PGS ASA

Earnings Release • Apr 14, 2023

PGS ASA: Q1 2023 Update

PGS ASA: Q1 2023 Update

April 14, 2023, Oslo, Norway: Based on a preliminary review, PGS expects to

report Revenues and Other Income according to IFRS for Q1 2023 of approximately

$143 million, compared to $136.2 million in Q1 2022. The Company expects

Produced Revenues* for Q1 2023 of approximately $172 million, compared to $140.4

million in Q1 2022.

Contract revenues ended at approximately $94 million in Q1 2023, compared to

$61.5 million in Q1 2022. MultiClient late sales revenues were approximately $26

million in Q1 2023, compared to $54.8 million in Q1 2022.

MultiClient pre-funding revenues based on IFRS, where revenues are recognized at

the time of delivery of finally processed data, were approximately $16 million

in Q1 2023, compared to $14.8 million in Q1 2022. Estimated Produced MultiClient

Pre-funding Revenues* in Q1 2023 were approximately $46 million compared to

$19.0 million in Q1 2022.

"In Q1 2023 our Produced Revenues increased 23% year-over-year, driven by higher

contract revenues and strong pre-funding for ongoing MultiClient acquisition

projects. MultiClient late sales will vary significantly between quarters and

were low in Q1 primarily due to delays in completing several sales transactions.

We expect these processes to close in the coming quarters and our late sales

expectations for the full year are unchanged. The seismic market is in recovery,

and we will increasingly benefit from the improving market fundamentals going

forward," says President & CEO Rune Olav Pedersen.

PGS routinely releases information about 3D vessel utilization after the end of

each quarter. The table below summarizes Q1 2023 vessel allocation:

+---------------------------------------+-----------+--------------------------+

| | Quarter | |

|Approximate allocation of PGS operated | ended | |

|3D towed streamer capacity | March 31, |Quarter ended December 31,|

+---------------------------------------+----+------+--------------------------+

|  |2023| 2022 | 2022 |

+---------------------------------------+----+------+--------------------------+

|Contract seismic | 50%| 39%| 63%|

+---------------------------------------+----+------+--------------------------+

|MultiClient seismic | 23%| 16%| 12%|

+---------------------------------------+----+------+--------------------------+

|Steaming | 11%| 8%| 16%|

+---------------------------------------+----+------+--------------------------+

|Yard | 2%| 6%| 3%|

+---------------------------------------+----+------+--------------------------+

|Stacked/Standby | 14%| 31%| 6%|

+---------------------------------------+----+------+--------------------------+

The Q1 2023 vessel statistics includes six active 3D vessels. All cold-stacked**

vessels are excluded from the statistics. The comparative periods are also based

on six active 3D vessels.

The Company provides this information based on a preliminary summary of Q1 2023

numbers. The Company has not completed its financial reporting and related

consolidation, review and control procedures, including the final review of all

sales against the established revenue recognition criteria. The estimates

provided in this release are therefore subject to change and the Q1 2023

financial statements finally approved and released by the Company may deviate

from the information herein.

PGS will publish its Q1 2023 earnings release on Thursday April 27, 2023, at

approximately 08:00am Central European Summer Time (CEST). Presentation of the

Q1 2023 results is scheduled to start at 09:00am CEST the same day.

(*Produced Revenues, when used by the Company, means revenues and other income

based on recognition of MultiClient pre-funding revenues on a Percentage-of

completion (POC) basis.)

(Adjustments between IFRS revenues and Produced Revenues for each quarter in

2022 and Q1 2023 are shown in the table below:)

+-------------------------------------------------+---------------------+------+

|  | (2022) |(2023)|

+-------------------------------------------------+----+----+-----+-----+------+

|($ Million) |(Q1)|(Q2)|(Q3 )|(Q4 )| (Q1)|

+-------------------------------------------------+----+----+-----+-----+------+

|(MultiClient pre-funding revenues, IFRS ) |(15)|(96)| (19)| (9)| (16)|

+-------------------------------------------------+----+----+-----+-----+------+

|(Less Revenue for projects with IFRS performance | | | | | |

|obligations met during the quarter for completed | | | | | |

|projects ) |(15)|(96)| (19)| (9)| (16)|

+-------------------------------------------------+----+----+-----+-----+------+

|(Add Revenue recognized on a POC basis during the| | | | | |

|quarter) |(19)|(33)| (37)| (43)| (46)|

+-------------------------------------------------+----+----+-----+-----+------+

|(Produced MultiClient Pre-funding Revenues) |(19)|(33)| (37)| (43)| (46)|

+-------------------------------------------------+----+----+-----+-----+------+

(**The term "cold-stacked" is used when a vessel is taken out of operation for

an extended period of time. Costs are reduced to a minimum, with the vessel

preserved for a long idle time, all or most in-sea seismic equipment removed

from the vessel, and typically the Company does not have available crew to

operate the vessel.)

FOR DETAILS, CONTACT:

Bård Stenberg, VP IR & Corporate Communication

Mobile: +47 99 24 52 35

***

PGS ASA and its subsidiaries ("PGS" or "the Company") is an integrated marine

geophysics company, which operates world-wide. The Company supports the energy

industry, including oil and gas, offshore renewables, carbon capture and

storage. PGS' headquarter is in Oslo, Norway and the PGS share is listed on the

Oslo stock exchange (OSE: PGS). For more information about 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--