TGS ASA

Petroleum Geo-Services AS - Exercise of call option for PGEOS01

OSLO, Norway (20 November 2024) - Further to announcement by TGS ASA ("TGS") on

20 November 2024, TGS' subsidiary, Petroleum Geo-Services AS, has today given a

conditional notice of exercise of its option to redeem all outstanding bonds

under the Petroleum Geo-Services AS 13.50% Senior Secured USD 450,000,000 Bond

Issue (PGEOS01) with ISIN NO0012873670 (the "Bonds"). The Bonds will be redeemed

at a price equal to 109.5% of the face value for each redeemed Bond, which

constitutes the Make-Whole Amount under the Bonds.

In accordance with the terms of the Bonds, the settlement date for the call is

expected to be 5 December 2024. Further reference is made to the attached

conditional notice from Nordic Trustee AS for additional information.

For more information, visit TGS.com or contact:

Bård Stenberg

IR & Communication

Mobile: +47 992 45 235

About TGS

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

sector. With leading-edge technology and solutions spanning the entire energy

value chain, TGS offers a comprehensive range of insights to help clients make

better decisions. Our broad range of products and advanced data technologies,

coupled with a global, extensive and diverse energy data library, make TGS a

trusted partner in supporting the exploration and production of energy resources

worldwide. For further information, please visit www.tgs.com

(https://www.tgs.com) (https://www.tgs.com/).

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