PGS ASA

M&A Activity • Jun 1, 2023

PGS - Mediterranean Contract Award

PGS - Mediterranean Contract Award

June 1, 2023, Oslo, Norway: PGS is awarded a 3D exploration acquisition contract

in the Mediterranean by a major international energy company. Ramform Hyperion

is expected to mobilize for the survey late third quarter and the program has a

total duration of approximately 70 days.

"We are very pleased with this contract award, which improves our visibility

into the fourth quarter. There is increasing exploration interest in the

Mediterranean following recent discoveries in this prolific gas province, and

this award builds on our successful campaign from the previous season," says

President & CEO in PGS, Rune Olav Pedersen.

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

***

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.

--END--