PGS ASA: PGS and ION Geophysical Announce Global 2D Exploration Collaboration

June 29, 2020: Oslo, Norway, - PGS and ION Geophysical Corporation today announced an agreement to collaborate globally on 2D exploration data. Both companies have modern, high-quality MultiClient data libraries that together cover all the significant hydrocarbon provinces around the world. The new joint data library will comprise nearly a million line kilometres of uniquely complementary data, including many areas of genuine broadband seismic that have substantial opportunity for integration and reimaging. Drawing on PGS broadband 2D GeoStreamer offering and ION's latest imaging technology, the companies will produce enhanced deliverables with higher resolution and greater spatial coverage, offering deeper insights and more reliable pre-stack attributes for exploration screening on a global basis. PGS and ION intend to develop an integrated seamless 2D seismic data library over time, creating a comprehensive, data-rich environment to inform exploration business decisions for E&P operators. The combined data library will be jointly marketed.

"The combined 2D data libraries will provide E&P companies with a more efficient way to identify and high-grade attractive frontier investment opportunities," said Berit Osnes, PGS' EVP, New Ventures. "ION's BasinSPAN offering is globally recognized as the benchmark tool for exploration insights at the basin-scale. Referencing and integrating our GeoStreamer enriched 2D data library into that framework will create a valuable opportunity to add resolution to that understanding."

"PGS' global framework of modern data, much of which was acquired with long offsets and GeoStreamer multi-sensor acquisition technology, is exceptionally compatible to integrate with ION's BasinSPAN framework to deepen basin characterization and insights for our customers," said Ken Williamson, Executive Vice President and Chief Operating Officer of ION's E&P Technology and Services group. "The collaboration extends beyond existing data to include new program activity and the integration of third-party data where relevant to further augment the value of the offering."

About the Companies

PGS ASA and its subsidiaries.

ION.

Contacts

PGS

Senior Vice President, IR & Communication
Bård Stenberg, [phone]
[e-mail]

ION (Investor relations)

Executive Vice President and Chief Financial Officer
Mike Morrison, +1 281.552.3011
[e-mail]

ION (Media relations)

Vice President, Communications
Rachel White, +1 281.781.1168
[e-mail]