May 27, 2021
Oslo, Norway

PGS has been awarded a significant acquisition contract in the Black Sea. The project is scheduled to start mid-August 2021 and be completed in November. There are options related to the contract with potential for the program to extend well into 2022.

The Ramform Vanguard will acquire the survey using an exploration configuration towing a 12x8000 meter spread.

“We are pleased to be awarded this project, which is a solid contribution to our order book. We reactivated the Ramform Vanguard for the North Sea summer season because of increased seismic acquisition activity. The plan was to take her out of operation after the summer season. Sales leads and active tenders remain healthy, and this contract award is evidence of a continued positive market sentiment, which we believe will extend into the winter season. The Ramform Vanguard and her highly experienced crew, in combination with our proprietary GeoStreamer® technology makes us well positioned to efficiently acquire high quality multi-sensor data to confidently de-risk subsurface exploration.” 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 an integrated marine geophysical company that provides a broad range of seismic and reservoir services, including acquisition, imaging, interpretation, and field evaluation. The Company MultiClient data library is among the largest in the seismic industry, with modern 3D coverage in all significant offshore hydrocarbon provinces of the world. 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 2020. 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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