PGS ASA: Awarded Northern Lights CO2 Storage Acquisition Contract

January 19, 2022: Oslo, Norway, PGS is awarded a seismic acquisition contract for CO₂ storage offshore Norway by Equinor on behalf of Northern Lights JV DA. Acquisition is scheduled to start in Q2 2022 and has a duration of approximately 1 month.

"Northern Lights is one of the pioneering CO₂ transport and storage companies in Europe and we are proud to contribute with our technology to their groundbreaking efforts. We established our New Energy business area early 2021 and made MultiClient data sales during the year for development of CO₂ storage projects. I am very pleased to see that we now are taking another step in being awarded this data acquisition contract for Northern Lights,” says President & CEO in PGS, Rune Olav Pedersen.

PGS ASA and its subsidiaries ("PGS” or "the Company”) is an integrated marine geophysics company, which operates world-wide. The Company supports the energy industry, including oil and gas, offshore renewables and carbon storage. PGS’ headquarters is in Oslo, Norway and the PGS share is listed on the Oslo stock exchange (OSE: PGS). For more information about PGS visit.

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 2020. 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 the 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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