PGS ASA

March 17, 2021: Oslo, Norway, PGS has been awarded a high-end 3D exploration survey by Lundin Energy Norway (and partners in PL1083) in the Barents Sea, where sparse node and high-density multisensor GeoStreamer seismic will be acquired simultaneously, building on the PGS productivity advantage.

PGS will deploy drop-nodes leased from Geospace Technologies and operate Ramform Hyperion as streamer vessel and Sanco Swift as source vessel with an ultra-wide source configuration. The survey polygon covers approximately 3,600 square kilometers, of which a subset will be covered with node seismic. The project will commence in late May 2021 with an anticipated duration of 75 days.

"We are very pleased to be awarded this milestone contract by Lundin Energy Norway. The survey set up in combination with node and streamer seismic will provide unique data quality in this complex geological province. We have carefully watched the node market for many years and evaluated several entry points. We believe this opportunity will provide us with invaluable experience and insight to the node business and we are confident project execution will be at par with our industry leading streamer seismic operations", says Rune Olav Pedersen, President & CEO of PGS.

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 2019. 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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