PGS Expands MultiClient Coverage in the Sarawak North Luconia Province

May 30, 2023, Oslo, Norway: PGS, together with JV consortium partners TGS and SLB have secured pre-funding to expand MultiClient 3D coverage in the prospective Sarawak Basin offshore Malaysia. The survey will cover approximately 6,800 square kilometers and the Ramform Sovereign is scheduled to commence acquisition in June 2023 and complete in August.

The survey is the second phase of a multi-year contract awarded initially by PETRONAS in August 2020 to acquire and process up to 105,000 km² of MultiClient 3D data over a 5-year period in the Basin. First phase of the Sarawak program was acquired in 2021 and covered 8,400 square kilometers.

"The Sarawak basin comprises a proven petroleum system with many producing fields already present in the Central Luconia province. By acquiring MultiClient data with our Ramform vessels and GeoStreamer technology, PGS and partners will provide high quality regional scale seismic data that will improve understanding of the petroleum systems and allow for prospect level AVO analysis and leads mapping beyond the established offshore Sarawak producing assets,” says President & CEO in PGS, Rune Olav Pedersen.

"As the custodian of Malaysia’s petroleum resources, Malaysia Petroleum Management (MPM), PETRONAS is actively enhancing seismic data sets in the country that will introduce new plays to be explored to our clients, especially in imaging the pre MMU play in the deep-water area of Sarawak Basin,” he added.

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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