PGS Awarded Acquisition Project in the Mediterranean

February 22, 2024, Oslo, Norway: PGS is awarded a 3D project in the Mediterranean for a major energy company. The Ramform Hyperion is scheduled to start the survey early March and the project has a total duration of approximately 30 days.

"We are very pleased with this acquisition project award, extending the Ramform Hyperion’s campaign in the Mediterranean until the end of March. After completing this project, the Ramform Hyperion will steam to the Norwegian continental shelf and commence well pre-funded MultiClient projects,” says Rune Olav Pedersen, President & CEO of PGS.

This project was not included in the Q4 2023 order book of $366 million, but it was included in the booked position as of mid-February.

PGS announces contract awards and MultiClient projects as stock exchange releases if the contract has a value of $10 million or more, MultiClient projects with a duration of 2 months or more, and strategically important contracts.

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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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