PGS ASA

PGS Secures Large MultiClient Campaign in Norwegian Sea

December 27, 2022, Oslo, Norway: PGS has secured industry pre-funding for a

large MultiClient survey in the Norwegian Sea. The survey will be acquired by a

Ramform Titan-class vessel over two seasons with mobilization for the first

season in Q2 2023. The survey will be completed during summer 2024.

"We acquired the first phase of NWS GeoStreamer X this summer and have now

secured pre-funding for a larger second phase. The survey covers approximately

12,500 square kilometers of new GeoStreamer data in a second azimuth over

existing GeoStreamer MultiClient data in the region, yielding a dual azimuth

product, or what we call GeoStreamer X. The combination of multisensor broadband

fidelity and dual azimuth illumination provides clients with higher quality data

for their 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 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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