PGS ASA’s consolidated financial statements have been prepared and presented in accordance with IFRSs and IFRICs as adopted by the EU and additional disclosure requirements in the Norwegian Accounting Act, and that should be used as of December 31, 2020. The separate financial statements for PGS ASA have been prepared in accordance with the Norwegian Accounting Act and Norwegian accounting standards as of December 31, 2020. The Board of Directors report for the group and the parent company is in accordance with the requirements of the Norwegian Accounting Act and Norwegian accounting standard 16, as of December 31, 2020.

To the best of our knowledge:

• The consolidated and separate annual financial statements for 2020 have been prepared in accordance with applicable accounting standards.
• The consolidated and separate annual financial statements give a true and fair view of the assets, liabilities, financial position, and result of operations as a whole as of December 31, 2020, for the group and the parent company.
• The Board of Directors’ report for the group and the parent company include a true and fair review of:
  • The development and performance of the business and the position of the group and the parent company.
  • The principal risks and uncertainties the group and the parent company face.

Oslo, February 23, 2021
Board of Directors PGS ASA
Walter Qvam Chairperson | Anne Grethe Dalane | Marianne Kah | Richard Herbert | Trond Brandsrud
Anette Valbø | Hege Renshus | Grunde Rønholt | Rune Olav Pedersen Chief Executive Officer