PGS - Mediterranean Contract Award

June 1, 2023, Oslo, Norway: PGS is awarded a 3D exploration acquisition contract in the Mediterranean by a major international energy company. Ramform Hyperion is expected to mobilize for the survey late third quarter and the program has a total duration of approximately 70 days.

“We are very pleased with this contract award, which improves our visibility into the fourth quarter. There is increasing exploration interest in the Mediterranean following recent discoveries in this prolific gas province, and this award builds on our successful campaign from the previous season,” says President & CEO in PGS, Rune Olav Pedersen.

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: +47 992 45 235

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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.

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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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