TGS ASA — Earnings Release 2013

Jan 9, 2014

TGS 2014 Guidance Announcement

9 January 2014

All statements in this presentation 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 products at costs commensurate with profitability. 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.

Strong Q4 2013 – Focus on Quality Pays Off!

Quarterly Net Revenues 2013

* Preliminary Q4 figures. Final Q4 results to be reported on 6 February 2014

• Record high quarterly late sales continues to demonstrate quality of library
• Good performance from Central Gulf of Mexico and Barents Sea libraries ahead of 2014 licensing rounds
• Preliminary Q4 figures:
• Q4 revenues expected to be approximately 270 MUSD
• Strongest quarterly late sales in TGS history
• Expected 2013 full year revenues of approximately 882 MUSD
• Q4 investments of approximately 90 MUSD to reach full year investments of approximately 437 MUSD
• Full year guidance exceeded

Multi-client focus and asset light business model continues to deliver superior returns

E&P Spending Growth of 6.1% Expected for 2014

• More than 300 oil and gas companies worldwide participated in the Dec 2013 Barclays Capital survey
• Global E&P spending in 2014 is expected to increase 6.1% to a new record of 723 BUSD, versus 682 BUSD in 2013
• Focus on cash returns is slowing spending growth from Majors and midsized IOCs
• Near-term outlook for exploration is mixed with some survey participants expecting seismic costs to fall in 2014
• Longer term outlook for exploration very positive as oil companies move to deeper waters and unconventional plays
• 2014 capital spending budgets based on an average oil price of \$89 WTI and \$98 Brent

E&P spending continues to be positive, but slightly lower growth expected for near term exploration spending

Key Drivers for Continued Growth

1. Positive outlook for growth in E&P spending to maintain reserve replacement

2. Increased adoption of multi-client model across the globe, including basins traditionally dominated by NOCs

3. Demand for more advanced and expensive seismic technologies driving increased seismic investments and revenues

4. TGS ambition to grow market share based on commitment to growth and strong balance sheet

License Round Activity and TGS Positioning

Capacity Secured for 2014 EUR AMEAP

3 D Ve l s s e	Ja n	Fe b	Ma r	Ap r	Ma y	Ju n	Ju l	Au g	Se p	Oc t	No v	De c
C G G A l ize		Gu	lf o f M ico ex
B G P Pr to os p ec r	Be nin
Sa Sw i ft nc o		Bra zil JV
Po lar Du he c ss			Au ali str a								Op tio n
Ge Ca ian o sp		Au ali str a
C G G 3 D Ve l ss e						NW E uro	O tio pe p n
Po lar Na i la cu s					NW E uro pe			Op tio n

2 D Ve l s s e	Ja n	Fe b	Ma r	Ap r	Ma y	Ju n	Ju l	Au g	Se p	Oc t	No v	De c
B G P C ha l len g er	JV Ma da	ga sc ar
Ge Ar ic t o c	Ma	da ga sc ar
Sa Sp ir it nc o							Ca da na	P GS JV

C La d n re w	Ja n	Fe b	Ma r	Ap r	Ma y	Ju n	Ju l	Au g	Se p	Oc t	No v	De c
Co lo do Cr 1 & 2 ra ew s	Ch ey en ne
Te Cr xa s ew			Ru sh C k ree
Ca da Cr na ew	Pe nd l ry	WO	C

• Multi-client investments 390 460 MUSD
• Average pre-funding 45 55%
• Average multi-client amortization rate 40 – 46%
• Net revenues 870 950 MUSD
• Contract revenues approximately 5% of total revenues

Summary

• Strong Q4 2013 performance for TGS
• Q4 revenues expected to be approximately 270 MUSD
• Record high quarterly late sales
• Full year 2013 revenues of approximately 882 MUSD
• Full year revenue guidance of 810 – 870 MUSD exceeded
• Q4 investments of approximately 90 MUSD to reach full year investments of approximately 437 MUSD
• TGS continues to focus on quality investment opportunities
• E&P spending continues to be positive, although slightly lower growth expected for exploration in 2014
• Good visibility into 2014 with a number of projects already announced

• Vessel capacity remains adequate to execute plan with expectations of lower day-rates

• Dividend yield of 3.5% to 4.0% during last 4 years

• TGS holds approximately 1.4 million treasury shares
• ~1% of shares
• AGM has authorized to buy back up to 10% of shares
• \$5 million share re-purchase in Q4 2013
• Buy backs may be considered to adjust capital structure

Dividend (MUSD) and Dividend Yield

Dividend yield calculated based on share price at day of announcement

Strong commitment on delivering shareholder returns from a combination of growth and dividend payout

TGS is responsible

• To our customers by providing quality products and exemplary service
• To our employees, we commit to treat one another with respect and dignity, recognizing the merit of each and every individual
• To the communities in which we live and work by caring for the people and environment with integrity
• To our shareholders for growth and profitability
• Honesty, integrity and fairness form the cornerstones of all our relationships

• Growth is fundamental to our success

• Average EBIT margin above 40% - stable EBIT – performance through the cycles

• ROCE significantly above WACC – substantial value creation in any industry cycle

^*Peer group includes CGG, Fugro, Geokinetics, ION Geophysical, PGS, Western Geco, GGS Source Platou Markets and TGS

Thank you

©2013 TGS-NOPEC Geophysical Company ASA. All rights reserved.