Responsibility | ESG

2021 was another challenging year for the energy industry and our company. The adverse effects of the pandemic persisted and the seismic market was impacted by an ongoing energy transition leading to changing behaviors among energy companies.

The world needs to take urgent action to avoid the most severe consequences of climate change and we believe PGS can play an important role in the transition to sustainable energy sources. Firstly, by ensuring that the world’s demand for fossil resources is met with the least possible impact on the environment. Secondly, by positioning PGS to leverage its competence, technology, and assets in the pursuit of sustainable energy sources.

We have therefore embedded sustainability and energy transition in our strategy going forward. In 2021, we established the ‘New Energy’ business unit with clear mandates to pursue technologies and opportunities in the energy transition domain. Towards the end of the year, we secured contracts for seismic surveying of reservoirs intended for carbon storage and in early 2022 we signed a letter of intent with a partner to co-develop a commercial scale carbon storage project offshore Australia. Our ambition is to develop our New Energy business into a significant revenue stream over the coming years.

Despite the challenges of the pandemic, we have been able to sustain our global operations without compromising the safety and well-being of our personnel. Our safety record remains strong, and we have had zero cases of COVID-19 transmission or outbreaks on our vessels. This fantastic achievement is close to unprecedented in the maritime sector.

Our commitment to sustainability, the ten principles of the United Nations Global Compact, and the United Nations Sustainable Development Goals remain strong. In this year’s report, we disclose more information about how climate risk may impact our company and more information on the goals and actions we have set for our sustainability indicators. Our ambition is to further improve and increase our disclosure to ensure that our strong commitment is evidenced in a credible and transparent manner. 

Rune Olav Pedersen
President and CEO

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