PGS ASA

Regulatory Filings • May 27, 2021

PGS ASA: Secures Q4 Work for Ramform Vanguard

PGS ASA: Secures Q4 Work for Ramform Vanguard

May 27, 2021: Oslo, Norway, PGS has been awarded a significant acquisition

contract in the Black Sea. The project is scheduled to start mid-August 2021 and

be completed in November. There are options related to the contract with

potential for the program to extend well into 2022.

The Ramform Vanguard will acquire the survey using an exploration configuration

towing a 12x8000 meter spread.

"We are pleased to be awarded this project, which is a solid contribution to our

order book. We reactivated the Ramform Vanguard for the North Sea summer season

because of increased seismic acquisition activity. The plan was to take her out

of operation after the summer season. Sales leads and active tenders remain

healthy, and this contract award is evidence of a continued positive market

sentiment, which we believe will extend into the winter season. The Ramform

Vanguard and her highly experienced crew, in combination with our proprietary

GeoStreamer® technology makes us well positioned to efficiently acquire high

quality multi-sensor data to confidently de-risk subsurface exploration." says

President & CEO in PGS, Rune Olav Pedersen.

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

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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