PGS is awarded a Carbon Capture and Storage (“CCS”) 3D seismic acquisition contract by BP over the Endurance reservoir, located about 145 kilometers off the coast from Teesside and around 85 kilometers from the Humber coast. Seismic acquisition is scheduled to start during April 2022 and complete in June.

“PGS has a history of pioneering the marine 3D seismic market and the Endurance survey is one of the industry’s first publicized awards of a 3D acquisition contract in North Sea specifically designed to address CCS project development challenges. In the second half of 2021, we announced a sale of MultiClient data for CCS purposes and now we are very pleased to announce the award of an acquisition contract. This further strengthens our leading market position and is an important step in expanding our contribution to net-zero transition.

Numerous research reports estimate a significant need for CCS storage going forward. Even in the more conservative projections, seismic acquisition for CCS purposes is likely to constitute a significant new market for our industry," says President & CEO in PGS, Rune Olav Pedersen.

About PGS

PGS ASA and its subsidiaries (“PGS” or “the Company”) is an integrated marine geophysics company, which operates worldwide. The Company supports the energy industry, including oil and gas, offshore renewables, carbon capture and storage. PGS’ headquarter is in Oslo, Norway, and the PGS share is listed on the Oslo stock exchange (OSE: PGS).

About bp

bp (NYSE:BP) is one of the world's largest oil and gas companies, serving millions of customers every day in more than 80 countries, and employing nearly 85,000 people. BP's business segments are oil and gas exploration & production, and refining & marketing. In alternative energies, BP has low- and no-carbon wind and biofuels businesses. Through these activities, BP provides fuel for transportation; energy for heat and light; services for motorists; and petrochemicals products for plastics, textiles and food packaging. It has strong positions in many of the world's hydrocarbons basins and strong market positions in key economies.