PGS ASA

Q1 2024 Update

April 9, 2024, Oslo, Norway: Based on a preliminary review, PGS expects to report Revenues and Other Income according to IFRS for Q1 2024 of approximately $217 million, compared to $143.1 million in Q1 2023. The Company expects Produced Revenues* for Q1 2024 of approximately $223 million, compared to $172.2 million in Q1 2023.

Contract revenues ended at approximately $116 million in Q1 2024, compared to $94.1 million in Q1 2023.

MultiClient late sales revenues were approximately $56 million in Q1 2024, compared to $25.6 million in Q1 2023.

Estimated Produced MultiClient Pre-funding Revenues* in Q1 2024 were approximately $46 million, compared to $45.5 million in Q1 2023. MultiClient pre-funding revenues based on IFRS, where revenues are recognized at the time of delivery of finally processed data, were approximately $41 million in Q1 2024, compared to $16.4 million in Q1 2023.

“I am very pleased to see a good start for MultiClient late sales in 2024, with progress in Q1 and a strong basket of active transactions leading into Q2.

Our MultiClient acquisition activity was mainly in South America and Mediterranean in the quarter, and we had a pre-funding level of approximately 100% of the capitalized cash investment.

We used 44% of available vessel capacity for contract work. Contract activity was slow over the winter season, however, revenue generation for our active vessels in Q1 was strong. Entering the summer season, bidding activity and visibility are increasing. Our offshore wind site characterization contributed with $13 million of the Q1 contract revenues. The opportunity basket for more offshore wind site characterization work is encouraging,” says Rune Olav Pedersen, President & CEO.

PGS routinely releases information about vessel utilization after the end of each quarter. The table below summarizes Q1 2024 vessel allocation:

Allocation of active vessels capacity	Quarter ended March 31,		Quarter ended December 31,
	2024	2023	2023
Contract seismic	44%	50%	33%
MultiClient seismic	26%	23%	28%
Steaming	6%	11%	16%
Yard	6%	2%	12%
Stacked/Standby	18%	14%	11%