PGS ASA's Strategic Collaborations and Offshore Wind Progress

PGS ASA, a marine geophysical company, has entered strategic collaborations and made significant progress in its offshore wind business. In the first half of 2023, PGS achieved a MultiClient pre-funding level of 127% of capitalized cash cost, saw a meaningful increase in MultiClient late sales, and secured commitments of $75 million from supportive creditors for a separate facility to refinance parts of its Term Loan B maturity in March 2024. PGS is in production on its first offshore wind contract, awarded by partners bp and EnBW for the Morgan and Mona offshore wind farms in the Irish Sea. The company expects revenues for Q2 2023 to be approximately $156 million, with estimates of produced revenues of around $186 million and contract revenues of approximately $71 million.