PGS ASA

Investor Presentation • Jan 26, 2023

Capital Markets Day 2023

Oslo, January 26, 2023

1

• 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 the Q4 and preliminary full year 2022 results and the disclosures therein

Agenda Q4 2022 Presentation and Capital Markets Day

09:00	2022 review, seismic market outlook and PGS Strategy Rune Olav Pedersen, President & CEO
09:30	Q4 2022 results and CMD financials Gottfred Langseth, EVP & CFO
10:00	Q&A
10:15	Break
10:30	Sales & Services Nathan Oliver, EVP
10:50	New Energy Berit Osnes, EVP
11:05	Operations Rob Adams, EVP
11:20	Q&A
11:30	Lunch

2022 Review, Seismic Market Outlook and PGS Strategy

Rune Olav Pedersen, President & CEO

4

Outline

• 2022 Highlights
• Market outlook
• Seismic supply and demand
• PGS position and strategy
• Guidance
• Summary

2022 Highlights

Significant contract price increase and margin expansion

• More than 35% increase vs. 2021
• Positive EBIT margin
• Large portion of 4D work

Second highest MultiClient late sales

• Increasing exploration interest
• Significant transfer fees

• Highest order book since Q3 2014
• Most of vessel capacity booked for Q1-Q3 '23
• High ongoing bidding activity

Improving financial position

• ~\$210 million cash flow before financing activities
• ~\$250 million new equity
• Well positioned to refinance

Market leading position in the Carbon Storage geoservices market

• Completed 4 CCS acquisition projects
• Revenues of ~\$30 million in 2022
• In process of entering offshore wind market

Strong progress on digital transformation

• Imaging in the Cloud provides flexibility and scalability at a lower cost
• New MultiClient OnDemand business models
• Digital solutions improves operational efficiency

Full year 2022 Performance: Improving Market Fundamentals Reflected in Financials

^*includes revenues related to future production, ref. definition of the APM "Order book" in Appendix of the Q4 2022 earnings release.

High Demand for Oil and Gas Likely to Continue to 2050 – Strong Growth of Renewables

• Fossil fuels will be an important part of future energy mix**
  • ~80% of the energy mix today
  • ~75% of energy mix in 2030
  • Slightly above 60% of energy mix in 2050
  • Oil and natural gas demand slightly higher in 2050 than today
    • Securing sufficient supply will require significant investments in oil & gas exploration and production
  • Strong growth for renewable energy sources
    • ~40% of energy mix in 2050 are non-fossil fuels
    • Creating new business opportunities

E&P spending: Kickstart in 2022 Continues in 2023

• Global E&P spending increased in excess of 20% in 2022
• Double digit spending growth expected in 2023 – Likely to continue in '24 and '25
• Offshore spending expected to increase 24% in 2023*
  • Following a 12% spending growth in 2022

Energy Majors' Cash Flow Break-even Around USD 50/boe (including dividend, excluding buy backs)

• Energy companies generate record cash flows
• Break-even level around USD 50/boe
• Client feedback indicates resilient seismic spending with an oil price in excess of approximately USD 60/boe

Seismic Activity Level Will Increase – Customer Feedback Autumn 2022

• Client 1: Continued high activity level. Will reactivate "real" exploration with a global remit scanning for opportunities
• Client 2: Increasing international activity level with Namibia recently added to the portfolio
• Client 3: The exploration budget will be kept high over the next years, and we see increased activity level in 2023
• Client 4: Exploration budget will increase in 2023
• Client 5: Will continue with similar activity level as recent years, still pursuing frontier exploration in certain countries

Clients confirm seismic spending increase in 2023

Historically Low Supply in a Consolidated Vessel Market

• Seismic vessel supply reduced from almost 60 3D vessels in 2013 to ~15 in today's market
• Seismic vessel supply in 2019 was ~25 3D vessels
• Majority of vessel capacity controlled by PGS and Shearwater
  • PGS currently operates 6 3D vessels
  • Will add Ramform Victory in Q2 2023 to acquire large Petrobras 4D contract

Markets Trends & PGS Position

Marine Seismic Market Leadership Through Integrated Service Offering

Financial Strategy	PGS Business Strategy
	Leverage integration across the PGS value chain
Cash Flow before growth	Leading provider of high-resolution seismic for near field exploration, production (4D) and CCS
	Develop New Energy into a significant business unit
Return on Capital Employed	Increase speed and penetration of digitalization
Establish a sustainable capital	Reduce operating cost & increase efficiency
structure	Reduce environmental footprint and set path for net-zero in 2050

Leveraging Integration Across the PGS Value Chain

• Flexible business models
  • MultiClient and Contract is increasingly overlapping
  • Attractive joint venture partner with high quality assets
  • Utilization optimization
• Grow New Energy
  • Develop new businesses from core expertise and assets
• Reliable data library
  • High quality data with strong sales performance well suited for G&G and New Energy objectives

Recruiting Beyond Attrition Rate

• Increased employee base by ~3% in 2022, plan to increase further in 2023
  • Strengthening a diverse and skilled work force
• Incremental recruitment of geologist, geophysicists and software engineers
  • Increased activity for PGS core business
  • Digital transformation and digital product offering
• Further strengthening New Energy business
• High focus on avoiding a proportionate cost increase as we scale up our business

New ESG Targets From 2023

	Group cash cost	MultiClient cash investment	Active 3D vessel time allocated to Contract	Capital expenditures
2023 Guidance	~\$550 million	~\$160 million	~60%	~\$100 million

Summary

Seismic market improved in 2022 – expect continued improvement in 2023

Increasingly leveraging the integrated approach

Healthy order book with good visibility Significant reduction of net debt – well positioned to refinance in 2023

Progressing well with New Energy business development

Q4 and Preliminary Full Year 2022 Presentation Gottfred Langseth, EVP & CFO

Oslo, January 26, 2023

20

• 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 the Q4 2022 earnings release and the disclosures therein

Agenda – Financial Review

• Introducing new APMs
• Q4 financial review
• Financial position & refinancing
• Cost development
• Capex and depreciation
• MultiClient financials
• Summary and Q&A
• Appendix (Tax, lease liability and sensitivities)

Q4 2022 Financial Review

Oslo, January 26, 2023

23

Changes in Financial Reporting - New APMs Introduced – Segment Reporting

Percentage-of-completion (POC) based Alternative Performance Measures:
Produced Revenues	Revenues based on recognition of MultiClient pre-funding revenues on a POC basis (Produced MultiClient pre-funding Revenues)
Produced EBITDA	Reported EBITDA adjusted for the difference between Produced Revenues and Reported Revenues (IFRS)
Pre-funding as a percentage of MultiClient cash investments (or "pre-funding level")	Produced MultiClient pre-funding Revenues as a percentage of capitalized MultiClient cash investments
Order book	Estimated revenue value of secured work relating to future production. Exact definition in Q4 Earning Release. As comparison, the IFRS order book includes in addition deferred revenues relating to production already performed on MultiClient surveys where final data is not delivered

Financial Summary - Revenues and EBITDA

Produced EBITDA EBITDA*

, As Reported

Financial Summary - EBIT and Cash Flow from Operations

^{89 81} 115 42 63 44 86 0 50 100 150

USD million

Q1 21 Q2 21 Q3 21 Q4 21 Q1 22 Q2 22 Q3 22 Q4 22

• Third consecutive quarter with solid EBIT reflecting an improving marine seismic market
  • EBIT is only reported on As Reported/IFRS basis
• Cash flow generation progressing
  • Q4 impacted by working capital build as revenues in the quarter are back-end loaded for both vessel revenues and MultiClient sales
  • Expect a net working capital release in Q1 '23

Order Book Development

• Order book of \$416 million relating to future production
  • Up 74% from Q4 2021
  • Highest order book since Q3 2014
  • IFRS order book of \$517 million (includes deferred revenues relating to production already performed)
• Strong booking through Q3 2023*
  • Q1 23: 17 vessel months
  • Q2 23: 16 vessel months
  • Q3 23: 12 vessel months
• Expect to operate seven 3D vessels from midyear 2023 following activation of Ramform Victory

Consolidated Key Financial Figures

	Q4	Q4	Year ended	December 31 ,
(In millions of US dollars share data) , except per	2022	2021	2022	2021
Segment Reporting
Produced Revenues	250 7	174 3	817 2	590 0
Produced EBITDA	145 2	96 1	446 7	320 2
Profit and loss numbers As Reported ,
Other Revenues and Income	216 7	210 4	825 1	703 8
EBITDA	111 2	132 2	454 6	434 0
EBIT Impairment and other charges , net ex.	45 9	9 7	117 0	(32 0)
financial Net items	(31 2)	(18 5)	(112 7)	(97 6)
Income (loss) before income tax expense	2 1	(45 0)	(6 7)	(163 8)
Income tax expense	(7 0)	(8 5)	(26 1)	(15 6)
Net income (loss) equity holders to	(4 9)	(53 5)	(32 8)	(179 4)
(\$ share) Basic earnings share per per	(\$0 01)	(\$0 13)	(\$0 06)	(\$0 45)
Other key numbers
Net cash provided by operating activities	86 4	42 0	371 3	326 6
Cash MultiClient Investment in library	25 0	23 3	106 4	127 2
Capital expenditures (whether paid not) or	10 7	9 7	50 2	33 4
Total assets	1 953 3 ,	1 792 8 ,	1 953 3 ,	1 792 8 ,
Cash and cash equivalents	363 8	170 0	363 8	170 0
Net interest bearing debt	616 7	936 4	616 7	936 4
following IFRS Net interest bearing debt including lease liabilities 16 ,	703 9	1 051 3 ,	703 9	1 051 3 ,

Segment Reporting

• Produced Revenues up 44% in Q4 and 39% full year
• Produced EBITDA increased 51% in Q4 and 40% full year

As Reported numbers

• IFRS Revenues and EBITDA with less growth due to high volume of MultiClient surveys completed and delivered to customers in 2021
• Strong EBIT improvement from significant contract margin recovery as well as lower MultiClient amortization

Q4 2022 Operational Highlights

• Contract revenues of \$111.2 million
  • 84% of active time used for contract acquisition
  • Improving pricing and EBIT margin

• Produced MultiClient revenues of \$134.6 million
  • Strong late sales from a geographically diverse MultiClient library
  • Sales from surveys in processing phase contributed to 170% pre-funding rate
  • Cash investment in MultiClient library of \$25.0 million

Seismic Vessel Allocation* and Utilization

• 75% active vessel time in Q4 2022
• Significant relocation of vessels before winter season caused high steaming time
• Active vessel time will increase in Q1 2023
  • Expect some standby in transition from winter to summer season

Gross Cash Cost* Development

• Sequential cash cost decrease due to less production time and somewhat lower fuel prices
• Both Sanco Swift (2D) and PGS Apollo (source) operated for the full quarter
• Delivered lower gross cash cost full year 2022 compared to guidance

135

Balance Sheet Key Numbers

US In millions of dollars	December 31 2022	December 31 2021
Total assets	1 953 3 ,	1 792 8 ,
MultiClient Library	300 3	415 6
Shareholders' equity	510 3	245 1
Cash and cash equivalents (unrestricted)	363 8	170 0
Restricted cash	70 8	73 7
Gross interest bearing debt	1 051 3 ,	1 180 1 ,
Gross following IFRS interest bearing debt including lease liabilities 16 ,	1 138 5 ,	1 295 0 ,
Net interest bearing debt	616 7	936 4
following IFRS Net interest bearing debt including lease liabilities 16 ,	703 9	1 051 3 ,

• Cash and cash equivalents (unrestricted) of \$363.8 million
• Net debt (excluding lease liabilities) reduced by \$319.7 million

Consolidated Statements of Cash Flow

	Q4	Q4	Full year	Full year
In millions of US dollars	2022	2021	2022	2021
Net cash provided by operating activities	86.4	42.0	371.3	326.6
Investment in MultiClient library	(25 0)	(23 3)	(106 4)	(127 3)
Investment in and equipment property	(8 6)	(9 0)	(48 6)	(35 4)
Other investing activities	(0 4)	(2 4)	(6 8)	(9 2)
flow before financing activities Net cash	52.4	7.3	209.5	154.7
of deferred from of debt/net for Debt repayment and proceeds , net loan costs, issuance non-current cash payment debt amendment*	20 8	(0 1)	(123 0)	(19 5)
Interest paid on interest bearing debt	(24 0)	(20 2)	(90 5)	(80 8)
Proceeds from share issue and share buy back	144 7	-	241 0	-
Payment of lease liabilities and related interest (recognized under IFRS 16)	(10 3)	(12 6)	(42 5)	(49 2)
Decrease (increase) in restricted cash related debt service non-current to	1 1	2 6	(0 7)	8 1
Net increase (decr ) in cash and cash equiv.	184.7	(23 .0)	193.8	13.3
Cash of and cash equiv beginning period . at	179 1	193 0	170 0	156 7
Cash and cash equiv. end of period at	363.8	170.0	363.8	170.0

*In 2022, the amount represent the fees and expenses relating to the amendment of debt maturities offset by cash proceeds from the convertible bond issue

• Q4 cash flow impacted by revenue related working capital build
  • Increasing revenues
  • Q4 revenues typically back-end loaded due to vessel relocation early in the quarter and significant MultiClient sales
  • Expect working capital release in Q1 2023
• Net proceeds from equity raise of \$144.7 million

Capital Markets Day Financials

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Strong Improvement of Financial Position Through 2022

• Increasing cash flow as contract margins and MultiClient sales recover
• Some delay of "realized" cash flow due to increase of working capital from increased revenues
• 2022 cash flow before financing activities of \$209.5 million
• Net debt* reduced by \$319.7 million in 2022
• Sharp reduction of leverage ratio
  • Lower debt and improving results
  • Substantial headroom to maintenance covenant

2022 Cash Flow Generation

• Cash flow generation of \$264.9 million before working capital change and financing activities
• Net cash flow before change of debt and equity of \$112.6 million
  • Working capital increase of \$55 million driven by 44% growth of Q4 Produced Revenues
  • Mainly accounts receivable and accrued revenues typically collected within two months from balance sheet date
  • Q4 22 Produced Revenues \$76 million higher than Q4 21

Refinancing Status – Ready to Access the Market

▪ Runway to end Q1 2024

• Liquidity reserve and cash flow to manage 2023 debt amortization
• Plan to refinance the TLB in H1 2023 if adequate debt markets
• Transaction likely to be \$650-700 million, including a new RCF
• Preparations done and ready to execute on short notice
• 2023 debt amortization
  • Total scheduled amortization of \$367 million
  • TLB ~\$9 million per quarter + \$200 million September 2023
  • ECF \$130 million (including repayment of the \$83 million remaining deferred amount from the 2020/21 debt rescheduling, initially \$106 million)
• Liquidity sweep will not impact total 2023 amortization
  • Q4 liquidity sweep of \$83 million (to be paid Q1 2023) repays remaining ECF deferred amount. Will reduce 2023 scheduled amortization
  • Liquidity sweep from Q1 2023 above \$175 million to the TLB always applied against nearest scheduled amortization

Well positioned to refinance in 2023 – Prepared to execute early

Gross Cash Cost Development

• 2022 gross cash cost of \$487.8 million, below the guided level
• 2023 gross cash of ~\$550 million
  • More capacity in operation including Ramform Victory
  • Higher vessel utilization
  • General price increases including salary adjustments
• Cost is a key priority

Capital Expenditure and Depreciation Trends

• Full year 2022 CAPEX of \$48.6 million
• 2023 CAPEX plan of ~\$100 million*
  • ~\$50 million in streamer investments
• Gross depreciation in 2022 ended at \$122.2 million
• Gross depreciation expected to be ~\$110 million in 2023
  • ~ \$40 million to be capitalized as part of MultiClient investments

MultiClient Financials

350

MultiClient investment

• Pre-funding (as a percent of MultiClient cash investments) targeted to be 80-120%
• 2022 MultiClient cash investments of \$106.4 million with a pre-funding level of 123%
• MultiClient cash investments in 2023 expected to be approximately \$160 million with prefunding level around top end of targeted interval
• Approximately 40% of 2023 active 3D fleet capacity currently planned for MultiClient

Summary

Marine seismic market improving for all product lines Strong order book growth and visibility

Strong cash flow generation Substantial net debt reduction

Well positioned to refinance in 2023 – prepared to execute early

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.

This presentation must be read in conjunction with the Q4 2022 earnings release and the disclosures therein.

Financial Appendix

43

Appendix: Tax Position

• Tonnage Tax regimes
  • PGS' Ramform Titan-class vessels are operated within the Norwegian tonnage tax regime
• Cash tax mainly withholding taxes and local taxation in countries where PGS operates
  • Tax cost level will vary depending on area of operation
  • Average cash tax in 2017-2022 is \$23 million
• Substantial deferred tax assets
  • 100% valuation allowance

Appendix: IFRS 16 Lease Liability

Estimated amortization table based on existing agreements
Year	Lease liability (start of year)	Instalment	Interest
2023	~\$87M	~\$35M	~\$6M
2024	~\$63M	~\$31M	~\$4M
2025	~\$37M	~\$18M	~\$2M
2026	~\$21M	~\$8M	~\$2M
2027	~\$15M	~\$8M	~\$1M
2028	~\$9M	~\$4M	~\$1M
Thereafter	~\$6M	~\$7M	~\$1M

Composition of December 31, 2022 lease liability

• Leasing arrangements are reported as assets (and depreciated over the lease term) and debt (with payments being reported as interest cost and instalments)
• New leasing arrangements, or extensions of existing arrangements, will be reported as addition to fixed assets

Appendix: Foreign Exchange and Sensitivity

Cash flow relating to operating payments

Cash flow realting to opeating receipts

• A significant portion of operating payments (cash cost and CAPEX) is in non-USD currencies
  • A 10% change of USD vs. NOK has an annual net EBIT impact of USD 10-12 million
  • A 10% change of USD vs. GBP has an effect of USD 4-5 million
• Leasing commitments in NOK generally not hedged

Capital Markets Day 2023 Nathan Oliver, EVP Sales & Services

Oslo, January 26, 2023

47

Outline

• Emerging basin exploration has returned to the agenda boosting seismic demand
• PGS' Integrated solutions create unique competitive advantage
• The MultiClient business continues to deliver robust returns
• Embracing digitalization to deliver creative commercial solutions and drive cost efficiency and turnaround

2023 E&P Activity Drivers – License Rounds

Bid round and/or acreage offerings

2023 E&P Activity Drivers – High Impact Wells

Exploration drilling to continue at 2022 levels, success rates are increasing in frontier plays

2023 E&P Activity Drivers - License Awards Recent license awards to IOCs, large Independents & NOCs

Seismic Volumes Forecast to Grow Significantly in 2023

25

• Volumes of planned seismic are forecast to increase by as much as 40% YoY from the low base of activity in 2022
• The increase in activity is broad based but underpinned by returning appetite for frontier exploration, evidenced by energy companies' accumulation of new acreage and an increase in new MultiClient programs
• Demand growth in a supply constrained market provides opportunity for margin expansion and increased utilization
• The number of 4D programs reduced during the pandemic and remained largely static in 2022 due to project delays, despite the high level of bids and leads observed late-2021/early 2022

ILX and Integrated Projects Form a Substantial Part of Total Industry Activity Mix

• There has been a strong focus on optimum exploitation of existing assets along with nearfield exploration to leverage infrastructure
• ILX has become a substantial component of PGS' project mix. In such mature basins high resolution multi-sensor data is of great value. PGS remains the only contractor with a fleetwide homogenous multi-sensor offering
• ILX, 4D and Reservoir seismic volumes are expected to be augmented in future by the growth in CCUS projects
• Integrated projects have become a significant segment to PGS. These are uniquely created through leverage of our full suite of technical capabilities along with MultiClient expertise

Overall Number of Contract Customers has Remained Stable Over Recent Years

• The number of individual Contract customers industry-wide has remained relatively stable over the last several years, despite the level of M&A in the same period
• IOC's and NOC's have been the bedrock of activity throughout this period. We see the latter group increasing their exploration efforts, with certain of them expanding internationally
• Independents and Regional players continue to be present, though with cyclical activity
• The customer base may further grow in future with the appearance of CCUS specialist companies who are not part of the traditional core customer base today

Bids and Leads – Active Tenders and Weighted Leads

• The order book increased by close to 75% YoY across both the Contract and MultiClient segments resulting in improved utilization
• YoY rates improved by ~35% vs. 2021 average
• Sales leads are back above pre-COVID levels, with active tenders just about back at that level
• The active tender's curve is somewhat lumpy due to single large tenders coming and going – typically large Brazilian 4D projects
• These curves reflect only publicly tendered seismic and do not show the current growth in MultiClient projects, and certain of the Integrated projects that PGS performs directly

PGS MultiClient Library Diversity

PGS 2022 MultiClient Revenue Distribution

2022 Client Distribution

• 8 clients > \$20 million
• 6 clients \$10-\$20 million
• 6 clients \$5-\$10 million
• 41 clients <\$5 million

2022 Regional Revenue Distribution

• Europe North America Africa and Mediterranean
• Asia

14%

South America

60 Clients with Good Geographical Diversity

PGS MultiClient Peer Group Performance Comparison

Revenues Investments Revenues / Cash Investments

PGS MultiClient OnDemand™ Business Models

• PGS has developed a strategic cloud-based solution architecture that can serve MultiClient subsurface data to our customers
• This capability, enabling enterprise access, is market-leading and will drive workflow efficiencies, enabling teams to spend more time focusing on data analysis
• Our customers want data at scale and fast in order to make the right commercial decisions and reduce risk in the fast-changing energy landscape

PGS Imaging in the Cloud 'Eos'

• PGS signed a preferred cloud vendor agreement with CGP with the ambition of moving 20% of compute to the cloud as 'lift and shift'
• The economic downturn and early successes transform the ambition to move 80% compute into GCP
• PGS decommissions its last Cray supercomputer achieving the transition to GCP as the primary source of compute

Why the cloud? The power of the cloud

• Significant increase in capacity without upfront capex e.g. for one week in August we operated the 7th largest supercomputer on Earth
• Access to a large range of modern compute hardware on-demand
• Modernisation of our HPC software stack
• Uses low-carbon energy throughout our chosen GCP region (97% carbon free)

Summary

• The recent return to emerging basin exploration helps drive positive momentum in the offshore E&P segment
• Strong utilization and pricing improvements in the Contract segment in 2022
• Bookings significantly up YoY and pricing expected to continue to rise in 2023
• PGS continues to be uniquely positioned as the only fully Integrated player with market leading acquisition, imaging and digitalization technology providing significant competitive advantage

Capital Markets Day 2023 Berit Osnes, EVP New Energy

Oslo, January 26, 2023

62

PGS Mission

To advance marine subsurface knowledge for evolving energy needs

PGS Vision

To support affordable and sustainable energy for all

Strategic goal

To develop New Energy into a significant business unit

PGS and the Energy Transition

Urgent need for more CO² storage development

• Storage development lags capture development
• NZ-2050 requires 1,500 Mtpa CO² stored by 2030

Offshore Wind is in rapid growth

• Global CAGR is 6-14% but Europe CAGR is 22-26% *
• Main site characterization work 4-5 years ahead of installation

Northwest Europe Leading the Way in Carbon Storage License Award Process

Recent PGS Projects related to Carbon Storage

PGS Position in Offshore Wind

Integrated Ground Model With soil engineering parameters and hazard areas

PGS Position in Offshore Wind

Seismic Data Delivers Valuable Insight for Mapping of Marine Mineral Deposits

Norwegian opening process

• Impact Assessment completed by OED
• Public Consultation until 27.01.2023
• White paper on opening process planned for spring 2023
• Potential license awards 2024

Mohn's Treasure

69

• Strategic goal to develop New Energy into a substantial business unit
• Successful entry in Carbon Storage
• First entry in Offshore Wind
• Leverage PGS strengths integrated geophysical expertise

Thank you

71

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.

Capital Markets Day 2023 Rob Adams, EVP Operations

Oslo, January 26, 2023

72

Operations: 2022-2024 Strategic Priorities & Objectives

Safe and Efficient Operations

Safety is good for business

74

PGS & COVID-19

• One of the most challenging periods in our history
  • Significant change in the market
  • Huge challenges with crewing and logistics
• Zero cases of COVID transmission offshore between March 2020 & March 2022
• Crewing strategy proved very resilient
  • Wide base of nationalities
  • Able to retain key talent

Over 70 man years in solitary confinement (quarantine) whilst travelling to and from our vessels

Maximum trip length performed was 16 weeks at sea

HSEQ Performance: Among Industry Leaders

No compromise on safety or operational robustness

Operational safety is priority number 1 in PGS - protecting our crews, assets and the environment

Our Fleet: Status and Scaling

Purpose-built and industry-leading on safety, efficiency and performance

77

The PGS Fleet

The PGS fleet is the most efficient in the industry We constantly improve our technology and performance

RAMFORM Sovereign – active 3D

RAMFORM Atlas – active 3D RAMFORM Tethys – active 3D RAMFORM Hyperion – active 3D

RAMFORM Vanguard – active 3D

RAMFORM Titan – active 3D

PGS Apollo - source

SANCO Swift – 2D/source/wind

Tansa – Service agreement for JOGMEC

Vessels currently in stack

RAMFORM Explorer - stacked RAMFORM Valiant - stacked RAMFORM Victory –

reactivation for a survey in Brazil

Fleet Strengths

• Modern, safe homogeneous vessels provide the best working environment
• All vessel are equipped with dual sensor GeoStreamer™ cables
• Flexibility to do all types of jobs from one vessel
• Industry leading engine and propulsion redundancy give safe and robust projects
• Advanced back deck solutions provide high safety and rapid deployment and recovery capabilities
• Digitalisation enables condition-based maintenance and cost savings
• Modern core fleet of support vessels enables efficient and safe crew changes and at sea fuelling

Cost Focus Delivers Results

• Cost for Titan Class vessels has gone down significantly over the last 5 years
  • Numbers are relative to 2018 numbers and normalized for inflation and FX
• Driven by:
  • Relentless focus on cost
  • Restructure in 2020
  • Management of assets and inventory
  • Digital initiatives

Sustainable Margin Growth can Drive Fleet Expansion

When will PGS embark on fleet expansion?

• Market driven
  • Sustainable margin growth will drive fleet expansion
  • Market share is not a key driver

Potential bottlenecks

RAMFORM Atlas – active 3D

RAMFORM Hyperion – active 3D

RAMFORM Tethys – active 3D RAMFORM Sovereign – active 3D

RAMFORM Vanguard – active 3D

RAMFORM Titan – active 3D

People

▪ Since 2019 the industry has lost in excess of 500 experienced seismic crew

• A lot of these will not return
• Building crews from the next generation is key
  • PGS' crew model with a balance towards full time crew is advantageous
    • Over 80% of our seismic crew is employed full time by PGS

Obtaining skilled crew may be the key challenge to scale up

Relative Seniority of PGS Seismic Crew

Equipment

• Supply chains heavily impacted by COVID & Ukraine
  • Lead times are up significantly
• One of the keys here is streamers
  • PGS has 2,400 sections being built
  • PGS has refurbished over 2,000 sections in the last two years
    • Lifetime extended by >5 years
• CAPEX run rate will be ~\$100 million annually
  • This will include one vessel set of new GeoStreamer each year

PGS continues to build and repair streamers

Digital Leadership

Collaboration & Connectivity for the Future of Energy

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Problem

▪ 7,500 Safety Observations each year

Value

▪ Proactive prevention of incidents

Optimal Vessel Speed in Production

End goal

Problem

▪ More complex surveys had led to lower fleet speed

Value

▪ Increased potential speed; ability to automate control

Level 7 executes automatically, then necessarily informs the human,

or

Energy Efficiency

Problem

▪ High Fuel Cost

Value

▪ Reduced fuel consumption through efficiency

Social and Environmental Responsibility

Reducing emissions Saving Lives

88

PGS is Further Reducing Emissions Per Data Unit

New ESG Targets From 2023

2050

New ESG Targets From 2023

• IMO and EU changes remain unconfirmed
• PGS has performed a study with DNV
  • Next gates are manageable
  • Longer term targets require fleet renewal

Proposed reduction rates and example default facors

Social Responsibility: Saving Lives at Sea

• ~100 lives saved at sea in 2022
• PGS Emergency Response Team trains regularly and is prepared for challenging scenarios
• PGS contributes to healthier oceans
  • 200 tons of debris removed from oceans in last 5 years
  • Rescuing marine life from entanglement in ghost nets

PGS Emergency Response Training

Summary

PGS has the most productive fleet in the industry

Ability to scale up

• Market and margin driven
• Challenges are availability of people and equipment

Continued focus on competitive cost base

Expect further changes in how we work driven by Digitalization

Dedicated to safety and delivery

Questions?

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