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June 1, 2022, Oslo, Norway: Based on information currently available, PGS expects to report MultiClient late sales revenues in excess of $100 million in Q2 2022. MultiClient pre-funding revenues, according to IFRS 15 measurement, are expected to be between $80 million and $100 million in Q2 2022.
Reference is made to the statement in PGS Q1 2022 Earnings Presentation that the Company expected significant transfer fees in Q2/Q3 2022. A majority of these transfer fees will be recorded in Q2.
“We continue to see an improvement of the marine seismic market in 2022. Significant lates sales, including high transfer fees, is a confirmation that the PGS MultiClient library is highly attractive to our customers and that investments in exploration seismic is again increasing”, says President and CEO in PGS, Rune Olav Pedersen.
The Company is in the process of preparing a prospectus for listing of shares from the completed share capital increase and the upcoming subsequent offering directed towards eligible shareholders. The Company provides the information in this release based on current status and estimates for the remaining part of Q2. The estimates provided in this release are therefore subject to change and the Q2 2022 financial statements finally approved and released by the Company may deviate from the information herein.
PGS will release its Q2 2022 financial statements on Thursday July 21, 2022 at approximately 08:00am Central European Summer Time (CEST). A corresponding presentation is scheduled for 09:00am CEST the same day.
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PGS ASA and its subsidiaries (“PGS” or “the Company”) is an integrated marine geophysics company, which operates world-wide. The Company supports the energy industry, including oil and gas, offshore renewables, carbon capture and storage. PGS’ headquarter is in Oslo, Norway and the PGS share is listed on the Oslo stock exchange (OSE: PGS). For more information about PGS visit 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 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.