PGS ASA: Leverages Multiyear Equinor Frame Agreement

PGS ASA

April 26, 2022, Oslo, Norway: PGS leverages the multiyear frame agreement with Equinor, announced last year, to secure contracts for the 2022 summer season.

PGS is awarded 4D GeoStreamer monitoring surveys over the Visund field in the North Sea and the Snøhvit field in the Barents Sea. Further, the Company was recently awarded a 3D exploration survey over the Prinsen and Hassel Ferdinand prospects in the Barents Sea.

Earlier this year PGS announced award of the Northern Lights CO2 storage acquisition contract. The Equinor 2022 acquisition campaign is scheduled to start in Q2 with an estimated duration of close to 5.5 vessel months.

“We are very pleased with the Equinor contract awards for the 2022 season, building on the frame agreement we entered into last year. We operate in a cyclical industry with low visibility, and longer-term agreements improve our order book in a recovering seismic market. An important part of our strategy is to maintain leadership in the production 4D segment. Equinor’s continued confidence in our reliable Ramform vessels and the superior GeoStreamer data quality supports our strategic ambition,” says President & CEO in PGS, Rune Olav Pedersen.

FOR DETAILS, CONTACT:

Bård Stenberg, VP IR & Corporate Communication 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 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 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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