PGS ASA

Regulatory Filings • Jan 8, 2024

PGS Announces Pre-funded 2D MultiClient Project Offshore Sabah, Malaysia

PGS Announces Pre-funded 2D MultiClient Project Offshore Sabah, Malaysia

January 8, 2023, Oslo, Norway: PGS together with JV consortium partners TGS and

SLB, have secured pre-funding to expand MultiClient 2D seismic data coverage in

the Sabah Basin offshore Malaysia.

The seventh phase of this multi-year project off the coast of Sabah encompasses

over 5,000 kilometers of new 2D seismic data acquisition, over 2,600 kilometers

of legacy seismic data processing and 2,800 square kilometers of 2D-cubed

processing as part of a multi-year contract originally awarded by PETRONAS in

"The 2D MultiClient project will provide high-quality seismic data across Sabah.

I am very pleased that we have secured pre-funding and we mobilized for the

project in November 2023," says Rune Olav Pedersen, President & CEO of PGS.

"High-quality 2D seismic data across Sabah will be instrumental in promoting the

underlying open acreage in future bid rounds. It also allows E&P companies to

further assess exploration opportunities in an under-explored proven petroleum

system surrounded by prolific hydrocarbon provinces," says Kristian Johansen,

CEO of TGS.

The Eagle Explorer vessel mobilized in November 2023, with acquisition

completion anticipated in February 2024. Fast-track results are anticipated to

be available for evaluation during the 2024 Malaysia Bid Round.

FOR DETAILS, CONTACT:

Bård Stenberg, VP IR & Corporate Communication

Mobile: +47 99 24 52 35

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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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