Climate Change Data

Environmental Metrics

ESG Focus Areas

• People
• Environment
• Conduct
• Stakeholders

Environmental Achievements

• Reduced energy consumption
• Achieved ISO 14001 environmental management system certification
• 8% decrease in CO2 emissions per unit produced by the PGS seismic fleet in 2013
• 0 major spills (spill volume > 100 liters)

Social Achievements

• Maintaining an outstanding health and safety record
• Strengthening the Anti-Corruption program and risk management process
• Published first Human Rights policy
• Improved health and safety performance (Total Lost Time Injuries dropped from 11 in 2011 to two in 2013; Total Recordable Cases dropped from 17 in 2011 to 12 in 2013)
• Introduced a new program of initiatives to promote closer working relationships between maritime and seismic crews (One Culture)

Governance Achievements

• Signed the UN Global Compact
• Updated Anti-Corruption Program to strengthen focus on high-risk areas

Climate Goals & Targets

Environmental Challenges

• Finding new oil and gas reservoirs is getting tougher
• Increased security risks
• Climate change
• Interaction with marine wildlife
• Corruption risk

Mitigation Strategies

• Developing new technology to reduce negative impacts on marine ecosystems
• Implementing Ship Energy Efficiency Management Plans (SEEMP)
• Creating a dedicated Security Risk Manager role
• Establishing a new security risk management system
• Implementing a risk-based approach to managing corruption risk
• Strengthening Anti-Corruption Program

Supply Chain Management

Supplier Audits: 75% of top 200 suppliers covered

Responsible Procurement

• PGS Global Procurement Policy and Code of Conduct

Climate-Related Risks & Opportunities

Reporting Standards

Frameworks Used: UN Global Compact

Certifications: ISO 14001, OHSAS 18001

Awards & Recognition

• Third place in the annual Stockman prize (2013)

Environmental Metrics

ESG Focus Areas

• People
• Environment
• Conduct
• Stakeholders

Environmental Achievements

• Reduced CO² emissions from 516 kT in 2014 to 424 kT in 2015
• Reduced energy consumption from 1765 GWh in 2014 to 1523 GWh in 2015
• Reduced waste from vessels (5.9k m³ in 2014 to 4.8k m³ in 2015)
• Improved energy efficiency through voyage and survey fuel-efficiency planning, drag reduction on seismic equipment, and improved ship energy efficiency management plans (SEEMP).

Social Achievements

• Revitalized core values with input from employees across regions and business areas.
• Managed staff reduction process fairly and transparently, maintaining high safety statistics.
• Improved travel risk management program with a dedicated team and risk awareness training.
• Implemented One Culture initiative to strengthen cross-functional cooperation.
• Developed a PGS Career Framework to enhance professional development opportunities.
• Built a new jetty at Thandwe, Myanmar, improving safety for the local community.

Governance Achievements

• Intensified anti-corruption training with face-to-face courses and ‘train the trainer’ sessions.
• Revised and updated all anti-corruption policies and procedures.
• Implemented a new ‘Charity and Sponsorship’ procedure with a dedicated committee.
• Improved compliance monitoring process for smaller entities.
• Implemented human rights requirements in standard contracts with suppliers.

Climate Goals & Targets

Environmental Challenges

• Significant decline in oil prices leading to project delays and fierce competition.
• Need to downsize staff to remain competitive.
• Managing the environmental impact of seismic surveys.

Mitigation Strategies

• Streamlined operations to increase efficiency.
• Fair and structured staff reduction process with transparent communication.
• Implemented initiatives to improve energy efficiency and reduce GHG emissions.
• Improved environmental risk management through new processes for chemical use, environmental risk assessment, and marine mammal observation database.

Supply Chain Management

Responsible Procurement

• Supplier qualification process for critical services or contracts above USD 1 million.
• Supplier relationship management procedure defining high-risk and strategic suppliers.

Climate-Related Risks & Opportunities

Environmental Metrics

ESG Focus Areas

• Health, safety and security of our people
• Ensuring compliance with law and avoiding corruption
• Managing impacts on the marine environment
• Employee development
• Customer satisfaction

Environmental Achievements

• Launched a global data sharing initiative to share oceanographic data with academic institutions.
• Proposed a novel approach to removing plastic pollution from the oceans using seismic vessels.
• Reduced CO2 emissions from 524 kT in 2014 to 409 kT in 2017.
• Reduced waste from vessels (3.2k m3 in 2017) and offices (82t in 2017).

Social Achievements

• Achieved a 92% response rate in the 2017 employee survey, maintaining high employee engagement despite market challenges.
• Extended the “Leading Others Program” management training initiative, with approximately 120 first-line managers graduating.
• Developed a fleet-wide workboat incident awareness campaign to improve safety.
• Supported mathematical education through the Niels Henrik Abel mathematics competition and other programs.
• Raised over $30,000 (USD) for employees affected by Hurricane Harvey in Houston.

Governance Achievements

• Implemented a work verification process onboard all vessels to ensure compliance with critical activities.
• Strengthened risk and security management systems.
• Improved medical examination program to ensure a common standard for all medical examinations.
• Implemented a well-established system for reporting and investigating undesirable incidents through a third-party operated Compliance Hotline.
• Actively participated in the Maritime Anti-Corruption Network (MACN) and its Suez Canal Say No campaign.

Climate Goals & Targets

Environmental Challenges

• Restructuring and downsizing due to a smaller and weaker market, resulting in approximately 500 employee reductions.
• Increased number of high potential incidents and near misses involving workboat operations and interaction with fishing vessels.
• Hurricane Harvey's impact on Houston, affecting PGS employees and facilities.

Mitigation Strategies

• Implemented a voluntary redundancy program based on age and seniority.
• Worked closely with stakeholders (unions, employees) to ensure a fair and transparent downsizing process.
• Developed a fleet-wide workboat incident awareness campaign.
• Activated emergency response teams and crisis information management systems to support employees affected by Hurricane Harvey.
• Provided alternative offices, remote working options, and financial assistance to affected employees.

Supply Chain Management

Supplier Audits: 11

Responsible Procurement

• Clear due diligence procedures to identify and address corruption risk; supplier verification process; supplier risk-assessment tool.

Climate-Related Risks & Opportunities

Physical Risks

• Not disclosed

Transition Risks

• Not disclosed

Opportunities

• Not disclosed

Reporting Standards

Frameworks Used: GRI

Certifications: Null

Third-party Assurance: Not disclosed

UN Sustainable Development Goals

• Not disclosed

The report mentions the UN Sustainable Development Goals (SDGs) and identifies four as particularly relevant, but doesn't specify which ones.

Sustainable Products & Innovation

• Not disclosed

Awards & Recognition

• Not disclosed

Environmental Metrics

ESG Focus Areas

• Environment
• Conduct
• Stakeholders
• People
• Climate Action
• Industry, Innovation and Infrastructure

Environmental Achievements

• Reduced CO² emissions per data unit by 30% since 2011; target of 50% reduction by 2030.
• Removed close to 200 tons of floating debris from the sea over the past five years.
• Launched Global Ocean Data Sharing Initiative in 2017, providing ocean data to research organizations.
• Signed a memorandum of understanding with Seabed 2030 to collect bathymetry data.

Social Achievements

• Implemented Managing Self / Managing Others program for offshore management, resulting in at least 10% higher scores on teamwork and over 20% higher scores on open discussion of mistakes.
• Launched a fleet-wide physical activity campaign and a Global Challenge wellness campaign.
• Launched a 12-month mentoring program for eleven pairs of mentors and mentees.
• Established a digital transformation team to support businesses in developing digital strategies.
• Implemented UniSea, a new integrated HSEQ management system for offshore operations.
• Launched a project excellence initiative to define standard project execution models.
• Offshore summer internship program for Canadian undergraduates.

Governance Achievements

• Streamlined and simplified anti-corruption manual.
• Automated more compliance work, including due diligence for business partners.
• Introduced a nano-learning program for anti-corruption awareness.
• Commissioned an independent external company to assess the anti-corruption program.

Climate Goals & Targets

Environmental Challenges

• Climate change
• Reducing turnaround time for clients
• Improving efficiency in supply chain management
• Maintaining high level of anti-corruption awareness among employees.

Mitigation Strategies

• Reducing emissions from own operations
• Implementing new tools and modern systems to improve risk awareness and management
• Developing new advanced operations optimization capabilities
• Implementing a new integrated HSEQ management system (UniSea)
• Developing a strong and incremental digital procurement strategy
• Streamlining and simplifying anti-corruption manual, automating compliance work, and introducing a nano-learning program.

Supply Chain Management

Supplier Audits: 2806 audits in 2019

Responsible Procurement

• Supplier relationship process involving key internal stakeholders and regular strategic business review meetings
• Procurement & Contracting Policy

Climate-Related Risks & Opportunities

Physical Risks

• Not disclosed

Transition Risks

• Not disclosed

Opportunities

• Not disclosed

Reporting Standards

Frameworks Used: UN Global Compact, Sustainable Development Goals (SDGs)

Certifications: Null

Third-party Assurance: Not disclosed

UN Sustainable Development Goals

• SDG 9: Industry, Innovation and Infrastructure
• SDG 13: Climate Action

Not disclosed

Sustainable Products & Innovation

• eSeismic method
• Marine vibrator technology

Awards & Recognition

• Not disclosed

Environmental Metrics

ESG Focus Areas

• Environmental
• Social
• Governance

Environmental Achievements

• Reduced CO2 emissions per data unit by 30% over the past decade; target to reach 50% by 2030.
• Developed real-time energy efficiency monitoring for the entire fleet.

Social Achievements

• Implemented the IOGP Life-Saving Rules, resulting in lower incident frequencies compared to 2019.
• Maintained business continuity during the Covid-19 pandemic through remote work and strict protocols for offshore personnel.

Governance Achievements

• Successfully completed a refinancing of most of its interest-bearing debt and made an equity raise of approximately $95 million.
• Extended all debt maturities and amortizations to September 2022 and beyond through a UK Scheme of Arrangement.

Climate Goals & Targets

Environmental Challenges

• Severe negative impact on financial results due to the Covid-19 pandemic and market disruption.
• Reduced revenues by almost 40% compared to 2019.
• Challenges in securing sufficient pre-funding for new MultiClient projects.

Mitigation Strategies

• Substantial cost and capex reduction (reduced gross cash cost from ~$600 million to below $400 million).
• Reduced staff by approximately 40% through reorganization.
• Reached agreement with lenders to reschedule debt maturities and amortizations.

Supply Chain Management

Climate-Related Risks & Opportunities

Reporting Standards

Frameworks Used: UN Global Compact

UN Sustainable Development Goals

• Goal 4-Quality Education
• Goal 9-Industry, Innovation and Infrastructure
• Goal 13-Climate Action
• Goal 14-Life Below Water
• Goal 16-Peace Justice and Strong Institutions

Sustainable Products & Innovation

• Next Generation GeoStreamer

Environmental Metrics

ESG Focus Areas

• Climate Change
• Energy Transition
• Environmental Compliance
• Occupational Health and Safety
• Employment and Labor Relations
• Human Rights
• Corporate Governance
• Anti-corruption
• Anti-competitive Behavior
• Waste Management
• Biodiversity

Environmental Achievements

• Reduced CO2 eq emissions to 317 kT in 2021 from 380 kT in 2020
• Sustained path towards a 50% reduction in emissions per data unit
• Awarded two seismic projects for characterization of reservoirs for carbon storage
• Removed more than 15 tons of abandoned fishing gear and marine debris during 2021
• Zero significant non-compliances with environmental regulations

Social Achievements

• Zero cases of COVID-19 transmission or outbreaks on vessels
• Reduced Lost Time Injuries (LTI) from 3 to 1 compared to 2020
• Implemented revised leadership principles and a modernized platform for employee development
• No breaches or human rights impacts involving rights of indigenous people or related to forced or child labor identified

Governance Achievements

• Board actively engaged in review, monitoring and discussion of sustainability issues
• No legal actions pending or completed during 2021 regarding anti-competitive behavior
• Zero violations of anti-corruption legislation

Climate Goals & Targets

Environmental Challenges

• Market impacted by energy transition and pandemic
• Climate transition risks and opportunities impacting market and operations
• Managing the impacts of the global COVID-19 pandemic
• Need to improve the quality and level of detail in waste reporting
• Identifying and managing inherently high risks linked to interacting with government officials and use of agents

Mitigation Strategies

• Established ‘New Energy’ business unit to support energy transition
• Implemented rigorous quarantine and testing regimes for COVID-19
• Strengthened project execution model with focus on risk assessment and planning
• Improved risk assessments based on changes in country risk profiles
• Revised Code of Conduct and launched Supplier Code of Conduct

Supply Chain Management

Supplier Audits: 4 audits in 2021

Responsible Procurement

• Supplier Code of Conduct
• Supplier Sustainability Assessment

Climate-Related Risks & Opportunities

Physical Risks

• Increased severity of extreme weather events

Transition Risks

• Changes in customer behavior
• Substitution of existing products with lower emissions options

Opportunities

• Development of low emission goods and services
• Development of new business opportunities in carbon capture and storage

Reporting Standards

Frameworks Used: UN Global Compact, UN Sustainable Development Goals, TCFD, CDP, GRI, OECD

Certifications: ISO 14001, ISO 45001

Sustainable Products & Innovation

• Services and solutions supporting the energy transition

Environmental Metrics

ESG Focus Areas

• Climate Change and Energy Transition
• Biodiversity and Nature
• Health, Safety and Security
• Respecting the Rights of People
• Future Workforce
• Business Ethics and Integrity

Environmental Achievements

• Removed more than five tonnes of abandoned fishing gear and marine debris from the oceans
• Completed four surveys for characterization of reservoirs for carbon storage (CCS and CCUS), generating ~$30 million in turnover.

Social Achievements

• Health and safety performance remained strong in 2022 with zero high-potential incidents across the fleet.
• Fleet rescued the crew of a Brazilian fishing boat adrift for 25 days.
• Low employee turnover rate of 5% for 2022 (4% offshore and 6% onshore).

Governance Achievements

• No suspected corruption cases, allegations, or requirements to investigate potential corruption in 2022.
• No legal actions pending or completed during 2022 regarding anti-competitive behavior or violations of antitrust/competition law.

Climate Goals & Targets

Environmental Challenges

• Increased CO2 equivalent per common midpoint kilometer (CMP km) compared to prior years, diverting from the path to 50% reduction by 2030 compared to 2011 due to operations in challenging areas and a higher proportion of smaller surveys.
• Increased waste generation from offices in 2022 due to a return to office working following the pandemic.
• Potential for human rights infringements in operations and supply chain.

Mitigation Strategies

• Initiatives to reduce fuel consumption and emissions of greenhouse gases from the fleet (real-time monitoring, technical feasibility study of alternative fuels).
• Improved waste sorting capabilities and awareness in offices; reuse and recycling initiatives.
• Risk-based measures to cease, prevent and mitigate adverse impacts on human and labor rights; compliance and integrity risk management lifecycle for third parties; enhanced due diligence for suppliers.

Supply Chain Management

Supplier Audits: 290 suppliers and business partners included in compliance program; 84 subject to enhanced due diligence; 77-100 subject to automated continuous compliance monitoring.

Responsible Procurement

• Supplier Code of Conduct; enhanced due diligence; automated continuous screening for risk indicators.

Climate-Related Risks & Opportunities

Physical Risks

• Increased severity of extreme weather events
• Changes in precipitation patterns
• Rising mean temperatures
• Rising sea levels

Transition Risks

• Accelerating energy transition and decline in demand for conventional exploration
• Strict regulation of maritime carbon emissions
• Changing customer behavior
• Uncertainty in market signals
• Increased cost of raw materials

Opportunities

• Ability to diversify business
• Access to new markets
• Use of public-sector incentives
• Development and/or expansion of low emission goods and services

Reporting Standards

Frameworks Used: GRI, TCFD, UN Global Compact, CDP, EU Taxonomy Regulation

Certifications: ISO 14001, ISO 45001

Third-party Assurance: Not disclosed

UN Sustainable Development Goals

• Not disclosed

Not disclosed

Sustainable Products & Innovation

• Services and solutions that support energy transition (carbon storage, offshore wind, marine mineral exploration)

Awards & Recognition

• Not disclosed

Environmental Metrics

ESG Focus Areas

• Climate Change and Energy Transition
• Future Workforce
• Business Ethics and Integrity
• Respecting the Rights of People
• Biodiversity and Nature
• Health, Safety and Security

Environmental Achievements

• Reduced CO2 emissions per common midpoint (CMP) to 55.5 kg CO2/CMP in 2023 from 74.5 kg CO2/CMP in 2022.
• Estimated 74% reduction in emissions from data processing centers compared to 2019 due to cloud computing transition.
• Completed first ultra-high resolution 3D survey in offshore wind site characterization.
• 89% of marine debris collected from the sea by Ramform Sovereign in the Andaman Sea.

Social Achievements

• Launched BeWell program for offshore crew, with 180 participants completing voluntary health checks in 30 days.
• Initiated ISO 27001 certification process for information security management systems.
• Provided financial support for 6 PhD students (5 female, 1 male) and delivered one guest lecture in Ghana.
• Provided financial support for 184 students (110 female, 74 male) and installed solar panels in one school in Angola.

Governance Achievements

• Revised Global Supply Chain Standard to integrate requirements of the Norwegian Transparency Act.
• Updated procurement risk management processes for accessibility, transparency, and understandability.
• Successfully refinanced most of 2024 debt maturities.
• Reduced gross interest-bearing debt by approximately 25%.

Climate Goals & Targets

Environmental Challenges

• Unexpected vessel scheduling and operational challenges.
• Lower than expected MultiClient late sales.
• Cost inflation.
• Delay of client permits causing project delays.

Mitigation Strategies

• Successfully refinanced the majority of its debt maturing in 2024.
• Issued a new 4-year $450 million senior secured bond and a $75 million term loan.
• Developed a new, more flexible crewing model to reduce costs.
• Utilizing satellite technology to advance data transmission capabilities.

Supply Chain Management

Supplier Audits: ~570 key suppliers subject to compliance, anti-corruption, and bribery control program; 88 key suppliers subject to enhanced due diligence; 96 suppliers subject to automated continuous compliance monitoring.

Responsible Procurement

• Revised Global Supply Chain Standard to integrate requirements of the Norwegian Transparency Act.

Climate-Related Risks & Opportunities

Physical Risks

• Extreme weather conditions

Transition Risks

• Changes in demand for oil and gas related services; regulatory changes; market shifts.

Opportunities

• Development of energy-efficient products; growth in New Energy business unit (offshore wind, carbon storage).

Reporting Standards

Frameworks Used: CSRD, TCFD, GRI, OECD

Certifications: ISO 14001

UN Sustainable Development Goals

• SDG 4 (Quality Education)
• SDG 7 (Affordable and clean energy)
• SDG 9 (Industry, Innovation and Infrastructure)
• SDG 13 (Climate Action)
• SDG 14 (Life Below Water)
• SDG 16 (Peace, Justice and Strong Institutions)

PGS contributes to these SDGs through various initiatives, including educational support, digitalization efforts, renewable energy adoption, emission reduction targets, oceanographic data sharing, and ethical business practices.

Sustainable Products & Innovation

• Ultra High Resolution 3D (UHR3D) seismic streamer technology for offshore wind site characterization.