2022

ANNUAL

REPORT

PGS Annual Report 20222

PGS ASA and its subsidiaries (“PGS” or “the Company”)* is a

fully integrated marine geophysical company that provides a

broad range of seismic and reservoir services, including data

acquisition, imaging, interpretation, and field evaluation. Our

services are provided to the oil and gas industry, as well as to

connectedness between energy security and the energy transition, and PGS’

commitment to support both. The radiating lines symbolize the dierent areas

and strengths within PGS that work together and create an integrated company

that is dynamic and resilient.

* When the terms “PGS” and “the Company” are used in this report, these will as a main rule

include both PGS ASA and its subsidiaries. However, in certain sections and paragraphs hereof,

these references will only include PGS ASA as context indicates.

PGS Annual Report 20223

4 CEO Letter

6 Business Highlights 2022

7 Financial Calendar

26 Utilizing the Capabilities of the PGS Fleet

28 The PGS Share

30 History of PGS

33 Corporate Governance

42 Board of Directors

46 Board of Directors’ Report

57 Responsibility Statement

58 Financial Statements

CONTENTS

We had a slow start to the year with

recovery both within our proprietary contract

business and MultiClient. We saw the strongest

recovery in the contract market, where we

allocated 70% of our active vessels and achieved

more than 35% price increase compared to 2021,

most of this reflecting higher margins. Over half

of our contract acquisition was 4D seismic for

producing fields, playing to the strengths of our

high-capacity Ramform acquisition vessels and

the proprietary GeoStreamer technology.

focus on exploration, benefiting our MultiClient

business. The ongoing energy crisis in Europe,

has demonstrated the important role oil and

natural gas play in energy security both today

and in the future, and the need to increase

exploration activities to meet future energy

demand. Although we allocated a relatively

low share of our vessel capacity to MultiClient

acquisition, we experienced strong interest in

our new MultiClient surveys. For the full year we

attractive and geographically diverse MultiClient

data library.

The recovering seismic market positively

impacted our order book, which increased 74% in

2022 to the highest level since Q3 2014. Our fleet

is fully booked for most of the first half of 2023,

In 2022, we achieved strong revenue growth

in a recovering seismic market. Along with the

energy companies’ structurally growing eorts

to optimize producing fields, we experienced

a renewed focus on exploration, including in

solid position in the carbon storage geoservices

market and prepared for the next step,

oshore wind site characterization. Overall,

we have strengthened our position within

At the end of 2022 the order book was at the

highest level since Q3 2014, reflecting higher

rates and activity. I expect the positive trend

witnessed in 2022 to continue in 2023.

Dear PGS Shareholder

President and CEO

PGS Annual Report 20224

and we have good visibility for the second half. To

optimize our vessel scheduling, we have decided to

bring back the Ramform Victory to carry out a large

is to be the leading provider of high-resolution

seismic for near-field exploration, production

(4D) and carbon storage. Providing high quality

seismic for oshore carbon storage projects is an

important part of the development of our New

Energy business. During 2022 we acquired four of

the five seismic acquisition contracts in the world

for development of CCS projects and established a

strong position in the carbon storage geoservices

market. In addition, we continued to make

arenas where we can use our expertise and assets

to oer value to clients. In early 2023 we were

awarded our first ultra-high resolution windfarm

site characterization project, sealing our entry

into the next strategically important new energy

market.

In 2022, we decided to set a path for net-zero CO2

emission in 2050. We are progressing well on our

long-term goal for our oces and imaging activity.

For our vessels, we will adhere to the current and

Increasing speed and penetration of digitalization

is an important part of our business strategy.

We have received external recognition for our

achievements within digitalization. By year-end

President and CEO

PGS Annual Report 20225

PGS Annual Report 20226

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KEY FIGURES

PGS Annual Report 20229

KEY FIGURES

PGS Annual Report 202216

characterization of the overburden is required to ensure the distribution

of geological faults in each area is well understood and does not present

an undue containment risk.

The MultiClient data library will not cover all potential storage sites.

Where new acquisition is required, PGS’ modern broadband 3D

GeoStreamer seismic data is especially well-suited to reliably determine

subsurface properties, even in the absence of well-data. Seismic

data, combined with PGS expertise in characterizing the subsurface

can be used to minimize uncertainty and failure risk when selecting

carbon storage sites. Once the storage site is selected PGS can supply

PGS Annual Report 202217

Limitations of UHR2D are driving wind farm operators to consider UHR

In January 2023, PGS announced the award of its first ultra-high

resolution windfarm site characterization project. The survey will cover

two European windfarm sites, both of which are in a development

phase. PGS will mobilize Sanco Swift for the project in early April 2023

The need for critical minerals from several industries and the energy

sector is likely to grow significantly according to published reports. To

get sucient access to resources it will be important to extract marine

minerals. PGS is participating in an industry consortium in Norway,

under the research organization SINTEF, which is working to define

new market for PGS; however, it will take time before it is commercially

developed.

Marine Minerals

PGS Annual Report 202218

MultiClient

Contract

New Energy

Acquisition Fleet

Imaging

PGS is in a unique position as the only integrated

marine seismic data acquisition and imaging company,

oering a full range of towed streamer acquisition

and imaging services through both the Contract and

MultiClient business models. By controlling the fleet,

the imaging process and R&D, PGS can tailor technology

and commercial solutions to address client challenges.

PGS Annual Report 202219

The energy transition is driving energy companies towards focusing on producing fields and proven

sensor GeoStreamer technology are the preferred technology solution for 4D reservoir monitoring.

PGS established its New Energy business area early in 2021 with the ambition of building a substantial

and recognized presence within the oshore renewables’ segment related to the ongoing energy

transition. PGS has identified carbon storage, oshore wind, and marine minerals as domains

where the Company’s assets, competence, technology, and capabilities align well with current

global challenges. During 2022, PGS successfully completed four CCS acquisition projects out of the

five contracts tendered in the world market, and thereby established a solid position in the carbon

storage geo-services market. In addition, PGS secured one imaging contract for CCS and made several

MultiClient data sales related to the development of CCS projects.

The benefits of PGS’ integrated services oering go beyond improving the Company’s position in the

analyzing the subsurface data, which generally results in better well-placement and improves their

probability of success . PGS’ access to MultiClient agreements in many countries has made it possible

to accelerate our delivery of quality seismic in the time-critical exploration phase.

Commercial flexibility also allows for innovative acquisition arrangements. In mature areas, smaller

contract jobs can be incorporated into larger regional MultiClient surveys. Benefits to the client include

access to cost ecient data and the opportunity to license seismic beyond their block boundary to get

a better regional understanding of the subsurface, while PGS benefits from economies of scale and

secures pre-funding for its MultiClient survey.

Integration for Energy Transition

Entering New Oshore Markets

PGS Annual Report 202220

third parties and subcontractors. Playing in all acquisition and imaging markets enables PGS to build

order book continuity for vessels more eectively through the cycles.

Leveraging Client Engagement

An integrated approach also enables PGS to parallelize the workflow , such as data acquisition and

processing, thereby leveraging eciencies that allow the Company to decrease the time required

from planning to data delivery.

Reducing Cycle Time

PGS is known for its unique technology. By targeting R&D expertise on marine acquisition and

seismic imaging challenges, the Company improves the eciency of in-house design, development,

testing and implementation of new solutions and technologies.

highly valued by many clients.

Interchangeable Assets

PGS Annual Report 202221

Contract Acquisition Services

Contract work is seismic data acquisition under

exclusive contracts directly with clients, where the

client owns the acquired data. PGS delivers fast and

ecient acquisition of high-quality seismic data

with safe and environmentally sound operations.

Production seismic, or 4D, is a growing segment of

the seismic contract market that enables energy

Angola. High-resolution 3D surveys are repeated

at regular intervals during a producing field’s life

cycle, and those first acquired with GeoStreamer

multi-sensor technology are generally repeated

with multi-sensor. Production seismic and nearfield

exploration deliver short cycle return on investment

and these markets tend to be more resilient

than pure exploration projects. The ongoing

energy transition drives seismic demand towards

infrastructure lead exploration and production as

storage plays a significant role in all net zero

scenarios and identification, characterization and

monitoring of carbon storage sites could constitute

a significant new seismic acquisition market.

by PGS and host governments. Energy companies

purchase a license from PGS to use specific data,

and a single survey is typically licensed to multiple

energy companies. To build and maintain the

MultiClient data library, PGS makes significant

investments in developing, acquiring, and imaging

new surveys. By continuously investing in the

MultiClient data library the Company expands its

footprint in proven hydrocarbon basins and selected

emerging basin areas.

PGS provides seismic data that

describes the geology beneath the

ocean floor, which energy companies

rely on to find oil and gas reserves and

CCS storage sites worldwide. PGS’ main

PGS Annual Report 202222

acquisition. The geographical diversity and strategic

positioning of PGS global MultiClient library enables

the Company to benefit from license rounds around

the globe. However, other conduits to acreage

PGS Annual Report 202223

PGS GeoStreamer MultiClient data can be used

to minimize uncertainty and failure risk when

selecting CO2 storage sites. I addition to acquiring

the Ramform back decks, ranging from 40 meters

on the Ramform S-class and the V-class, to 70

meters on the Ramform Titan-class, provides

unparalleled streamer handling capabilities and

stability. The PGS fleet delivers industry leading

performance in deployment, acquisition, and

streamer recovery.

PGS leads the industry in HSEQ performance

and aims to sustain and improve this, with a

culture based on operational excellence and

and the Company can visually demonstrate its

safety commitment to clients.

GeoStreamer Technology

PGS launched GeoStreamer in 2007 and all vessels

in the fleet are equipped with this multi-sensor

streamer technology. Benefits of the technology

include subsurface images of greater resolution,

accuracy, and reliability. The streamer is towed

deep, increasing the low-frequency signal content

and its multi-sensor recording allows the accurate

removal of unwanted noise that interferes with

Imaging Services

flexibility and access to almost unlimited compute

capacity. By the end of 2022 more than 80% of

the Company’s imaging work was conducted

eciently in the Cloud. All PGS imaging centers

globally now use Cloud-compute.

PGS uses state-of-the-art imaging technology

and innovative workflows to image data in

contract model exclusively for energy companies

and for the PGS MultiClient data library. In

addition to imaging new surveys, these centers

use seismic data to help clients maximize the

value of their subsurface assets, ranging from

licensing and exploration through to appraisal

development, production and carbon reinjection.

PGS Annual Report 202224

Comprising approximately

Has a total 3D footprint

sq. km. of which the

premium GeoStreamer

data comprises

PGS Annual Report 202225

the acquisition of Golar-Nor and the FPSOs

Petrojarl I and Petrojarl Foinaven

liability company, Petroleum Geo-Services

ASA, and listed on Oslo Stock Exchange.

PGS Annual Report 202232

PGS Annual Report 202233

Our Governance Model

PGS ASA is registered in Norway as a public limited

liability company, and our corporate governance model

is based on Norwegian corporate law, the Oslo Stock

Exchange’s Issuer Rules (available on www.euronext.

com/nb/markets/oslo), and the Norwegian Code

of Practice for Corporate Governance (available on

www.nues.com the “NUES Recommendations”). Our

structure. These items include the Company’s Articles

of Association, the Board’ Rules of Procedure, and

the charters for the Company’s Audit Committee,

Remuneration and Corporate Governance Committee

(“Remco”), and Nomination Committee. The documents

can be downloaded from www.pgs.com.

Our Commitments – Sustainability

We have adopted a Code of Conduct that reflects our

commitment to our shareholders, clients, employees,

and other stakeholders to carry out our business with

PGS ASA and its subsidiaries (“PGS” or the “Company”) is committed to maintaining high standards

of corporate governance. We believe that eective corporate governance is essential to our

Company’s success and establishes the framework by which we conduct ourselves in creating value

for our shareholders and delivering services to our customers.

PGS Annual Report 202234

of greenhouse gases in 2050 with a 75 % reduction in

emissions from maritime operations and use of 100 %

renewable energy in oces and data processing.

above transactions, the Company achieved a reduction

of its net interest-bearing debt by $319.7 million or

approximately 35%. Net interest-bearing debt, excluding

lease liabilities, was $616.7 million as of December 31,

recognized in accordance with IFRS 16 and is further

defined in the Annual Report.

The Board has adopted a dividend policy whereby it is

the intention to distribute 25 to 50 percent of annual

net income as dividends over time. The Board has no

general authorization to distribute dividends. Each year’s

dividend is decided by the AGM after a proposal from the

Board.

The Company has not distributed dividends in recent

years due to a weak market, operating losses and a need

PGS Annual Report 202235

to debt reduction before resuming dividend payments.

In addition, the Company is restricted in its main credit

facility from proposing a dividend for 2022 and these

agreements require certain conditions to be fulfilled

It has been an ongoing practice of PGS shareholders

to grant authorizations to the Board permitting it to

increase the Company’s share capital or issue convertible

loans for up to 10 percent of the Company’s share capital

for certain defined purposes. Per December 31, 2022,

the authorization given in 2022 remains unused. A new

authorization in line with past practice will be proposed

Separate General Meeting votes are held for (a)

authorizations to increase the share capital for certain

business purposes, (b) authorization to issue convertible

deviation from the NUES Recommendation No. 3 where

it is recommended that when the General Meeting is to

consider mandates to the Board for the issue of shares

for dierent purposes and each mandate should be

considered separately by the shareholders.

with Closely Related Parties

PGS has a single share class, and all shares carry the

same rights. At our General Meetings, each share carries

one vote. Our Board is committed to equal treatment of

shareholders in all respects.

members of the Board, executive ocers, or closely

related parties of any such party (referred to as “Closely

Related Parties”) on the other hand shall be conducted

at arm’s length distance and at market terms. Material

Shares and Negotiability

there are no restrictions imposed by the Company on

ownership of or voting for shares.

The Company de-listed from the New York Stock

Exchange in 2007 and subsequently issued and oered

for trade share instruments being American Depositary

Shares (“ADS”). As there have been low ADS trading

volumes during recent years, the Company decided

in 2021 to terminate the ADS program with eect

from November 5, 2021. ADS holders were required to

surrender their ADS for delivery of underlying PGS shares

General Meeting

Through participation in General Meetings, our

shareholders exercise ultimate authority over the

Company and, with exception of the employee elected

Pursuant to the Company’s Articles of Association, the

notice of an AGM is distributed at least four weeks in

to an EGM upon a written demand by the Company’s

PGS Annual Report 202236

independent auditor or shareholders representing at least

five percent of the share capital, or for other purposes.

Shareholders who wish to attend a General Meeting must

According to the Company’s Articles of Association,

documents to be considered at the General Meeting

may be published on our website. The same applies to

documents that, due to statutory requirements must

be attached to, or included in the notice calling the

General Meeting. If the documents are published in such

a manner, the statutory requirements for distribution

shall not apply. Nevertheless, shareholders are entitled to

request that documents to be considered by the General

Meeting are sent to them via regular mail.

To vote at General Meetings, in person or by proxy, a

Meeting, provides PGS with his or her name and address

together with written confirmation from the custodian

to the eect that he or she is the beneficial owner of the

shares held in custody.

Written and/or electronic voting in accordance with the

Norwegian Public Limited Liability Companies Act, cf.

sections 5-8 to 5-8b, shall be allowed for meetings where

such method of voting is arranged by the Board. The

Company will for the 2023 AGM call for a virtual meeting

and will arrange for electronic voting.

to ensure an independent chairperson for the General

Meetings. The reason for this deviation is that the

Company has found this more practical and that PGS

wishes to ensure that General Meetings are chaired by a

competent person having proper insight into PGS’ overall

operations.

The Nomination Committee’s main responsibilities, which

are set out in the Nomination Committee Mandate and

Charter, are to propose nominees for election as members

and chairperson of the Board and the Nomination

distributed in advance of each AGM.

Once a year, the Nomination Committee meets with each

Director individually and discusses how the Board and

its committees’ function and whether there is a need

for changes to the Board. The Nomination Committee

also keeps contact with shareholders and the Company’s

President & CEO (“CEO”) as part of its work.

As of December 31, 2022, the Nomination Committee

comprises Terje Valebjørg (chairperson), Alex Herger and

Jon Arnt Jacobsen. Mr. Valebjørg was a first time electee

Committee members are presented in more detail at

www.pgs.com. The Nomination Committee proposed

for approval at the 2023 AGM is presented in detail in

Appendix II to the 2023 AGM Calling Notice.

Shareholders who wish to propose new Board members

or new members of the Nomination Committee may

do so by submitting a candidate’s name to PGS’

investor relations sta via www.pgs.com by following

the link, “Nominate a Board Member.” The deadline

for submissions each year is January 31. Alternatively,

PGS Annual Report 202237

member of the Board and all proposed members of the

Nomination Committee are considered to be independent

from the Board and the management of the Company.

shareholder elected Directors being members of the

Remco, and all shareholder elected Directors being

members of the Audit Committee, are considered to

be independent Directors

• Annual review and determination of the

independence of each Director.

The composition of the Board is a reflection of the

Company’s commitment to protect the common

interests of all shareholders and the Company’s need for

expertise, capacity and diversity.

shareholder-elected Directors, directly or indirectly, own

PGS shares.

Shareholders and other interested parties may

place and are followed. In cooperation with the CEO, the

Board also develops clear goals, strategies and risk profile

for the Company such that it generates value for its

shareholders in a sustainable manner taking economic,

social and environmental, aspects into consideration.

PGS Annual Report 202238

adherence to laws, rules, and regulations; health, safety

and environment; and corporate responsibility.

The Rules of Procedure also require an annual self-

Each scheduled Board meeting includes a separate

session at which issues may be discussed without the

presence of the Company’s management.

The tasks and duties of the CEO vis-à-vis the Company’s

to chair board meetings in the chairperson’s absence. The

full text of the Board’s Rules of Procedure is available at

www.pgs.com. Our governance structure is organized as

Our Board is responsible for the supervision of our

business activities. The Board has established an Audit

PGS Annual Report 202239

advisors – oversee the Company’s process for managing

its debt and assess options for refinancing.

The Board is responsible for ensuring that appropriate

guidelines, monitoring, and internal control systems

are in place. These are to include embedding risk

management, designating risk ownership, and

The Board and the Audit Committee take steps to

value for the shareholders in a sustainable manner whilst

taking ethical conduct; compliance with laws, rules and

regulations; health, safety and working environment;

and other environmental, social and governance (“ESG”)

issues into account.

Management maintains and regularly reviews a risk

matrix setting out the main risks for the Company. These

Management conducts day-to-day follow-up of

financial management and reporting. Management has

established a structured approach to ensure that the

not operationally eective at year-end, their potential

financial exposure and impact on the consolidated

financial statements are evaluated.

Internal Audit Department

PGS has an Internal Audit Department reporting directly

to the Audit Committee on its audit planning and audit

reports. The purpose of the Internal Audit Department

The audit reports are issued to the Audit Committee.

In addition, the Internal Audit Department regularly

Remuneration of the Board and Executive

Remuneration of shareholder-elected Directors is not

linked to performance but is based on an annual fee and

is subject to annual approval by the General Meeting.

Shareholder-elected Directors shall not solicit or accept

specific assignments for PGS beyond their role as

Directors. Shareholder-elected Directors do not hold any

shareholder-elected Directors will be proposed by the

Nomination Committee according to its Mandate and

Charter and is submitted to the AGM for approval.

Executive remuneration is one of the primary tasks

of Remco. The committee annually reviews the

total compensation level, the mix between fixed

and performance related compensation and the mix

between short and long-term compensation. Remco has

developed an annual schedule in order to ensure and

facilitate a structured approach to the annual review of

PGS Annual Report 202240

Remco has with the help of an external advisor identified

a specific peer group of comparable companies across

relevant markets. The advisor has collected, and

combined information related to total compensation

financial statement of PGS, and also the Board’s Senior

Executive Remuneration Policy approved by the 2021

AGM available on www.pgs.com, and the Board’s Senior

Executive Remuneration Report for 2022 set forth as

Appendix VII to the 2023 AGM Calling Notice.

Information and Communication

The Board is committed to reporting financial results

and other relevant information based on openness

and the requirement of equal treatment of all

shareholders and securities market participants. The

on the Company’s website.

The Company has an investor relations function to

ensure that requests for information from shareholders,

analysts and other interested parties are satisfied. The

Company has an active investor communication program

Takeover Bids

seek to prevent disruptions to, or interference with,

Company operations to the extent possible. In the event

of a takeover bid, the Board will, in accordance with its

overall responsibilities and good corporate governance,

act in the best interest of shareholders and ensure that

sucient information regarding the matter is proved to

the shareholders. If a takeover bid is made, the Board

will issue a statement containing a recommendation as

The Audit Committee shall support the Board in the

administration and exercise of its responsibility for

supervision of the work of the independent auditor, who

shall keep the Board informed of all aspects of its work

for PGS. This duty includes submission of an annual

plan for the audit of PGS. The auditor attends all Audit

Committee meetings and, at least twice a year, meets

with the Audit Committee without the presence of

management. In-house policies govern the use of the

auditor’s services. Use of the auditor for services other

PGS Annual Report 202241

The independent auditor meets with the full Board at

least once a year in connection with the preparation of

the annual financial statements and, at least once a year,

presents a review of PGS’ financial reporting and internal

and supporting diversity including age, nationality,

gender and qualifications.

At the Board level, the Nomination Committee actively

works for ensuring that there is proper diversity on

gender, age, background, experience and qualifications.

The Company complies with the requirements in the

Norwegian Public Limited Liabilities Act section 6-11a on

gender balance.

The Company’s Sustainability Report 2022 available on

www.pgs.com identifies the more precise goals and how

they have been met during the reporting period.

Exchange’s Issuer Rules. In addition, PGS complies with

the current recommendations set forth in the NUES

Recommendations, subject only to deviations identified

and justified in this report.

The Board further conducts periodic reviews of PGS’

corporate governance policies and procedures, including

the Board’s Rules of Procedure. This process is conducted

regularly and managed by Remco. Any changes to policies

or procedures are presented to the Board for approval.

PGS Annual Report 202248

challenges. During 2022 PGS established a strong

position in the carbon storage geoservices market

and continued to make MultiClient data sales

related to development of CCS projects. PGS is in

and PGS is working on three main groups of

digitalization projects:

Company’s cost base. To date, PGS has developed

and implemented a new and more flexible crewing

model designed to reduce cost, without negatively

impacting safety. Looking forwards, PGS intends

expenditures.

the environment and constantly improving our

environmental performance. Delivering on PGS

Sustainability goals is part of the Company’s

license to operate. PGS continues to develop

towards its goal of a 50% reduction in CO2 per

Common Mid-Point (“CMP”) kilometers by 2030.

In 2022, PGS committed to set a path to net-zero

greenhouse gas (“GHG”) emissions by 2050 with an

absolute reduction in maritime emissions of 75%

Reporting Directive “CSRD”.

Market Development and Main Businesses

PGS Annual Report 202249

PGS Annual Report 202250

PGS Annual Report 202251

PGS Annual Report 202252

PGS Annual Report 202253

Credit Risk

Commodity Risk

Operational and Other Risks

PGS Annual Report 202254

PGS Annual Report 202255

Board of Directors and Corporate Governance

PGS Annual Report 202256

Director

Director

PGS Annual Report 202257

Today, the Board of Directors and the Chief Executive Ocer

reviewed and approved the Board of Directors’ report and the

consolidated and separate annual financial statements for

PGS ASA, for the year ending and as of December 31, 2022.

statements for 2022 have been prepared in

accordance with applicable accounting standards.

statements give a true and fair view of the assets,

liabilities, financial position, and result of operations

as a whole as of December 31, 2022, for the group and

the parent company face.

Director

PGS Annual Report 202264

Notes to the Parent

Company Financial

Statements

PGS ASA Parent

Company

Total revenues and other income 825.1 703.8

Cost of sales 7 (324.7) (227.2)

Research and development costs (6.9) (6.5)

Selling, general and administrative costs (38.9) (36.1)

Amortization and impairment of MultiClient library 8 (253.1) (379.0)

Depreciation and amortization of non-current assets (excl. MultiClient Library) 8 (95.9) (100.6)

Impairment and loss on sale of non-current assets (excl. MultiClient library) 17 (5.3) (15.0)

Other charges, net 9 5.7 (5.6)

Earnings (loss) per share, to ordinary equity holders of PGS ASA: 13

- Basic ($0.06) ($0.45)

- Diluted ($0.06) ($0.45)

Consolidated Statements of Comprehensive Income

(In millions of US dollars) Note 2022 2021

Actuarial gains (losses) on defined benefit pension plans 26 38.4 14.8

Consolidated Statements of Changes in Shareholders’ Equity

(In millions of US dollars)

Profit (loss) for the period - - - (179.4) - (179.4)

Other comprehensive income (loss) - - - 14.8 4.6 19.4

Shares issued at conversion of convertible bond (a) 4.7 - 1.7 - - 6.4

Shares issued for cash consideration (b) 146.6 - 94.8 - - 241.4

Acquired treasury shares (c) - (0.2) (0.2) - - (0.4)

Share based payments, equity settled (c) - 0.1 (0.1) - - -

(a) In 2021, the Company received conversion notices from holders of the convertible bond representing USD 4.7 million of this bond issue, which

pursuant to the bond terms were converted into 12,376,228 new shares. In 2022, the Company exercised and settled its issuer conversion option under

the convertible bond whereby all outstanding bonds with an aggregate nominal amount of USD 7.7 million were converted into 25,237,631 shares. As a

part of the bond settlement USD 7.1 million was credited to additional paid-in capital.

(b) In 2022, the Company issued 483,622,019 new shares following private placements and a subsequent oering raising approximately NOK 2,477.2

million (corresponding to USD 241.4 million) as equity. Transaction costs amounting to $5.1 million were recognized against additional paid-in capital.

Cash and cash equivalents 22 363.8 170.0

Restricted cash 14 11.6 16.1

Accounts receivables 5, 22 169.4 134.6

Accrued revenues and other receivables 5, 15 144.9 55.9

Other current assets 16 61.7 56.4

Property and equipment 17 740.4 787.4

MultiClient library 18 300.3 415.6

Restricted cash 14 59.2 57.6

Other non-current assets 19 28.6 14.7

Other intangible assets 20 73.4 84.5

Depreciation, amortization, impairment 8 354.2 494.5

Share of results in associated companies 19 4.9 (1.1)

Interest expense 10 110.3 99.4

Interest income 11 (7.0) (0.3)

Loss (gain) on sale and retirement of assets (1.0) (0.3)

(Increase) decrease in accounts receivables, accrued revenues & other receivables (124.7) (32.8)

Increase (decrease) in deferred revenues 5 31.0 (65.2)

Increase (decrease) in accounts payable 1.2 15.2

Change in other current items related to operating activities 36.1 (5.2)

Change in other non-current items related to operating activities (11.1) (1.3)

Investment in MultiClient library 18 (106.4) (127.3)

Investment in property and equipment 17 (48.6) (35.4)