PGS ASA

Regulatory Filings • Dec 19, 2022

PGS ASA: PGS Expands MultiClient Coverage in the Sabah Platform Province

PGS ASA: PGS Expands MultiClient Coverage in the Sabah Platform Province

December 19, 2022, Oslo, Norway: PGS has secured pre-funding to expand

MultiClient 3D coverage in the prospective Sabah platform province offshore

Malaysia. The survey will cover approximately 3,500 square kilometers and

Ramform Sovereign is scheduled to commence acquisition in January 2023 and the

project is expected to complete in March.

This survey is the sixth phase of MultiClient acquisition in the prolific Sabah

region. First phase commenced in 2016 and since then more than 47,000 square

kilometers of high-quality 3D data is acquired. The multi phased Sabah

MultiClient project is one of the world's largest MultiClient acquisition

projects.

"The Northwest Sabah basin is a proven petroleum system with producing fields

such as Kikeh, Gumusut Kakap and Malikai with enormous potential, yet this is

still ranked as one of the least explored basins in the world. Acquiring

MultiClient data with our Ramform designed vessels and GeoStreamer technology

provides high quality seismic data to support the energy companies in exploring

this prolific region. By combining all the phases of the Sabah MultiClient

program, we can offer a regional data set that improves understanding of the

petroleum systems. In addition, the data sets allow for prospect scale AVO

analysis and leads within the entire offshore Sabah basin," says President & CEO

in PGS, Rune Olav Pedersen, and continues:

"PETRONAS, through Malaysia Petroleum Management's (MPM) continuous effort in

enhancing data sets will unravel the full potential of the deep-water area in

the Northwest Sabah basin. We have seen how higher quality data acquired in

previous phases has enabled our clients to better evaluate deeper plays,

resulting in increasing number of participants in the Malaysia Bid Round."

PGS announce contract awards and MultiClient projects as stock exchange releases

if the contract has a value of $10 million or more, and MultiClient projects

with a duration of 2 months or more.

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.

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