PGS : Presentation Bank of America Future of Energy Conference 2021

PGS New Energy

Bank of America Future of Energy Conference, 2nd September 2021

Cautionary Statement

• This presentation contains forward looking information
• Forward looking information is based on management assumptions and analyses
• Actual experience may differ, and those differences may be material
• Forward looking information is subject to significant uncertainties and risks as they relate to events and/or circumstances in the future
• This presentation must be read in conjunction with the risk factors disclosed in PGS 2020 annual report and the latest earnings releases

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PGS New Energy brings value to partnerships

Identify Define Monitor

Data acquisition and processing

G&G: derivative products and services

Operating license advisory / support

World Class Data Library		Coopetition is key		Leading Seismic Service Provider

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CCS seismic market size estimates

20

15

10

5

0

	2050 CO2 storage scenarios		Global CCS Institute 2050					Annual seismic vessel
		assessed by IPCC (Gtpa)		CO2 storage scenario					demand
							16
							14
							12
							10
							8
							6
							4
							2
							0
	GCCS		IEA
				2020	2025	2030	2040	2050
	Inst*									IPCC median		IEA		GCCS inst.

Scenarios assessed by IPCC have a median		IEA Net Zero 2050 and Global CCS Institute		CO2 storage volumes can be translated to
value of ~15 Gt CO2 in 2050, approximately		2020 report are less bold on CCUS than most		number of offshore projects; survey size and
double the level in IEA's NZE 2050		models assessed by IPCC, but still require		frequency gives an estimated vessel
		growth of >>100 times today's storage volumes.		demand
IEA Net Zero 2050 scenario: 7.6 Gtpa in 2050		CCUS total growth requires large-scale projects		CCS represents a meaningful seismic market

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Context: The Three Most Mature North Sea Development Projects

Northern Lights

CO2 transport and storage company Northern Lights JV DA was launched March 2021, with Equinor, Shell and Total as equal JV partners.

Developing the world's first open-source

CO2 transport and storage infrastructure to deliver carbon storage as a service.

Ph.1 will be completed mid-2024 with ~1.5 Mt/year capacity. Longship will deliver 0.8 Mt/year if both Brevik and Oslo capture projects are realized.

Ambition to expand capacity to a total of 5 Mt/year, dependent on market demand. Can be further expanded within aquifer at ~2,600m burial depth.

Northern Endurance

BP, ENI, Equinor, National Grid, Shell and Total formed Northern Endurance Partnership to develop offshore CO2 infrastructure in the UK North Sea.

Serve Net Zero Teesside and Zero Carbon Humber projects, aiming for commission by 2026.

NTZ plans to capture up to 10 Mt/year and ZCH plans up to 17Mt/year, but injection plan is not communicated yet.

Storage formation is Bunter sandstone at ~1,000m burial depth.

Acorn

Pale Blue Dot, Harbour and Shell works with Scotland's New Zero Infrastructure program from the St. Fergus gas terminal to repurpose existing gas pipelines to take CO2 directly to the Acorn storage site.

This first phase offers a low capital cost start that can be delivered by 2024, to be further expanded through import of CO2 to St. Fergus from ships.

Storage formation is Captain sandstone at ~2,500m burial depth.

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