PGS Enters Offshore Wind Market

January 25, 2023, Oslo, Norway: PGS has been awarded its first ultra-high resolution windfarm site characterization project, sealing its entry into a strategically important new energy market.

PGS New Energy offers solutions to the ongoing energy transition by building on the subsurface and operational expertise of PGS’ employees and using the Company’s assets. PGS aims to develop New Energy into a significant business unit and during 2022 the Company established a strong position in the carbon storage geoservices market.

Now PGS is taking the next step and enters the offshore wind site characterization market by being awarded the Company’s first seismic acquisition contract in this domain.

The survey will cover two European windfarm sites, both of which are in a development phase. PGS will mobilize a 3D vessel for the project in early April 2023 and expects to complete acquisition towards the end of June.

The project will be acquired with the market-leading ultra-high-resolution 3D (UHR3D) P-Cable system. P-Cable provides significantly more detailed subsurface data for shallower targets compared to traditional seismic acquisition systems.

“We are delighted with this contract award, which marks our entry into the offshore wind site characterization market. Our P-Cable system acquires ultra-high-resolution 3D shallow subsurface data significantly more efficiently than conventional solutions. We believe our geophysical approach to understand the shallow subsurface layers has a proven market fit and is ready to be scaled to increase our market share in the offshore wind segment. Carbon storage and offshore wind farms are important components of the transition to a sustainable energy mix,” says Berit Osnes, Executive Vice President New Energy in PGS.

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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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