PGS ASA

Regulatory Filings • May 31, 2023

PGS Secures Large MultiClient Project in Norwegian Sea

PGS Secures Large MultiClient Project in Norwegian Sea

May 31, 2023, Oslo, Norway: PGS has secured industry pre-funding for another

large multi-season MultiClient survey in the Norwegian Sea. The first phase of

the survey will be acquired in 2023 by the Ramform Hyperion. Acquisition is

scheduled to start late June with a duration of approximately 75 days. The

second phase of the survey will be completed in the 2024 season with a further

approximately 70 days of acquisition.

"I am very pleased we have secured strong pre-funding for another large

MultiClient survey in the Norwegian Sea which is accretive to our existing

coverage. We are currently acquiring phase 2 of our NWS GeoStreamer X

MultiClient survey in the same basin, scheduled to complete next year. Adding

this second multi-season MultiClient survey, we now have booked one vessel for

the full 2024 summer season. The high MultiClient activity is strong evidence of

renewed exploration interest on the Norwegian continental shelf," says President

& CEO in PGS, Rune Olav Pedersen.

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).

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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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