Oslo, Norway
April 6, 2022

As announced on March 8, 2022, PGS ASA ("PGS" or the "Company") will with effect from January 1, 2022 discontinue its previous Segment Reporting to simplify external and internal reporting.

Consequently, from and including Q1 2022, the Company will no longer present revenue and amortization for pre-funding contracts on a percentage of completion basis as its segment information.

In the Company’s pre-announcement for Q1 2022, scheduled for April 11, 2022, at 08:00am CEST, PGS will disclose only the expected revenues with IFRS 15 as measurement basis, specified into Contract revenues, MultiClient late sales and MultiClient pre-funding revenues. In addition, vessel utilization statistics for Q1 2022 will be provided.

In the Q1 2022 Earnings Release, scheduled for April 28, 2022, the Company will report order book information on a basis consistent with revenue recognition under IFRS and include a restatement of order book for historical periods to the same basis.

FOR DETAILS, CONTACT:

Bård Stenberg, VP IR & Corporate Communication Mobile: +47 99 24 52 35

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 and carbon storage. PGS’ headquarters 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 the 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.

--END--