PGS Awarded Large Offshore Wind Site Characterization Contract

July 3, 2023, Oslo, Norway: PGS is awarded a large offshore windfarm site characterization contract in the US by a leading renewable energy company. PGS will use the Sanco Swift, which is rigged as an offshore wind site characterization vessel. Mobilization is scheduled for August 2023 and acquisition is expected to complete in February 2024, with total project duration of approximately 180 days. Profitability of the project is in line with PGS’ core business.

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

"We are very pleased with award of our second offshore wind site characterization contract, which strengthens our position in this market. Our geophysical approach to map and understand the shallow subsurface layers with our UHR3D system is significantly more efficient than conventional solutions. Energy companies acknowledge the value of shorter lead time for accessing high quality data, and we are ready to scale our UHR3D offering to capitalize on the market momentum,” says Berit Osnes, Executive Vice President New Energy in PGS.

PGS announces contract awards and MultiClient projects as stock exchange releases if the contract has a value of $10 million or more, MultiClient projects with a duration of 2 months or more and strategically important contracts.

***
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.

***

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 2022. 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.

--END--