PGS announces 3D exporation survey contract termination

Reference is made to the contract award announced March 22, 2023. PGS was during the weekend informed by the client that it will terminate the contract, the Company said.

Ramform Titan was contracted to commence mobilization for the 3D exploration survey in June with acquisition to complete in August. Following successful completion of an acquisition campaign in Namibia late May, Ramform Titan was steaming to the survey area in South America when the notice of termination was received.

PGS is in dialog with the client relating to compensation and/or alternative work for the vessel. The dialog with the client is constructive and the aim is to minimize any financial impact on PGS. It is however a risk that the vessel will be idle for up to 2-3 months.

PGS ASA and its subsidiaries (“PGS” or “the Company”) is a fully integrated marine geophysical company that provides a broad range of seismic and reservoir services, including data acquisition, imaging, interpretation, and field evaluation. Our services are provided to the oil and gas industry, as well as to the broader and emerging new energy industries, including carbon storage and offshore wind. The Company operates on a worldwide basis with headquarters in Oslo, Norway