PGS ASA

Regulatory Filings • Jul 22, 2021

PGS ASA: Seismic Consortium to Begin MultiClient Survey in Sarawak Basin

PGS ASA: Seismic Consortium to Begin MultiClient Survey in Sarawak Basin

July 22, 2021 Oslo, Norway: The seismic consortium comprising PGS, TGS and

WesternGeco®, the exploration data business line of Schlumberger, has secured

pre-funding for a 6,400 square kilometer MultiClient 3D survey commencing in

October in the Sarawak Basin, offshore Malaysia.

The survey is the first phase of a multi-year contract awarded by Petronas in

2020 through competitive bidding to acquire and process up to 105,000 square

kilometers of MultiClient 3D data over a 5-year period in the Basin.

The first phase of the survey will be acquired by PGS's Ramform Sovereign using

multi-sensor GeoStreamer technology and is expected to take approximately 4

months.

The survey area covers acreage included in the Malaysia Bid Round 2021 and fast-

track results will be delivered in time for block evaluation. Future acquisition

phases are subject to securing sufficient pre-funding.

Nathan Oliver, Executive Vice President Sales & Services at PGS commented "We

are very pleased to commence the first phase of MultiClient acquisition in the

Sarawak Basin. By combining the Ramform vessel and our multi-sensor GeoStreamer

technology, the energy industry will get access to high-quality seismic data to

explore this prolific hydrocarbon basin."

Will Ashby, Executive Vice President, Eastern Hemisphere at TGS, commented

"Through working closely with our clients and consortium partners, we were able

to develop this important project which builds upon recent exploration success

in the area. This project will support the upcoming bid round offshore Sarawak

and will spearhead the next wave of exploration in this region."

For details PGS, contact:

Bård Stenberg, Vice President IR & Corporate Communication

Mobile: +47 99 24 52 35

***

PGS ASA and its subsidiaries ("PGS" or "the Company") is an integrated marine

geophysical company that provides a broad range of seismic and reservoir

services, including acquisition, imaging, interpretation, and field evaluation.

The Company MultiClient data library is among the largest in the seismic

industry, with modern 3D coverage in all significant offshore hydrocarbon

provinces of the world. 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 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.