Equinor Extends Multiyear 4D Framework Agreement with PGS

PGS ASA

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.

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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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