PGS ASA

Business and Financial Review • Dec 22, 2022

PGS Awarded Petrobras 4D Contract

PGS Awarded Petrobras 4D Contract

December 22, 2022, Oslo, Norway: PGS is awarded a significant 4D production

contract by Petrobras over the Barracuda-Caratinga field in the Campos basin

offshore Brazil. Mobilization is scheduled to start in Q2 2023 and acquisition

is expected to complete early 2024.

The Ramform Victory will most likely be rigged to acquire the Barracuda-

Caratinga 4D survey, supported by PGS Apollo as a source vessel. The cost of

mobilizing Ramform Victory is considered as part of the project and no decision

is taken with respect to operating the vessel after project completion.

"We are very pleased with the Petrobras 4D contract award over the Barracuda-

Caratinga field. PGS has acquired multiple 4D surveys offshore Brazil and gained

significant operational experience in the region. We appreciate Petrobras'

recognition of our Ramform vessel acquisition platform in combination with our

GeoStreamer technology, which are well suited for large, high-quality 4D

acquisition programs.

Our visibility for 2023 is improving with increasing rates. To optimize our

vessel resources during the summer season next year we will most likely use the

Ramform Victory to acquire the Barracuda-Caratinga 4D survey." says President &

CEO in PGS, Rune Olav Pedersen.

PGS announces contract awards with a value of more than $10 million, and

MultiClient projects with a duration of more than 2 months.

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 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 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.

--END--