PGS and OFG secure access to market leading P-Cable

June 2, 2022, Oslo, Norway: Reference is made to the announcement issued on March 9, 2022, regarding PGS strengthening its New Energy portfolio. Ocean Floor Geophysics, Inc (OFG), a company in which PGS owns approximately 43%, has now completed the acquisition of NCS SubSea and thereby controls the market-leading P-Cable system, which provides ultra-high resolution 3D seismic data to the oil and gas and new energy markets.

"This transaction further strengthens the PGS-OFG partnership and expands our combined offering within conventional and New Energy markets. We are building OFG to be a preferred provider of marine site characterization and asset integrity services," says Artem Lytkin, Vice President PGS New Energy and an Executive Chairman of OFG.

"OFG is delighted to complete the acquisition of NCS and its P-Cable ultra-high resolution 3D seismic technology. We have seen a significant market interest in P-Cable over the past few months in both traditional oil and gas markets for shallow imaging of reservoirs and geohazards, as well as in new energy markets, particularly for offshore wind surveys. We look forward to offering P-Cable products and services to existing and new customers," says Matthew Kowalczyk, CEO of OFG.

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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.

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