PGS ASA

Regulatory Filings • Jun 7, 2021

PGS ASA: Deploys Two Vessels to Expand Coverage Offshore Canada

PGS ASA: Deploys Two Vessels to Expand Coverage Offshore Canada

June 7, 2021: Oslo, Norway, PGS seismic vessel Ramform Titan has begun

acquisition of the Cape Anguille program, in partnership with TGS. This program

expands the PGS-TGS joint venture with another 10 000 square kilometers of

GeoStreamer 3D coverage in Newfoundland's prospective Orphan Basin.

The survey covers existing lease blocks and open acreage. Acquisition is

expected to complete mid-September 2021. PGS will deliver fast-track results in

November 2021, and final imaging and interpretation products in Q1 2022.

In addition to Ramform Titan, Ramform Atlas is currently steaming towards Canada

where she will start another MultiClient campaign in the first half of June. PGS

plans to keep the Ramform Atlas in Canada until mid-September 2021.

Rune Olav Pedersen, President and CEO of PGS comments:

"Canada remains a good investment for explorers and for the 11(th) year we

experience solid industry interest for expansion of our high-quality MultiClient

library offshore Newfoundland. We will deploy two Ramform Titan-class vessels

for the full season with GeoStreamer technology, a tailored towing configuration

and advanced imaging workflows to deliver data that can provide significant

insights to help de-risk the prospects and plays offshore Canada."

Kristian Johansen, CEO at TGS comments:

"The TGS and PGS joint venture offshore East Canada has successfully and

consistently provided the industry with the highest quality data in advance of

scheduled lease rounds. The Cape Anquille 3D survey will be instrumental in

assessing potential prospects that have initially been identified from our

comprehensive 2D library in the region. Leads have been identified from seismic

and work supported by amplitude variations (AVO). Our combined seismic, well log

and interpretation datasets provide the industry with invaluable subsurface

insight. This data will enable our clients to provide improved geophysical and

geological insights to de-risk their exploration activities and prepare for

upcoming licensing rounds. TGS is working with our partner PGS to build on this

project to make this part of a two-vessel season."

The projects are supported by industry funding.

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 a focused 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

(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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