PGS ASA

Earnings Release • Jun 1, 2022

PGS ASA: Q2 2022 MultiClient Sales Update

PGS ASA: Q2 2022 MultiClient Sales Update

June 1, 2022, Oslo, Norway: Based on information currently available, PGS

expects to report MultiClient late sales revenues in excess of $100 million in

Q2 2022. MultiClient pre-funding revenues, according to IFRS 15 measurement, are

expected to be between $80 million and $100 million in Q2 2022.

Reference is made to the statement in PGS Q1 2022 Earnings Presentation that the

Company expected significant transfer fees in Q2/Q3 2022. A majority of these

transfer fees will be recorded in Q2.

"We continue to see an improvement of the marine seismic market in 2022.

Significant lates sales, including high transfer fees, is a confirmation that

the PGS MultiClient library is highly attractive to our customers and that

investments in exploration seismic is again increasing", says President and CEO

in PGS, Rune Olav Pedersen.

The Company is in the process of preparing a prospectus for listing of shares

from the completed share capital increase and the upcoming subsequent offering

directed towards eligible shareholders. The Company provides the information in

this release based on current status and estimates for the remaining part of Q2.

The estimates provided in this release are therefore subject to change and the

Q2 2022 financial statements finally approved and released by the Company may

deviate from the information herein.

PGS will release its Q2 2022 financial statements on Thursday July 21, 2022 at

approximately 08:00am Central European Summer Time (CEST). A corresponding

presentation is scheduled for 09:00am CEST the same day.

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 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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