PGS ASA: Eight Vessels During Winter Season

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PGS ASA: Eight Vessels During Winter Season

October 4, 2019: Oslo, Norway, PGS has earlier disclosed that it is fully booked for seven vessels in Q4 2019. PGS has now committed to a MultiClient program in West Africa for the eighth active vessel. The program is expected to last more than 100 days and has strong industry funding. As a consequence PGS will operate all eight active vessels also over the winter period and Sanco Swift has commenced transit from Norway to West Africa.

PGS experiences a significant increase of project activity compared to the same period last year and indications of emerging supply side constraints even over the winter season, which in recent years have had a seasonally lower activity level.

FOR DETAILS, CONTACT:

Bård Stenberg, SVP IR & Corporate Communication
Mobile: +47 99 24 52 35

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PGS ASA and its subsidiaries (“PGS” or “the Company”) is a focused 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 visitwww.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 2018. 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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