PGS and TGS Expand MultiClient Coverage Offshore Canada

May 12, 2022, Oslo, Norway: PGS has, in partnership with TGS, secured pre-funding for the South Bank phase II MultiClient project offshore Canada, extending on the South Bank phase I survey acquired in 2020. The Ramform Titan will mobilize for the survey in the second half of May and acquisition is scheduled to complete in the first half of September.

"We experience continued exploration interest offshore Canada, and this is the 12^th consecutive year of MultiClient GeoStreamer data acquisition in the region. The South Bank phase II MultiClient survey expands our 3D data coverage in Southeast Newfoundland and will cover acreage included in the 2022 Call for Bids licensing round,” says President & CEO in PGS, Rune Olav Pedersen.

"The TGS and PGS joint venture continues to successfully provide the industry with high quality data and insights ahead of scheduled lease rounds. The South Bank 3D phase II survey will help clients with the evaluation of the blocks available in the round this November and accelerate drill decisions,” says CEO at TGS, Kristian Johansen.

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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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