demand in the region, and we have good leads for additional work beyond the campaign we have already secured,” says President & CEO in PGS, Rune Olav Pedersen.

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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 2021. 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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