PGS ASA

Q3 2020 Update - Seite 2

The Q3 2020 vessel statistics includes five vessels. All cold-stacked** vessels are excluded from the statistics. The comparative periods (Q3 2019 and Q2 2020) are based on eight vessels.

The Company provides this information based on a preliminary summary of Q3 2020 revenues. 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 Q3 2020 financial statements finally approved and released by the Company may deviate from the information herein.

PGS will release its Q3 2020 financial statements on Thursday October 22, 2020, at approximately 8:00am Central European Summer Time (CEST). A corresponding presentation is scheduled for 09:00am CEST the same day.

^{_{*For the purpose of Segment reporting, MultiClient prefunding revenues are recognized on a percentage of completion basis, and the related amortization of MultiClient library is based upon the ratio of aggregate capitalized survey costs to forecasted sales. This differs from IFRS reporting which recognizes revenue from MultiClient prefunding agreements and related amortization at the “point in time” when the customer receives access to, or delivery of, the finished data. For further description of the principles applied, see details in the 2019 annual report.}}

^{_{**The term "cold-stacked" is used when a vessel is taken out of operation for an extended period of time. Costs are reduced to a minimum, with the vessel preserved for a long idle time, all or most in-sea seismic equipment removed from the vessel, and typically the Company does not have available crew to operate the vessel.}}         

FOR DETAILS, CONTACT:

Bård Stenberg, VP IR & Corporate Communication Mobile:  [phone]

***
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 visit www.pgs.com.