PGS and deepC Store signs LoI to develop carbon storage offshore Australia

March 16, 2022: PGS and deepC Store Limited ("DCS") have entered into a Letter of Intent ("LoI") to co-develop a commercial scale carbon storage project offshore Australia. PGS will provide geological and geophysical advisory services. Parties also agreed to explore broader collaboration opportunities in the region.

"The letter of intent with DCS expands the PGS New Energy business beyond Europe. Stakeholders in the Asia Pacific region are increasing their focus on carbon capture and storage as a key contributor to their net-zero ambitions. Geophysical data and expertise are important tools to secure safe and reliable reservoirs for carbon storage," says Berit Osnes, EVP New Energy of PGS.

"We will collaborate with PGS to co-build a leading Carbon Capture and Storage (CCS) development and operation business in the Asia Pacific region. In that context, we look forward to seeking PGS's expertise and securing reliable CO₂ storage sites in Australia," says Daein Cha, Managing Director and CEO of DCS.

PGS ASA and its subsidiaries ("PGS" or "the Company") is an integrated marine geophysics company and operates on a world-wide basis. PGS business supports the energy industry, including oil and gas, offshore renewables and carbon storage. PGS' headquarters is in Oslo, Norway and the PGS share is listed on the Oslo stock exchange (OSE: PGS). For more information about PGS visit www.pgs.com.

DCS is a commercial scale CCS project developer and operator. For more information about DCS visit www.deepcstore.com

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