TGS ASA

Capital/Financing Update • Nov 18, 2024

TGS ASA announces launch of Senior Secured Notes offering

TGS ASA announces launch of Senior Secured Notes offering

Oslo, Norway (18(th) November 2024) - Following a series of fixed income

investor meetings as previously communicated, TGS ASA ("TGS" or the "Company"),

a global leader in energy data and intelligence, announces the launch of an

offering (the "Offering") of Senior Secured Notes with an expected aggregate

principal amount of $550 million and maturity in 2030 (the "Notes").

In connection with the Offering, the Company also expects to enter into a senior

secured credit facilities agreement, the proceeds from which, together with

proceeds from the Offering and cash on hand, is expected to be used to redeem

the entire outstanding amount of the 13.50% senior secured bonds due 2027 issued

by Petroleum Geo-Services AS (the "2027 Bonds") and to repay the Company's other

existing debt financing. This announcement does not constitute a notice of

redemption under the indenture governing the 2027 Bonds.

In addition to the previously published Company presentation, the Company has

also today published certain pro forma financial information and a refinancing

overview, which can be found on the Company's corporate website.

For more information, visit TGS.com or contact:

Bård Stenberg

IR & Communication

Mobile: +47 992 45 235

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

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.

Important notice

This announcement is for information purposes only and does not constitute a

prospectus or any offer to sell or the solicitation of an offer to buy any

security in the United States or in any other jurisdiction. This announcement

also does not constitute an offer to purchase or the solicitation of an offer to

purchase any security in the United States or any other jurisdiction, nor does

it constitute a notice of redemption under the indenture governing the 2027

Bonds.

This announcement is not for public release, publication or distribution,

directly or indirectly, in or into the United States (including its territories

and possessions, any state of the United States and the District of Columbia),

except to "qualified institutional buyers" ("QIBs") as defined in Rule 144A

under the U.S. Securities Act of 1933, as amended (the "Securities Act"). This

announcement does not constitute or form a part of any offer of, or solicitation

to purchase or subscribe for, any securities in the United States. Any such

securities have not been, and will not be, registered under the Securities Act.

Any such securities may not be offered or sold in the United States, except that

the securities may be offered for sale in the United States to QIBs in reliance

on the exemption from registration under Rule 144A. No public offering of

securities will be made in the United States or in any other jurisdiction where

such an offering is restricted or prohibited.

This announcement does not constitute an offer of the securities to the public

in the United Kingdom. This announcement is directed only at persons (i) outside

the United Kingdom; (ii) that have professional experience in matters relating

to investments falling within Article 19(5) of the Financial Services and

Markets Act 2000 (Financial Promotion) Order 2005 (the "Order"); (iii) falling

within Article 49(2)(a) to (d) ("high net worth companies, unincorporated

associations etc.") of the Order or (iv) to whom this announcement may otherwise

be directed without contravention of Section 21 of the Financial Services and

Markets Act 2000 (all such persons together being referred to as "relevant

persons"). This announcement must not be acted on or relied on by persons who

are not relevant persons. Any investment or investment activity to which this

announcement relates is available only to relevant persons and will be engaged

in only with relevant persons.

In member states of the European Economic Area ("EEA") or the United Kingdom,

this announcement is directed only at persons who are "qualified investors"

under Regulation (EU) 2017/1129, as amended, or Regulation (EU) 2017/1129 as it

forms part of United Kingdom domestic law by virtue of the European Union

(Withdrawal) Act 2018. This announcement does not constitute and shall not, in

any circumstances, constitute a public offering nor an invitation to the public

in connection with any offer within the meaning of the Regulation (EU)

2017/1129 (as amended), and any relevant implementing measure in the relevant

Member State of the EEA.

MiFID II professionals/UK MiFIR/ECPs-only / No PRIIPs KID - Manufacturer target

market (MIFID II/UK MiFIR product governance) is eligible counterparties and

professional clients only (all distribution channels). No PRIIPs key information

document (KID) has been prepared as not available to retail in the EEA or the

United Kingdom.

This announcement may include projections and other "forward-looking" statements

within the meaning of applicable securities laws. Any such projections or

statements reflect the current views of the Company about further events and

financial performance. No assurances can be given that such events or

performance will occur as projected and actual results may differ materially

from these projections. Neither the content of the Company's website nor any

website accessible by hyperlinks on the Company's website is incorporated in, or

forms part of, this announcement. All statements in this announcement 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.

The distribution of this announcement into certain jurisdictions may be

restricted by law. Persons into whose possession this announcement comes should

inform themselves about and observe any such restrictions. Any failure to comply

with these restrictions may constitute a violation of the securities laws of any

such jurisdiction.

This information is subject to the disclosure requirements pursuant to section

5-12 the Norwegian Securities Trading Act.