May 22, 2023, Oslo, Norway: PGS (or the "Company") announces that the 2023 long term incentive plan, as approved by the Annual General Meeting on April 26, 2023, has now been implemented by allocating 4 639 000 Performance based Restricted Stock Units ("PRSUs").

The awards are based on amongst other considerations the position in the Company and a review on the individual participant's performance prior to award. Any PRSU awarded will, subject to the participant's continued employment with the Company (or a subsidiary), be settled three years after grant. The complete terms and conditions of the award are described in the calling notice for the 2023 Annual General Meeting.

Delivery of shares will take place from the Company's pool of treasury shares or, if an insufficient number of treasury shares exist, it will be settled by cash payment of an equivalent value.

The purpose of the long-term incentive plan is to further the interests of PGS, its subsidiaries and its shareholders to employees who can contribute materially to the success and profitability of PGS. Such awards will recognize and reward performance and individual contributions and give participants in the plan an interest in the Company parallel to that of the shareholders, thus enhancing the proprietary and personal interest in PGS' continued success and progress.

The Board of Directors has allocated PRSUs according to the plan to the following primary insiders in PGS:

Rune Olav Pedersen, President & CEO, has been awarded 329 000 PRSUs in the Company. Following the award, Pedersen holds 644 365 shares in PGS and 1 386 000 PRSUs.

Gottfred Langseth, Executive Vice President & CFO, has been awarded 140 000 PRSUs in the Company. Following the award, Langseth holds 1 268 297 shares in PGS and 586 000 PRSUs.

Nathan Oliver, Executive Vice President Sales & Services, has been awarded 140 000 PRSUs in the Company. Following the award, Oliver holds 15 000 shares in PGS and 586 000 PRSUs.

Robert J. Adams, Executive Vice President Operations, has been awarded 140 000 PRSUs in the Company. Following the award, Adams holds 16 126 shares in PGS and 586 000 PRSUs.

Berit Osnes, Executive Vice President New Energy, has been awarded 140 000 PRSUs in the Company. Following the award, Osnes holds 54 377 shares in PGS, 455 000 PRSUs.

Erik Ewig, Senior Vice President Technology & Digitalization, has been awarded 140 000 PRSUs in the Company. Following the award, Ewig holds 7 391 shares in PGS and 420 000 PRSUs 

Lars Ragnar Mysen, General Counsel, has been awarded 50 000 PRSUs in the Company. Following the award, Mysen holds 202 306 shares in PGS and 213 000 PRSUs.

Kristin Omreng, Senior Vice President Global HR, has been awarded 50 000 PRSUs in the Company. Following the award, Omreng holds 20 000 shares in PGS and 213 000 PRSUs.

Kai Reith, Senior Vice President Corporate Development, has been awarded 50 000 PRSUs in the Company. Following the award, Reith holds 90 647 shares in PGS and 213 000 PRSUs.

Bård Stenberg, Vice President IR & Corporate Communications, has been awarded 50 000 PRSUs in the Company. Following the award, Stenberg holds 26 000 shares in PGS and 210 000 PRSUs.

Anette Valbø, employee elected Board Member and Bidding Manager, has been awarded 10 500 PRSUs in the Company. Following the award, Valbø holds 13 354 shares in PGS and 44 000 PRSUs.

Eivind Vesterås, employee elected Board Member and Special Projects Manager, has been awarded 10 500 PRSUs in the Company. Following the award, Vesterås holds 158 500 shares in PGS and 38 500 PRSUs.

Carine Roalkvam, employee elected Board Member and Regional Geophysical Advisor & Geophysical Support Manager, has been awarded 15 000 PRSUs in the Company. Following the award, Roalkvam holds 970 shares in PGS and 63 000 PRSUs.

Gunhild Myhr, employee elected alternate Board Member and Business Development Manager, has been awarded 30 000 PRSUs in the Company. Following the award, Myhr holds 1 940 shares in PGS and 79 500 PRSUs.

Merethe Bryn, employee elected alternate Board Member and VP Global Tax, has been awarded 30 000 PRSUs in the Company. Following the award, Bryn holds 12 427 shares in PGS and 134 000 PRSUs 

Christopher Watts, employee elected alternate Board Member and VP Sales & Services, has been awarded 23 000 PRSUs in the Company. Following the award, Watts holds 0 shares in PGS and 97 000 PRSUs.

Further details on remuneration of management are described in PGS’ 2022 annual report.

This information is subject to disclosure requirements set out in the Market Abuse Regulation EU 596/2014 Article 19 and the Norwegian Securities Trading Act Section 5-12.