PGS ASA

Q1 2021 Update - Seite 2

The Q1 2021 vessel statistics includes five vessels. All cold-stacked** vessels are excluded from the statistics. The comparative period Q1 2020 is based on eight vessels, while Q4 2020 is based on five vessels.

The Company provides this information based on a preliminary summary of Q1 2021 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 criteria. The estimates provided in this release are therefore subject to change and the Q1 2021 financial statements finally approved and released by the Company may deviate from the information herein.

PGS will release its Q1 2021 financial statements on Thursday April 22, 2021 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 (“POC”) 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 2020 annual report under Segment disclosure page 68 and Alternative Performance Measures page 52. Adjustments between preliminary IFRS and Segment revenue numbers for Q1 2021 are shown in the table below.}

Revenue and Other Income, As Reported	$166 million
Less Revenue for projects with IFRS performance obligations met during Q1 for completed projects	$80 million
Add Revenue recognized on a POC basis during Q1	$46 million
Segment Revenues and Other Income	$132 million