Good start to 2024

Note: Petroleum Geo-Services AS is a holding company ultimately wholly owned by
its listed parent PGS 
ASA, and owning directly or indirectly the absolute majority, of the
subsidiaries in the PGS ASA group of 
companies. Petroleum Geo-Services AS is the issuer of the $450 million Nordic
bond and is pursuant to the 
bond terms required to file unaudited consolidated interim quarterly financial
statements in accordance 
with IFRS within 2 months after the end of the relevant quarter.

Highlights Q1 2024
o Revenues and Other Income according to IFRS of $218.4 million, compared to
$141.5 million in Q1 2023
o Cash flow from operations of $127.3 million, compared to $133.8 million in Q1
2023
o Cash and cash equivalents of $146.2 million, compared to $151.5 million in Q1
2023
o Net interest-bearing debt of $501.5 million, compared to $590.7 million in Q1
2023
o Repaid the Term Loan B and refinanced the Super Senior Loan

Petroleum Geo-Services AS and its subsidiaries (the "Company") had a good start
for MultiClient late sales in 2024, with progress in Q1 and a strong basket of
active opportunities leading into Q2. The Company is well-positioned with a
geographically diverse MultiClient library attracting strong client interest. 

New MultiClient projects were mainly acquired in South America and in the
Mediterranean. 

The Company had strong revenues from contract work in Q1 and project
profitability was in line with 2023 summer season levels. Utilization improved
compared to Q4, but the Company still suffered from standby time, reflecting a
muted acquisition market during the winter. 

The Company was awarded several contracts towards quarter-end and the order book
increased sequentially, ending at $375 million. Including recent awards, the
Company has booked most of the capacity well into the second half of the year at
attractive rates.
 
New Energy, and especially the offshore wind business is progressing well. The
Company recorded $13 million of revenues from the ongoing project in the New
York Bight. The opportunity basket for more offshore wind site characterization
work is encouraging. 

In September last year PGS ASA announced the intention to merge with TGS ASA to
establish the premier energy data company. In December 2023, shareholders of
both PGS ASA and TGS ASA approved the merger with close to 100% support. The
merger has been subject to review by the competition authorities in Norway and
the UK. The Norwegian Competition Authority provided their clearance of the
merger on 17 April 2024. The Competition & Markets Authority in the UK launched
their inquiry in April, and their phase 1 decision is due no later than 11 June
2024. The Company expect the transaction to be cleared and the merger to be
completed on or around 1 July. The combined company will be a fully integrated
service provider uniquely positioned to unlock substantial value for
shareholders, customers and employees. 

Outlook 
As the global energy transition evolves, the Company expects energy consumption
to continue to increase over the longer term with oil and gas being an important
part of the energy mix. Offshore reserves will be vital for future energy supply
and supports demand for marine seismic services. The seismic market is improving
on the back of increased focus on energy security, several years of low
investment in new oil and gas supplies, and attractive oil and gas prices. 

Offshore energy investments are expected to continue to increase in 2024. The
seismic acquisition market benefits from the higher spending level and a limited
supply of seismic vessels. New Energy is expected to benefit from an increasing
tendering activity for offshore wind site characterization projects. 

See attached file for Petroleum Geo-Services AS fourth quarter and preliminary
full year 2023 report, also available on www.pgs.com and www.newsweb.no.

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