Second Quarter 2022 Presentation

Oslo, July 21, 2022

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 Q2 2022 earnings release and the disclosures therein
  • The full disclaimer is included at the end of this presentation

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Agenda Q2 2022 Earnings Presentation

Rune Olav Pedersen, President & CEO

  • Q2 takeaways
  • Financial summary
  • Order book

Gottfred Langseth, EVP & CFO

  • Financial review

Rune Olav Pedersen, President & CEO

  • Operational update and market comments
  • Guidance
  • Summary and Q&A

3

Q2 2022 Takeaways

Second highest quarterly revenues since Q4 2014 and positive net income

  • Strong MultiClient late sales
  • High volume of completed MultiClient projects
  • All 6 active 3D vessels back in operation

Awarded the fourth carbon storage acquisition contract

Secured access to ultra-high resolution P-cable

Successful private placement and obtained commitment for Super Senior debt facility

  • Completed subsequent offering in July
  • Well positioned to refinance ahead of Q3 2023

Increasing order book

Market activity and pricing continuing on a positive trend

-4-

Financial Summary

USD million

USD million

Revenues and Other Income

EBITDA*

300

274

200

193

250

210

200

186

150

132

million

142

119

166

118

150

136

USD

100

100

66

52

50

50

0

0

Q1 21

Q2 21

Q3 21

Q4 21

Q1 22

Q2 22

Contract

Late sales

Other

Pre-funding

EBIT**

Cash Flow from Operations

58

200

50

30

150

10

million

100

115

10

89

USD

81

63

-10

-5

-8

50

42

44

-30

-21

-29

0

-50

*EBITDA, when used by the Company, means EBIT excluding other charges, impairment and loss on sale of non-current assets and depreciation and amortization, as defined in Appendix of the Q2 2022 earnings release published on July 21, 2022

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**Excluding impairments and Other charges.

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PGS ASA published this content on 21 July 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 21 July 2022 05:13:01 UTC.