TGS ASA

TGS Announces Prefunding on 2D Multi-Client Seismic Project Offshore Sabah, Malaysia

OSLO, Norway (8 January 2024) - TGS, the leading global provider of energy data

and intelligence, in cooperation with JV consortium partners PGS and SLB, has

announced that prefunding has been secured to expand multi-client seismic data

coverage in the Sabah Basin offshore Malaysia.

The seventh phase of this multi-year project off the coast of Sabah encompasses

over 5,000 kilometers of new 2D seismic data acquisition, over 2,600 kilometers

of legacy seismic data processing, and 2,800 square kilometers of 2D-cubed

processing as part of a multi-year contract originally awarded by PETRONAS in

Kristian Johansen, CEO at TGS, commented: "High-quality 2D seismic data across

Sabah will be instrumental in promoting future bid rounds. It also allows E&P

companies to further assess exploration opportunities in an under-explored

proven petroleum system surrounded by prolific hydrocarbon provinces."

"The 2D Multi-Client project will provide high-quality seismic data across

Sabah. I am very pleased that we have secured pre-funding and we mobilized for

the project in November 2023," says Rune Olav Pedersen, President & CEO of PGS.

The Eagle Explorer vessel mobilized in November 2023, with acquisition

completion anticipated in February 2024. Fast-track results are anticipated to

be available for evaluation during the 2024 Malaysia Bid Round.

This project is supported by industry funding.

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

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