PGS ASA

M&A Activity • Oct 21, 2021

PGS Enters Strategic Collaboration with Magseis Fairfield for the Hybrid Towed Streamer and OBN Market

PGS Enters Strategic Collaboration with Magseis Fairfield for the Hybrid Towed Streamer and OBN Market

October 21, 2021: Oslo, Norway, PGS has entered a strategic collaboration with

Magseis Fairfield to address the growing hybrid towed streamer and OBN seismic

market. The strategic collaboration has a global scope with initial focus on the

North Sea, and a duration of one year with options to extend by two plus two

years.

The hybrid market is defined as the contemporaneous use of towed streamer and

ocean bottom node acquisition technologies.

"We believe the strategic collaboration with Magseis Fairfield, the industry

leading node company, will create a unique opportunity to take advantage of the

untapped potential in the growing hybrid seismic acquisition market. We have

experience from joint streamer and node projects. However, combining resources

with Magseis Fairfield positions us much better to provide our clients with the

best possible solutions," says Rune Olav Pedersen, CEO in PGS.

"We are pleased to enter into a strategic collaboration with PGS. The

combination of their high-end streamer and source technology and our proprietary

innovative node technology will position us well to capture growth opportunities

adding to our current node acquisition business. We see increased customer

interest in hybrid surveys," says Carel Hooijkaas, CEO in Magseis Fairfield.

FOR DETAILS PGS, 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 2020. 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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