PGS ASA

Regulatory Filings • Aug 30, 2023

PGS - Phase Three of Sarawak MultiClient Program

PGS - Phase Three of Sarawak MultiClient Program

August 30, 2023, Oslo, Norway: PGS together with JV consortium partners TGS and

SLB has secured pre-funding to expand MultiClient 3D seismic coverage in the

prospective Sarawak Basin offshore Malaysia. The survey will cover approximately

5,300 square kilometers for which the Ramform Sovereign is currently mobilizing

with completion of acquisition expected late November.

The survey is the third phase of a multi-year contract awarded initially by

PETRONAS in August 2020 to acquire and process up to 105,000 square kilometers

of MultiClient 3D seismic data over a 5-year period in the Basin. The first

phase of the Sarawak program was acquired in 2021 covering 8,400 square

kilometers and acquisition of the 6,800 square kilometer second phase has just

been completed (August 2023).

"Exploration interest in the Sarawak basin is strong and I am very pleased that

we have secured pre-funding for phase three, with mobilization commencing back-

to-back with completion of phase two. The Sarawak basin comprises of a proven

petroleum system with many producing fields. By acquiring MultiClient data with

our Ramform vessels and GeoStreamer technology, PGS and partners will provide

high quality regional scale seismic data that will improve regional

understanding of the petroleum systems," says Rune Olav Pedersen, President &

CEO in PGS.

"Sarawak basins are one of Southeast Asia's most exciting exploration hotspots,

with numerous oil and gas discoveries announced in recent months. TGS is pleased

to announce Phase 3 of the Sarawak MultiClient program which will support the

growing exploration interest of energy companies in this region. Malaysia

continues to form a key part of our MultiClient data library, and together with

our partners, we look forward to delivering high-quality seismic data across the

Sarawak basin," says Kristian Johansen, CEO in TGS.

PETRONAS, through Malaysia Petroleum Management (MPM) is actively enhancing its

data sets that will introduce new plays to be explored, especially in imaging

the pre Middle Miocene Unconformity (MMU) play in the deep-water area of Sarawak

Basin. This enhancement will enable clients to effectively conduct assessment on

the potential opportunities for exploration and participate in the Malaysia Bid

Round.

PGS announces contract awards and MultiClient projects as stock exchange

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

projects with a duration of 2 months or more and strategically important

contracts.

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 2022. 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.

--END--