PGS Enters Offshore Wind Market

25 Jan 2023 08:00 CET

January 25, 2023, Oslo, Norway: PGS has been awarded its first ultra-high
resolution windfarm site characterization project, sealing its entry into a
strategically important new energy market.

PGS New Energy offers solutions to the ongoing energy transition by building on
the subsurface and operational expertise of PGS' employees and using the
Company's assets. PGS aims to develop New Energy into a significant business
unit and during 2022 the Company established a strong position in the carbon
storage geoservices market.

Now PGS is taking the next step and enters the offshore wind site
characterization market by being awarded the Company's first seismic acquisition
contract in this domain.

The survey will cover two European windfarm sites, both of which are in a
development phase. PGS will mobilize a 3D vessel for the project in early April
2023 and expects to complete acquisition towards the end of June.

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

"We are delighted with this contract award, which marks our entry into the
offshore wind site characterization market. Our P-Cable system acquires ultra-
high-resolution 3D shallow subsurface data significantly more efficiently than
conventional solutions. We believe our geophysical approach to understand the
shallow subsurface layers has a proven market fit and is ready to be scaled to
increase our market share in the offshore wind segment. Carbon storage and
offshore wind farms are important components of the transition to a sustainable
energy mix," says Berit Osnes, Executive Vice President New Energy in PGS.

FOR DETAILS PGS, CONTACT:

Bård Stenberg, VP IR & Corporate Communication
Mobile: +47 99 24 52 35


***
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 (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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