PGS ASA

Q1 2024 Update - Seite 2

The statistics are based on eight active vessels in Q1 2024 and Q4 2023, while the Company had six active vessels in Q1 2023. Ramform Victory re-entered the active fleet mid-year 2023 and Sanco Swift, was rigged for offshore wind site characterization in Q2 2023. Both are included in the statistics for Q1 2024 and Q4 2023. All cold-stacked** vessels are excluded from the statistics.

The Company provides this information based on a preliminary summary of Q1 2024 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 criteria. The estimates provided in this release are therefore subject to change and the Q1 2024 financial statements finally approved and released by the Company may deviate from the information herein.

PGS will publish its Q1 2024 earnings release on Wednesday May 8, 2024, at approximately 07:00am Central European Summer Time (CEST).

*Produced Revenues, when used by the Company, means revenues and other income based on recognition of MultiClient pre-funding revenues on a Percentage-of completion (POC) basis.

Adjustments between IFRS revenues and Produced Revenues for each quarter in 2023 and Q1 2024 are shown in the table below:

	2023				2024
$ Million	Q1	Q2	Q3	Q4	Q1
MultiClient pre-funding revenues, IFRS	16	24	74	94	41
Less Revenue for projects with IFRS performance obligations met during the quarter for completed projects	16	24	74	94	41
Add Revenue recognized on a POC basis during the quarter	46	54	101	56	46
Produced MultiClient Pre-funding Revenues	46	54	101	56	46

**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.