GlobeNewswire Inc | Jun 1, 2021 07:00AM EDT

June 01, 2021

HOUSTON, June 01, 2021 (GLOBE NEWSWIRE) -- ION Geophysical Corporation (NYSE: IO) and PGS (OSE: PGS) today announced the successful completion of a survey offshore Egypt acquired on behalf of Shell with an innovative Extended Long Offset (ELO) design in combination with IONs Gemini source technology. This is the last in a string of PGS programs successfully acquired in the Mediterranean starting in July 2020, and the first proprietary deployment of IONs extended frequency source. The Ramform Tethys towed a wide multi-sensor GeoStreamer configuration, while the Ramform Sovereign towed IONs extended frequency source, designed to help capture richer low frequencies to improve subsurface characterization while limiting higher frequencies to a more ecologically-friendly range. All three companies are aligned in their dedication to sustainable business practices that minimize the environmental impact of operations.

Shell is pleased to have introduced novel technology to Egypt that enhances exploration insights in a more eco-friendly manner, said Gerard van Drempt, Shell Global Category Manager Geophysics. To improve subsurface understanding of a complex geologic area in the Mediterranean, our exploration team paired innovative acquisition designs with Gemini to capture lower frequencies in this large, long offset survey. PGS survey execution, combined with the ION Gemini source performed well and Shell is pleased to see the expected uplift in low frequency content.

Many attractive geographies for continued E&P investment are located in complex geological settings, where more accurate imaging of the subsurface is essential for effective resource development, commented Nathan Oliver, EVP Sales & Services at PGS. PGS is expert at efficient management of complex offshore projects, and we are very pleased with the successful completion of this extensive 3D exploration program for Shell. The ELO configuration in combination with IONs extended frequency source enabled efficient recording of offsets up to 16 kilometers. The innovative ELO survey design combines optimal spatial sampling for better subsurface imaging together with long offset multi-sensor GeoStreamer acquisition for accurate velocity model building. ELO is a cost competitive and efficient configuration compared to other solutions for imaging deep targets.

In todays rapidly evolving energy landscape, E&P customers are seeking the most effective technologies to help rebalance their portfolios and maximize return on investment from their assets throughout the energy transition, added Chris Usher, IONs President and Chief Executive Officer. PGS is a leader in identifying and efficiently integrating innovative new technologies beneficial for the industry. We are really pleased with the results of our collaboration and look forward to working with additional service providers to make Gemini more broadly available as our capacity expands over the next few months.

To learn more, visit iongeo.com/Gemini.

About the Companies

Leveraging innovative technologies, ION delivers powerful data-driven decision-making to offshore energy and maritime operations markets, enabling clients to optimize investments and results through access to our data, software and distinctive analytics. Learn more at iongeo.com.

PGS ASA and its subsidiaries (PGS or "the Company") is an integrated marine geophysical company that provides a broad range of seismic and reservoir services, including acquisition, imaging, interpretation, and field evaluation. The Company MultiClient data library is among the largest in the seismic industry, with modern 3D coverage in all significant offshore hydrocarbon provinces of the world. The Company operates on a worldwide basis with headquarters in Oslo, Norwayand the PGS share is listed on the Oslo stock exchange (OSE: PGS). For more information on PGS visitwww.pgs.com.

Contacts

ION (Investor relations)

Executive Vice President and Chief Financial OfficerMike Morrison, +1 281.552.3011mike.morrison@iongeo.com

ION (Media relations)

Vice President, CommunicationsRachel White, +1 281.781.1168rachel.white@iongeo.com

PGS (Investor relations)

Senior Vice President, IR & CommunicationBrd Stenberg, +47 99 24 52 35Bard.Stenberg@pgs.com

The information herein contains certain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. These forward-looking statements may include information and other statements that are not of historical fact. Actual results may vary materially from those described in these forward-looking statements. All forward-looking statements reflect numerous assumptions and involvea number ofrisks and uncertainties. These risks and uncertainties include the risks associated with the timing and development of ION Geophysical Corporation's products and services pricing pressure decreased demand changes in oil prices agreements made or adhered to by members of OPEC and other oil producing countries to maintain production levels the COVID-19 pandemic the ultimate benefits of our completed restructuring transactions; and political, execution, regulatory, and currency risks.For additional information regarding these various risks and uncertainties, see our Form 10-K for the year ended December 31, 2020, filed on February 12, 2021. Additional risk factors, which could affect actual results, are disclosed by the Company in its filings with the Securities and Exchange Commission, including its Form 10-K, Form 10-Qs and Form 8-Ks filed during the year. The Company expressly disclaims any obligation to revise or update any forward-looking statements.