July 21, 2022, Oslo, Norway: PGS has been awarded a significant 3D exploration
acquisition contract offshore Indonesia by a major energy company. Further, the
Company has also been awarded a major 4D acquisition contract offshore Australia
by an international energy company. Ramform Sovereign will mobilize for the 3D
exploration contract in Indonesia mid-October and acquisition is expected to
complete mid-December. The vessel will continue to Australia and mobilize for
the 4D contract around year-end 2022 and complete acquisition towards the end of
February 2023.
"We are very pleased with these two contract awards, which in combination
constitute an acquisition campaign of close to five months. The seismic
acquisition market in Asia-Pacific has been slower than in the Atlantic basins,
so it is encouraging to experience increasing demand in the region, and we have
good leads for additional work beyond the campaign we have already secured,"
says President & CEO in PGS, Rune Olav Pedersen.
FOR DETAILS, 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.
--END--