PGS Awarded Offshore Wind Site Characterization Contract

February 13, 2024, Oslo, Norway: PGS is awarded an offshore wind site characterization contract in Europe. Mobilization is scheduled for early July and the contract has a total duration of approximately 2 months.

The project will be acquired with PGS’ ultra-high-resolution 3D (UHR3D) streamer, providing significantly more detailed subsurface data for shallower targets compared to traditional seismic acquisition systems.

"We are very pleased with this offshore wind site characterization contract award, which extends visibility for our offshore wind operations through the third quarter. We successfully entered the offshore wind site characterization market last year and have secured continuous activity since startup. Our geophysical approach by using an ultra-high-resolution 3D towed streamer system is significantly more efficient than traditional 2D and geotechnical solutions. Our clients value the shorter lead time and the high data quality we offer. There is a significant volume of offshore wind site characterization projects out for tender, and we expect increasing activity going forward,” says Rune Olav Pedersen, President & CEO of PGS.

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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