PGS ASA

Report Publication Announcement • Apr 6, 2022

PGS ASA: Q1 2022 Financial Disclosures

PGS ASA: Q1 2022 Financial Disclosures

Oslo, Norway, April 6, 2022: As announced on March 8, 2022, PGS ASA ("PGS" or

the "Company") will with effect from January 1, 2022 discontinue its previous

Segment Reporting to simplify external and internal reporting.

Consequently, from and including Q1 2022, the Company will no longer present

revenue and amortization for pre-funding contracts on a percentage of completion

basis as its segment information.

In the Company's pre-announcement for Q1 2022, scheduled for April 11, 2022, at

08:00am CEST, PGS will disclose only the expected revenues with IFRS 15 as

measurement basis, specified into Contract revenues, MultiClient late sales and

MultiClient pre-funding revenues. In addition, vessel utilization statistics for

Q1 2022 will be provided.

In the Q1 2022 Earnings Release, scheduled for April 28, 2022, the Company will

report order book information on a basis consistent with revenue recognition

under IFRS and include a restatement of order book for historical periods to the

same basis.

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 and carbon storage. PGS'

headquarters 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

(https://eur04.safelinks.protection.outlook.com/?url=http%3A%2F%2Fwww.pgs.com%2F

&data=04%7C01%7Cgottfred.langseth%40pgs.com%7C75cb9c150e2d4f6ea8a908da00d159f2%7

C51d05d6147e9480b93b298dc84f1ed06%7C0%7C0%7C637823196441048083%7CUnknown%7CTWFpb

GZsb3d8eyJWIjoiMC4wLjAwMDAiLCJQIjoiV2luMzIiLCJBTiI6Ik1haWwiLCJXVCI6Mn0%3D%7C3000

&sdata=R6c7FVhQBHcPBKSA7GAdiu%2FYMBPVdtbJ24B9U%2F1de80%3D&reserved=0).

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 the 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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