PGS ASA

Regulatory Filings • Mar 17, 2021

PGS' First Simultaneous Node and Streamer Acquisition Contract

PGS' First Simultaneous Node and Streamer Acquisition Contract

March 17, 2021: Oslo, Norway, PGS has been awarded a high-end 3D exploration

survey by Lundin Energy Norway (and partners in PL1083) in the Barents Sea,

where sparse node and high-density multisensor GeoStreamer seismic will be

acquired simultaneously, building on the PGS productivity advantage.

PGS will deploy drop-nodes leased from Geospace Technologies and operate Ramform

Hyperion as streamer vessel and Sanco Swift as source vessel with an ultra-wide

source configuration. The survey polygon covers approximately 3,600 square

kilometers, of which a subset will be covered with node seismic. The project

will commence in late May 2021 with an anticipated duration of 75 days.

"We are very pleased to be awarded this milestone contract by Lundin Energy

Norway. The survey set up in combination with node and streamer seismic will

provide unique data quality in this complex geological province. We have

carefully watched the node market for many years and evaluated several entry

points. We believe this opportunity will provide us with invaluable experience

and insight to the node business and we are confident project execution will be

at par with our industry leading streamer seismic operations", says Rune Olav

Pedersen, President & CEO of PGS.

FOR DETAILS, CONTACT:

Bård Stenberg, VP IR & Corporate Communication

Mobile:  +47 99 24 52 35

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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 2019. 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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