PGS ASA

Regulatory Filings • Jan 24, 2023

Equinor Extends Multiyear 4D Framework Agreement with PGS

Equinor Extends Multiyear 4D Framework Agreement with PGS

January 24, 2023, Oslo, Norway: Equinor has exercised an option to extend the

framework agreement entered in March 2021 by two additional years.

The two-year framework agreement covers 4D monitoring surveys on the Norwegian

and the UK continental shelf. As a part of the agreement, Equinor has two 2-year

options, of which one option has now been exercised.

From the current agreement, PGS will acquire a 4D survey over the Gullfaks field

and a 4D survey over the Gudrun field during the 2023 summer season.

"An important part of our strategy is to be a leading provider of high-

resolution seismic for nearfield exploration and 4D production seismic. The

confidence Equinor shows by extending the multiyear framework agreement confirms

our strong position in the 4D market, the reliability of our Ramform vessels and

the superior data quality provided by our GeoStreamer technology," 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 an integrated marine

geophysical company that provides a broad range of seismic and reservoir

services, including acquisition, imaging, interpretation, and field evaluation.

The Company MultiClient data library is among the largest in the seismic

industry, with modern 3D coverage in all significant offshore hydrocarbon

provinces of the world. 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 2021. 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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