PGS ASA

Regulatory Filings • Apr 27, 2022

PGS ASA: Leverages Multiyear Equinor Frame Agreement

PGS ASA: Leverages Multiyear Equinor Frame Agreement

April 26, 2022, Oslo, Norway: PGS leverages the multiyear frame agreement with

Equinor, announced last year, to secure contracts for the 2022 summer season.

PGS is awarded 4D GeoStreamer monitoring surveys over the Visund field in the

North Sea and the Snøhvit field in the Barents Sea. Further, the Company was

recently awarded a 3D exploration survey over the Prinsen and Hassel Ferdinand

prospects in the Barents Sea.

Earlier this year PGS announced award of the Northern Lights CO2 storage

acquisition contract. The Equinor 2022 acquisition campaign is scheduled to

start in Q2 with an estimated duration of close to 5.5 vessel months.

"We are very pleased with the Equinor contract awards for the 2022 season,

building on the frame agreement we entered into last year. We operate in a

cyclical industry with low visibility, and longer-term agreements improve our

order book in a recovering seismic market. An important part of our strategy is

to maintain leadership in the production 4D segment. Equinor's continued

confidence in our reliable Ramform vessels and the superior GeoStreamer data

quality supports our strategic ambition," 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.

***

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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