PGS ASA

Regulatory Filings • Dec 7, 2022

PGS and TGS Expand MultiClient Coverage Offshore Brazil

PGS and TGS Expand MultiClient Coverage Offshore Brazil

December 7, 2022, Oslo, Norway: PGS, in collaboration with TGS, has secured pre-

funding for the Santos Sul MultiClient 3D project in the southwest Santos Basin

offshore Brazil. The PGS/TGS collaboration combines the operational and

technical strengths of both companies to provide high quality MultiClient data

and timely delivery, which are critical to the exploration efforts in this area.

The survey will cover more than 15,000 square kilometers of both open acreage

made available by ANP via the new Permanent Offer mechanism ("POR"), and the

exploration blocks recently awarded in the 17(th) Concession bid round and

3(rd) Cycle of the POR.

The Ramform Tethys will mobilize for the survey in January 2023 and acquisition

is scheduled to complete in August 2023.

"We experience continued exploration interest offshore Brazil where the

combination of the Ramform designed vessels and GeoStreamer technology is in

strong demand. The Santos Sul MultiClient survey expands PGS and TGS 3D data

coverage in Brazil and will provide high quality data essential for the

exploration of these newly awarded blocks. The PGS/TGS collaboration in this

portion of the Santos basin also provides coverage over a wider area available

through the permanent offer licensing round," says President & CEO of PGS, Rune

Olav Pedersen.

"We are pleased to announce this joint venture with PGS, further strengthening

our 3D data library and position in Brazil. The Santos Sul 3D project will be

instrumental in providing invaluable data and actionable insights into new and

emerging plays outside the Pre-Salt, allowing our clients to de-risk their

exploration activities in the region for active and future licensing rounds,"

says CEO of TGS, Kristian Johansen.

PGS announce contract awards and MultiClient projects as stock exchange releases

if the contract has a value of $10 million or more, and MultiClient projects

with a duration of 2 months or more.

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 fully integrated

marine geophysical company that provides a broad range of seismic and reservoir

services, including data acquisition, imaging, interpretation, and field

evaluation. Our services are provided to the oil and gas industry, as well as to

the broader and emerging new energy industries, including carbon storage and

offshore wind. 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 2021. 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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