PGS ASA

Investor Presentation • Sep 14, 2022

Pareto Securities Energy Conference

Oslo, September 14-15, 2022

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• This presentation contains forward looking information
• Forward looking information is based on management assumptions and analyses
• Actual experience may differ, and those differences may be material
• Forward looking information is subject to significant uncertainties and risks as they relate to events and/or circumstances in the future
• This presentation must be read in conjunction with other quarterly earnings releases, the 2021 annual report and the disclosures therein
• The full disclaimer is included at the end of this presentation

PGS – The Integrated Marine Geophysical Company

Global operation with headquarters in Oslo and regional centers in UK and US

Active 3D Vessels:

6

Business areas:

Sales & Services MultiClient, Contract and Imaging

Operations

Fleet management, Project delivery, Seismic acquisition & support

Technology & Digitalization

R&D, Enterprise IT, Digitalization portfolio

New Energy Emerging markets, Solutions design, Partnerships

2021 revenues:

\$703.8m

2021 EBITDA: \$434.0m

Market Cap:

\$~600m

Revenues and EBITDA according to IFRS. Market capitalization as of September 2022.

Improving Marine Seismic Market

Supportive macro environment

• High oil and gas prices
• Increasing focus on energy security
• Investment pressure on energy companies

Increasing E&P activity

• Renewed interest from several companies in frontier exploration data sets
• Higher E&P investments

Seismic

• Increasing industry MultiClient library sales
• More client interest in pre-funding new MultiClient surveys
• Contract activity and pricing continue on a positive trend
• Vessel schedule for winter season firming up

Improving Marine Seismic Market with Seasonal Swings

Sales leads and active tenders for contract work

• Improving sentiment positively impacts value of All Sales Leads and Active Tenders
  • Continued large number of informal requests for pricing on programs for 2023
    • Often results in later contract tenders, hybrid MC/contract awards or MultiClient programs

Order Book Development

• Order book of \$359 million as of end Q2 2022
  • Approximately unchanged by end August
• 2022 almost fully booked*
  • Q3 22: 18 vessel months
  • Q4 22: 17 vessel months
  • Q1 23: 7 vessel months
• Significant ongoing 4D contract award activity in Brazil

Historically Low Supply ~14 Vessels in Operation

Improving Financial Position

• Successful equity increase
  • Private placement of ~\$85 million in May at market price with minimal discount
  • Subsequent offering of ~\$14 million completed in July
• Secured commitments for \$50 million of new senior secured debt
  • Expect to draw in October
• Proceeds used for:
  • Debt amortization in Q3 2022
  • Increase liquidity buffer
  • Strengthening balance sheet
• Converted the remaining convertible bond (NOK 75.7 million) to shares in August
• Well positioned to refinance ahead of Q3 2023

New Energy Gains Momentum: Establishing a Solid Position in the Carbon Storage Geoservices Market

Ramform Hyperion while acquiring the Endurance CCS survey during Q2 2022.

• Successfully completed four Carbon Capture and Storage (CCS) acquisition projects in 2022:
  • Northern Lights CCS 4D baseline
  • Endurance CCS
  • Snøhvit 4D, of which parts relate to CCS
  • Smeaheia CCS
• Entered into an agreement with deepC Store (dCS) to co-develop CCS projects in Asia Pacific
  • Provide advisory services in exchange for shares in dCS
• Expect to generate revenues of ~\$30 million relating to New Energy business in 2022

CCS Market with Significant Future Potential for Seismic Vessel Demand

Scenarios assessed by IPCC have a median value of ~15 Gt CO² in 2050, approximately double the level in IEA's NZE 2050

CO² storage volumes can be used to estimate potential for vessel demand. Such estimates require several assumptions, including the number of and size of offshore storage projects, survey size and survey frequency

IEA Net Zero 2050 scenario: 7.6 Gtpa in 2050 CCS has the potential to create a significant seismic market

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Successfully Moving Imaging to the Cloud and Reducing Costs

• ~80% of PGS imaging work is in done the Cloud at a significant lower cost compared to on-premise compute
  • Lifting the most compute intensive workflows to the Cloud first
• August monthly imaging production in the Cloud was ~4X last year's monthly peak
• Imaging in the Cloud provides unprecedented flexibility and scalability, while always having access to state-of-the-art compute hardware

Research & Development Accelerates Digital Transformation

• PGS Digital Factory delivers solutions to execute on many of the Company's strategic goals
• Vessel operations improved with tangible results driven by contextualizing and analyzing data
  • Optimizing acquisition speed
  • Proactive prevention of incidents
  • Emission monitoring and reporting
  • Asset monitoring and life cycle management
  • Solutions are implemented fleet wide
• In process of finalizing and rolling out software for improved MultiClient entitlement management and tools for responding quicker and more accurately to contract bids

Digital Transformation Enables New Commercial Products

▪ PGS, TGS and CGG created Versal in 2020 and launched it in 2021

• A unified, independent, secure, Cloud-based seismic data ecosystem giving access to MultiClient libraries via a single log-in
• Schlumberger joined Versal in August
• Versal includes a vast majority of the world's MultiClient data
• In December 2021 PGS announced a multi-year Data Management as a Service ("DMaaS") agreement with a major customer
• In August 2022 Shell signed a multi-year agreement for access to a significant part of PGS' MultiClient library
  • Cloud based access improves client's exploration workflows and accelerates strategic decisions

Summary

Questions?

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COPYRIGHT

The presentation, including all text, data, photographs, drawings and images (the "Content") belongs to PGS ASA, and/or its subsidiaries ("PGS") and may be protected by Norwegian, U.S., and international copyright, trademark, intellectual property and other laws. Accordingly, neither the whole nor any part of this document shall be reproduced in any form nor used in any manner without express prior written permission by PGS and applicable acknowledgements. In the event of authorized reproduction, no trademark, copyright or other notice shall be altered or removed. © 2022 PGS ASA. All Rights Reserved.