Based on information currently available, PGS expects to report MultiClient late sales revenues in excess of $100 million in Q2 2022. MultiClient pre-funding revenues, according to IFRS 15 measurement, are expected to be between $80 million and $100 million in Q2 2022.

Reference is made to the statement in PGS Q1 2022 Earnings Presentation that the Company expected significant transfer fees in Q2/Q3 2022. A majority of these transfer fees will be recorded in Q2.

“We continue to see an improvement of the marine seismic market in 2022. Significant lates sales, including high transfer fees, is a confirmation that the PGS MultiClient library is highly attractive to our customers and that investments in exploration seismic is again increasing”, says President and CEO in PGS, Rune Olav Pedersen.

The Company is in the process of preparing a prospectus for listing of shares from the completed share capital increase and the upcoming subsequent offering directed towards eligible shareholders. The Company provides the information in this release based on current status and estimates for the remaining part of Q2. The estimates provided in this release are therefore subject to change and the Q2 2022 financial statements finally approved and released by the Company may deviate from the information herein.

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