TGS ASA

Capital/Financing Update • Dec 7, 2022

TGS and PGS Expand Multi-client Coverage Offshore Brazil

TGS and PGS Expand Multi-client Coverage Offshore Brazil

OSLO, Norway (7 December 2022) - TGS, a global provider of energy data and

intelligence, today announced, in partnership with PGS, that it has secured pre-

funding for the Santos Sul Multi-client 3D project in the southwest Santos Basin

offshore Brazil. The TGS/PGS collaboration combines the operational and

technical strengths of both companies to provide high-quality multi-client data

and timely delivery, which are critical to the exploration efforts in this area.

The survey will cover more than 15,000 square kilometers of both open acreage

made available by ANP via the new Permanent Offer mechanism ("POR") and the

exploration blocks recently awarded in the 17(th) Concession bid round and

3(rd) Cycle of the POR.

The Ramform Tethys will mobilize for the survey in January 2023, and acquisition

is scheduled to complete in August 2023.

"We are pleased to announce this joint venture with PGS, further strengthening

our 3D data library and position in Brazil. The Santos Sul 3D project will be

instrumental in providing invaluable data and actionable insights into new and

emerging plays outside the Pre-Salt, allowing our clients to de-risk their

exploration activities in the region for active and future licensing rounds,"

says CEO of TGS, Kristian Johansen.

"We experience continued exploration interest offshore Brazil where the

combination of the Ramform designed vessels and GeoStreamer technology is in

strong demand. The Santos Sul Multi-client survey expands PGS and TGS 3D data

coverage in Brazil and will provide high quality data essential for the

exploration of these newly awarded blocks. The PGS/TGS collaboration in this

portion of the Santos basin also provides coverage over a wider area available

through the permanent offer licensing round," says President & CEO of PGS, Rune

Olav Pedersen.

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 TGS' reliance on a cyclical industry and principal customers, TGS'

ability to continue to expand markets for licensing of data, and TGS' ability to

acquire and process data product at costs commensurate with profitability, as

well as volatile market conditions, which have been exacerbated by the COVID-19

pandemic and the severe drop in oil prices.  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)