PGS ASA

Investor Presentation • Sep 20, 2023

Oslo, September 2023 Pareto Securities Energy Conference

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Cautionary Statement

• This presentation contains forward looking information
• Forward looking information is based on management assumptions and analyses
• Actual experience may differ, and those differences may be material
• Forward looking information is subject to significant uncertainties and risks as they relate to events and/or circumstances in the future
• This presentation must be read in conjunction with recent quarterly earnings releases, the 2022 annual report and the disclosures therein

PGS – At A Glance

Sales & Services Contract acquisition, imaging, and MultiClient data library

Produced Revenues 2022 \$817.2m

Produced EBITDA 2022

\$446.7m

Global HQ: Oslo Major offices: UK and US

New Energy Emerging markets, solutions design and partnerships

Operations Fleet management, project delivery and seismic acquisition & support

7

Active HD3D vessels

Technology & Digitalization R&D, digitalization portfolio and Enterprise IT

Recent PGS Highlights

Improving contract rates and margins

• Further progress in Q2
• Contract leads at high levels
• Increased order book

Sequential MultiClient revenue increase • MultiClient pre-funding level of 127%

• Late sales more than doubled from Q1

Significant progress in offshore wind

• Completed the first project in Q2
• Considerable client interest
• Awarded large contract commencing in Q3

Combining PGS and TGS • Creating the premier energy data company

Strategic Rationale for Combining PGS and TGS

Complete, fully integrated service provider with "best-in-class" technologies from A to Z

Strong geographical fit with complementary MultiClient libraries and in-house acquisition capacity of both streamer and OBN

Vessel capacity for MultiClient ambitions

Similar cultures and values

Scale allows for better utilization of OBN, streamer and imaging

Significant cost synergies – estimated to be above USD 50 million

Market capitalization of USD +2.5bn

Financial Summary

Contract Late sales Other Pre-funding

*EBITDA, when used by the Company means EBIT excluding other charges, impairment and loss on sale of non-current assets and depreciation and amortization, as defined in Appendix of the Q2 2023 earnings release published on July 20, 2023.

New Energy – Significant Progress in Offshore Wind

• Completed the first offshore wind site characterization project for partners bp and EnBW in the Irish Sea
• Awarded large offshore windfarm site characterization in the US
• Mobilization in September and acquisition scheduled to complete in 1H 2024
• PGS offering attracts considerable client interest
• Expect to procure a second Ultra High Resolution 3D streamer set
• Capex USD ~5 million
• Sanco Swift rigged as offshore wind site characterization vessel
• Agreed a new charter period of two years
• Potential for reentering seismic 3D market when demand allows

Contract Sales Leads and Active Tenders

• Sales leads at high levels
• Increasing amount of formal "Request for Interest" or similar
• Active tenders build momentum from the high sales leads

Order Book Development

• Order book estimate of ~\$445 million as of mid September 2023
• Booked position*
• Q3 23: 21 vessel months
• Q4 23: 20 vessel months
• Q1 24: 13 vessel months
• Optimizing vessel schedule for winter season
• Six out of seven 3D vessels on MultiClient projects in Q3

• Significant overweight of allocation to contract in Q4

• Seismic vessel supply reduced from almost 60 3D vessels in 2013 to ~17 in today's market

• Seismic vessel supply in 2019 was ~25 3D vessels
• Majority of capacity controlled by PGS and Shearwater

Summary

Improving contract rates and margins Sequential MultiClient revenue increase

Significant progress in offshore wind and established strategic node collaboration

Establishing the premier energy data company

Thank You

Questions?

COPYRIGHT

The presentation, including all text, data, photographs, drawings and images (the "Content") belongs to PGS ASA, and/or its subsidiaries ("PGS") and may be protected by Norwegian, U.S., and international copyright, trademark, intellectual property and other laws. Accordingly, neither the whole nor any part of this document shall be reproduced in any form nor used in any manner without express prior written permission by PGS and applicable acknowledgements. In the event of authorized reproduction, no trademark, copyright or other notice shall be altered or removed. © 2023 PGS ASA. All Rights Reserved.

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