PGS ASA: Contract award in the Mediterranean

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November 242022, Oslo, Norway: PGS wins a contract for the acquisition of 3D exploration in the Mediterranean by an independent energy company. Ramform Hyperion will begin acquisition at the end of November and is expected to be completed in mid-January 2023.

We continue to experience increased exploration activity in this prolific region and are very pleased with the award of this contract. We currently have the Ramform Hyperion work in the South East part of the Mediterranean and this contract secured visibility for the ship see you next year, says PGS President and CEO Rune Olav Pedersen.

PGS announces contract awards and MultiClient projects on the stock exchange if the contract is worth $10 million or more, and MultiClient projects with a duration of 2 months or more.

FOR MORE DETAILS CONTACT:
Bård Stenberg, Vice President IR and Corporate Communications
Mobile: +47 99 24 52 35

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PGS ASA and its subsidiaries (“PGS” or “the Company”) is a fully integrated marine geophysical company that provides a wide range of seismic and reservoir services, including data acquisition, imagery, interpretation and field evaluation. Our services are provided to the oil and gas industry, as well as broader and emerging new energy industries, including carbon storage and offshore wind. The Company operates globally with its headquarters in Oslo, Norway, and PGS stock is listed on the Oslo Stock Exchange (OSE: PGS). For more information on PGS visit www.pgs.com.

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The information contained herein contains certain forward-looking statements that address activities, events or developments that the Company anticipates, 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, demand for seismic services, demand for data from our multi-client data library, attractiveness of our technology, unpredictable changes in government regulations affecting our markets; and risks of extreme weather conditions. For a more detailed description of other relevant risk factors, we refer to our 2021 Annual Report. As a result of these and other risk factors, actual events and our actual results may differ materially from those indicated or underestimated. implied by these forward-looking statements. The reservation is also made that inaccuracies or errors may occur in the information provided above on the current state of the Company or its activities. Any reliance on the above information is at the risk of the reader, and PGS assumes no liability in this regard.

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