PGS Awarded Petrobras 4D Contract

December 22, 2022, Oslo, Norway: PGS is awarded a significant 4D production contract by Petrobras over the Barracuda-Caratinga field in the Campos basin offshore Brazil. Mobilization is scheduled to start in Q2 2023 and acquisition is expected to complete early 2024.

The Ramform Victory will most likely be rigged to acquire the Barracuda-Caratinga 4D survey, supported by PGS Apollo as a source vessel. The cost of mobilizing Ramform Victory is considered as part of the project and no decision is taken with respect to operating the vessel after project completion.

“We are very pleased with the Petrobras 4D contract award over the Barracuda-Caratinga field. PGS has acquired multiple 4D surveys offshore Brazil and gained significant operational experience in the region. We appreciate Petrobras’ recognition of our Ramform vessel acquisition platform in combination with our GeoStreamer technology, which are well suited for large, high-quality 4D acquisition programs.

Our visibility for 2023 is improving with increasing rates. To optimize our vessel resources during the summer season next year we will most likely use the Ramform Victory to acquire the Barracuda-Caratinga 4D survey.” says President & CEO in PGS, Rune Olav Pedersen.

PGS announces contract awards with a value of more than $10 million, and MultiClient projects with a duration of more than 2 months.

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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.

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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 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 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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