PGS ASA

Regulatory Filings • May 30, 2023

PGS Expands MultiClient Coverage in the Sarawak North Luconia Province

PGS Expands MultiClient Coverage in the Sarawak North Luconia Province

May 30, 2023, Oslo, Norway: PGS, together with JV consortium partners TGS and

SLB have secured pre-funding to expand MultiClient 3D coverage in the

prospective Sarawak Basin offshore Malaysia. The survey will cover approximately

6,800 square kilometers and the Ramform Sovereign is scheduled to commence

acquisition in June 2023 and complete in August.

The survey is the second phase of a multi-year contract awarded initially by

PETRONAS in August 2020 to acquire and process up to 105,000 km² of MultiClient

3D data over a 5-year period in the Basin. First phase of the Sarawak program

was acquired in 2021 and covered 8,400 square kilometers.

"The Sarawak basin comprises a proven petroleum system with many producing

fields already present in the Central Luconia province. By acquiring MultiClient

data with our Ramform vessels and GeoStreamer technology, PGS and partners will

provide high quality regional scale seismic data that will improve understanding

of the petroleum systems and allow for prospect level AVO analysis and leads

mapping beyond the established offshore Sarawak producing assets," says

President & CEO in PGS, Rune Olav Pedersen.

"As the custodian of Malaysia's petroleum resources, Malaysia Petroleum

Management (MPM), PETRONAS is actively enhancing seismic data sets in the

country that will introduce new plays to be explored to our clients, especially

in imaging the pre MMU play in the deep-water area of Sarawak Basin," he added.

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 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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