We recognize the impacts of climate change and the urgent need for a transition to sustainable energy sources to avoid the most severe consequences for the environment, society, the economy, and our business. The direct emissions from our fleet of seismic- and support vessels represent more than 95 % of our total emissions of greenhouse gases (GHG), and we are directly exposed to physical- and climate transition risks and opportunities that may impact the market and our ability to competitively operate a fleet consuming traditional marine fuels.

Our Approach

Ensuring that PGS is resilient with respect to transition risks and well-positioned for the energy transition is core to our strategy. Our ambitions are to both achieve an environmental transformation of our current business and develop new sustainable business opportunities that support the energy transition.

Our Performance

In 2021, we managed to sustain our path toward a 50% reduction in emissions per data unit. While this progress can be attributed to the actions we have taken so far, it is also highly dependent on the market dynamics, activity level, and fleet allocation. It is a priority for us to optimize our fleet allocation given the market at any time.

At year-end, we were awarded two seismic projects for the characterization of carbon storage reservoirs. Our ambition is to develop a meaningful revenue stream for such services over the next few years.

Actions, Progress, and Plans

• Goal: Reduce kg CO2 eq per data unit (CMP km) by 50% compared to 2011 by 2030.

In 2021, we revised our GHG inventory to meet future reporting requirements., and implemented real-time fuel consumption and energy efficiency dashboards for Ramform Titan-class vessels.

In 2022, we will evaluate the feasibility of alternative fuels for our fleet, develop real-time monitoring of GHG emissions to enable detailed analysis of reduction alternatives, and report our emissions and progress towards these targets on a quarterly basis.

• Goal: Identify and develop new sustainable business opportunities

In 2021, we established ‘New Energy’ – a dedicated business unit to support the energy transition, and we were awarded two acquisition projects to characterize reservoirs for carbon storage.

In 2022, we plan to explore opportunities to use our technology, competence, and assets to support other domains within the energy transition