We undertook two time-series photometric multisite campaigns for the rapidly oscillating Ap star HD 122970. The first one, conducted in 1998, resulted in 119h of data and in the detection of three pulsation frequencies. The presence of possible further modes which held the promise of deriving a mode identification motivated a second worldwide campaign in the year 2001. This second campaign resulted in 203h of measurement, but did not reveal further modes. Rather, one of the previously detected signals disappeared. The two modes common to both data sets have different spherical degree. They also showed slight frequency modulation, and one of them varied in amplitude as well. Possible causes of the latter behaviour include intrinsic instability of the pulsation spectrum or precession of the pulsational axis and orbital motion in a binary system. Frequency analysis of the Hipparcos observations of the star did not allow us to determine the stellar rotation period. The amplitude and phase behaviour of the two modes of HD 122970 in the Strömgren uvby bands is quite similar to that observed for other roAp stars.