PGS ASA: Seismic Consortium to Begin MultiClient Survey in Sarawak Basin

Oslo, NORWAY


July 22, 2021 Oslo, Norway: The seismic consortium comprising PGS, TGS and WesternGeco®, the exploration data business line of Schlumberger, has secured pre-funding for a 6,400 square kilometer MultiClient 3D survey commencing in October in the Sarawak Basin, offshore Malaysia.

The survey is the first phase of a multi-year contract awarded by Petronas in 2020 through competitive bidding to acquire and process up to 105,000 square kilometers of MultiClient 3D data over a 5-year period in the Basin.

The first phase of the survey will be acquired by PGS’s Ramform Sovereign using multi-sensor GeoStreamer technology and is expected to take approximately 4 months.

The survey area covers acreage included in the Malaysia Bid Round 2021 and fast-track results will be delivered in time for block evaluation. Future acquisition phases are subject to securing sufficient pre-funding.

Nathan Oliver, Executive Vice President Sales & Services at PGS commented We are very pleased to commence the first phase of MultiClient acquisition in the Sarawak Basin. By combining the Ramform vessel and our multi-sensor GeoStreamer technology, the energy industry will get access to high-quality seismic data to explore this prolific hydrocarbon basin.

Will Ashby, Executive Vice President, Eastern Hemisphere at TGS, commented "Through working closely with our clients and consortium partners, we were able to develop this important project which builds upon recent exploration success in the area. This project will support the upcoming bid round offshore Sarawak and will spearhead the next wave of exploration in this region."

For details PGS, contact:
Bård Stenberg, Vice President 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 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.