PGS ASA

Regulatory Filings • Feb 13, 2024

PGS Awarded Offshore Wind Site Characterization Contract

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.

FOR DETAILS, CONTACT:

Bård Stenberg, VP IR & Corporate Communication

Mobile: +47 992 45 235

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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 (http://www.pgs.com).

***

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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