PGS ASA: Contract Termination

June 12, 2023, Oslo, Norway: Reference is made to the contract award announced March 22, 2023. PGS was during the weekend informed by the client that it will terminate the contract.

Ramform Titan was contracted to commence mobilization for the 3D exploration survey in June with acquisition to complete in August. Following successful completion of an acquisition campaign in Namibia late May, Ramform Titan was steaming to the survey area in South America when the notice of termination was received.

PGS is in dialog with the client relating to compensation and/or alternative work for the vessel. The dialog with the client is constructive and the aim is to minimize any financial impact on PGS. It is however a risk that the vessel will be idle for up to 2-3 months.

***
PGS ASA and its subsidiaries (“PGS” or “the Company”) is a fully integrated marine geophysical company that provides a broad range of seismic and reservoir services, including data acquisition, imaging, interpretation, and field evaluation. Our services are provided to the oil and gas industry, as well as to the broader and emerging new energy industries, including carbon storage and offshore wind. 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.

***

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 2022. 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.

--END--