Equinor Extends Multiyear 4D Framework Agreement with PGS

24 Jan 2023 08:00 CET

January 24, 2023, Oslo, Norway: Equinor has exercised an option to extend the
framework agreement entered in March 2021 by two additional years.

The two-year framework agreement covers 4D monitoring surveys on the Norwegian
and the UK continental shelf. As a part of the agreement, Equinor has two 2-year
options, of which one option has now been exercised.

From the current agreement, PGS will acquire a 4D survey over the Gullfaks field
and a 4D survey over the Gudrun field during the 2023 summer season.

"An important part of our strategy is to be a leading provider of high-
resolution seismic for nearfield exploration and 4D production seismic. The
confidence Equinor shows by extending the multiyear framework agreement confirms
our strong position in the 4D market, the reliability of our Ramform vessels and
the superior data quality provided by our GeoStreamer technology," says
President & CEO in PGS, Rune Olav Pedersen.

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
(http://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 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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