1、2023ANNUAL REPORTPGS Annual Report 202323 CEO Letter4 Corporate Governance14 Sustainability Report 28 Board of Directors Report41 Responsibility Statement 43 Financial StatementsCONTENTSPGS ASA and its subsidiaries(“PGS”or“the Company”)*is a fully integrated marine geophysical company that provides
2、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 the broader and emerging new energy industries,including carbon storage and offshore wind.The Company operates on
3、 a worldwide basis with headquarters in Oslo,Norway.*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.We ent
4、ered 2023 with a strong order book in a recovering seismic market.Our integrated service offering enabled us to leverage the market recovery.Profitability for our contract work improved through the year and is approaching sustainable levels.Commitments to new MultiClient programs were strong and our
5、 pre-funding revenues ended close to 140%of capitalized MultiClient cash investment,significantly above our target range of 80-120%.Our New Energy business successfully entered the offshore wind market,where we completed our first offshore wind site characterization contract,won a large project exte
6、nding well into 2024,and experienced strong client interest for our efficient ultra high-resolution 3D streamer solution.After a long preparation process,we refinanced most of our 2024 debt maturities by issuing a$450 million senior secured bond in early 2023.Due to the operational headwinds,we adde