TGS ASA

Business and Financial Review • Aug 30, 2023

TGS Announces Commencement of Sarawak Phase 3 in Malaysia

TGS Announces Commencement of Sarawak Phase 3 in Malaysia

OSLO, Norway (30 August 2023) - TGS, the leading global energy data and

intelligence provider, and JV consortium partners PGS and SLB announce that pre-

funding has been secured to expand the multi-client 3D coverage in the Sarawak

Basin, offshore Malaysia.

The survey is the third phase of a multi-year contract awarded by PETRONAS in

August 2020 to acquire and process up to 105,000 square kilometers of multi-

client 3D seismic data over a five-year period in the Sarawak Basin. The first

phase of the Sarawak multi-client 3D project encompassed 8,400 square

kilometers, succeeded by an additional 6,800 square kilometers during Phase 2.

Kristian Johansen, TGS CEO, commented: "Sarawak basins are one of Southeast

Asia's most exciting exploration hotspots, with numerous oil and gas discoveries

announced in recent months. TGS is pleased to announce Phase 3 of the Sarawak

multi-client program, which will support the growing exploration interest of

energy companies in this region. Malaysia continues to form a key part of our

multi-client data library, and together with our partners, we look forward to

delivering high-quality seismic data across the Sarawak basins."

"Exploration interest in the Sarawak basin is strong and I am very pleased that

we have secured pre-funding for phase three, with mobilization commencing back-

to-back with completion of phase two. The Sarawak basin comprises of a proven

petroleum system with many producing fields. By acquiring multi-client data with

our Ramform vessels and GeoStreamer technology, PGS and partners will provide

high-quality regional scale seismic data that will improve regional

understanding of the petroleum systems," says President & CEO in PGS, Rune Olav

Pedersen.

The Ramform Sovereign vessel is expected to mobilize in late August, covering

approximately 5,300 square kilometers for Phase 3, with acquisition completion

anticipated in late November 2023.

PETRONAS, through Malaysia Petroleum Management (MPM), is actively enhancing its

data sets that will introduce new plays to be explored, especially in imaging

the pre-Middle Miocene Unconformity (MMU) play in the deep-water area of Sarawak

Basin. This enhancement will enable clients to effectively conduct an assessment

of the potential opportunities for exploration and participate in the Malaysia

Bid Round.

About TGS

TGS provides scientific data and intelligence to companies active in the energy

sector. In addition to a global, extensive and diverse energy data library, TGS

offers specialized services such as advanced processing and analytics alongside

cloud-based data applications and solutions.

Forward Looking Statement

All statements in this press release other than statements of historical fact

are forward-looking statements, which are subject to a number of risks,

uncertainties and assumptions that are difficult to predict and are based upon

assumptions as to future events that may not prove accurate. These factors

include volatile market conditions, investment opportunities in new and existing

markets, demand for licensing of data within the energy industry, operational

challenges, and reliance on a cyclical industry and principal customers. Actual

results may differ materially from those expected or projected in the forward-

looking statements. TGS undertakes no responsibility or obligation to update or

alter forward-looking statements for any reason.

For more information, visit TGS.com (http://www.tgs.com) or contact:

Sven Børre Larsen

Chief Financial Officer

investor@tgs.com (mailto:investor@tgs.com)