PGS ASA

Regulatory Filings • Jul 3, 2023

PGS Awarded Large Offshore Wind Site Characterization Contract

PGS Awarded Large Offshore Wind Site Characterization Contract

July 3, 2023, Oslo, Norway: PGS is awarded a large offshore windfarm site

characterization contract in the US by a leading renewable energy company. PGS

will use the Sanco Swift, which is rigged as an offshore wind site

characterization vessel. Mobilization is scheduled for August 2023 and

acquisition is expected to complete in February 2024, with total project

duration of approximately 180 days. Profitability of the project is in line with

PGS' core business.

The project will be acquired with PGS market-leading ultra-high-resolution 3D

(UHR3D) P-Cable. This UHR3D system provides significantly more detailed

subsurface data for shallower targets compared to traditional seismic

acquisition systems.

"We are very pleased with award of our second offshore wind site

characterization contract, which strengthens our position in this market. Our

geophysical approach to map and understand the shallow subsurface layers with

our UHR3D system is significantly more efficient than conventional solutions.

Energy companies acknowledge the value of shorter lead time for accessing high

quality data, and we are ready to scale our UHR3D offering to capitalize on the

market momentum," says Berit Osnes, Executive Vice President New Energy in PGS.

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 PGS, 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.

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