January 18, 2022: Oslo, Norway, PGS is awarded a Carbon Capture and Storage
("CCS") 3D seismic acquisition contract by BP over the Endurance reservoir,
located about 145 kilometers off the coast from Teesside and around 85
kilometers from the Humber coast. Seismic acquisition is scheduled to start
during April 2022 and complete in June.
"PGS has a history of pioneering the marine 3D seismic market and the Endurance
survey is one of the industry's first publicised awards of a 3D acquisition
contract in North Sea specifically designed to address CCS project development
challenge. In the second half of 2021 we announced a sale of MultiClient data
for CCS purposes and now we are very pleased to announce the award of an
acquisition contract. This further strengthens our leading market position and
is an important step in expanding our contribution to net-zero transition.
Numerous research reports estimate a significant need for CCS storage going
forward. Even in the more conservative projections, seismic acquisition for CCS
purposes is likely to constitute a significant new market for our industry",
says President & CEO in PGS, Rune Olav Pedersen.
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 an integrated marine
geophysics company, which operates world-wide. The Company supports the energy
industry, including oil and gas, offshore renewables, carbon capture and
storage. PGS' headquarter 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 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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