PGS ASA

Regulatory Filings • Jul 21, 2022

PGS ASA: Awarded Two Significant Contracts in Asia-Pacific

PGS ASA: Awarded Two Significant Contracts in Asia-Pacific

July 21, 2022, Oslo, Norway: PGS has been awarded a significant 3D exploration

acquisition contract offshore Indonesia by a major energy company. Further, the

Company has also been awarded a major 4D acquisition contract offshore Australia

by an international energy company. Ramform Sovereign will mobilize for the 3D

exploration contract in Indonesia mid-October and acquisition is expected to

complete mid-December. The vessel will continue to Australia and mobilize for

the 4D contract around year-end 2022 and complete acquisition towards the end of

February 2023.

"We are very pleased with these two contract awards, which in combination

constitute an acquisition campaign of close to five months. The seismic

acquisition market in Asia-Pacific has been slower than in the Atlantic basins,

so it is encouraging to experience increasing demand in the region, and we have

good leads for additional work beyond the campaign we have already secured,"

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 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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