PGS ASA

Q1 2020 Update

April 14, 2020: Oslo, Norway, based on a preliminary review, PGS expects to report Segment* revenues for Q1 2020 of approximately $168 million. Contract revenues ended at $85 million. MultiClient pre-funding revenues were $41 million, from an investment of $68 million, while late sales were $34 million.

All our eight 3D vessels have been in full operation during Q1 2020. MultiClient revenues suffered from the low oil price and delay of sales and governmental processes as a result of Covid-19 and related preventive measures. We have during March seen delays in completion of some ongoing block award processes where specifically pre-funding on one of our ongoing MultiClient surveys is contingent on a final ratification which is delayed to Q2”, says President & CEO Rune Olav Pedersen.

PGS routinely releases information about 3D vessel utilization after the end of each quarter.

Summary of vessel utilization:

Approximate allocation of PGS operated 3D towed streamer capacity	Quarter ended March 31,		Quarter ended December 31,
	2020	2019	2019
Contract seismic	47%	29%	55%
MultiClient seismic	43%	38%	24%
Steaming	9%	6%	13%
Yard	1%	0%	4%
Stacked/Standby	0%	27%	4%

           
The Q1 2020 vessel statistics includes eight vessels. All cold-stacked** vessels are excluded from the statistics.

The Company provides this information based on a preliminary summary of Q1 2020 numbers. The Company has not completed its financial reporting and related consolidation, review and control procedures, including the final review of all sales against the established revenue recognition/cut-off criteria. The estimates provided in this release are therefore subject to change and the Q1 2020 financial statements finally approved and released by the Company may deviate from the information herein.