TGS ASA — Earnings Release 2016

Apr 8, 2016

TGS - Q1 2016 Update

TGS - Q1 2016 Update

Q1 2016 Update

ASKER (8 April, 2016) - Based on preliminary reporting from operating units, TGS

management expects net revenues for the first quarter of 2016 to be

approximately USD 64 million.

With operational investments of approximately USD 53 million and good cash

collections in the quarter, the cash balance increased to around USD 210

million.  This is in addition to the undrawn revolving credit facility of USD

75 million.

The financial guidance released on 7 January, 2016 remains unchanged:

* TGS expects multi-client investments of approximately 220 MUSD

* Multi-client investments are expected to be prefunded 45 to 50%

"This last quarter has arguably been the most severe of this down cycle with

many customers focusing on cost and headcount reduction resulting in a

significant pull back from exploration spending. TGS will continue our strong

focus on cost control, cash flow and maintaining a healthy balance sheet in this

challenging market", commented Kristian Johansen, CEO, TGS.

The full first quarter earnings release is scheduled for 21 April 2016.

Company summary

TGS-NOPEC Geophysical Company (TGS) provides multi-client geoscience data to oil

and gas Exploration and Production companies worldwide.  In addition to

extensive global geophysical and geological data libraries that include multi-

client seismic data, magnetic and gravity data, digital well logs, production

data and directional surveys, TGS also offers advanced processing and imaging

services, interpretation products, and data integration solutions.

For more information visit TGS online at www.tgs.com.

Forward-looking statements and contact information

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 principle 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.

TGS-NOPEC Geophysical Company ASA is listed on the Oslo Stock Exchange

(OSLO:TGS).

TGS sponsored American Depositary Shares trade on the U.S. over-the-counter

market under the symbol "TGSGY".

For additional information about this press release please contact:

Sven Børre Larsen

Chief Financial Officer

Tel: +47 90 94 36 73

Email: sven.larsen@tgs.com

Will Ashby

VP HR & Communications

Tel: +1 713 860 2184

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Email: will.ashby@tgs.com

This information is subject of the disclosure requirements acc. to §5-12 vphl

(Norwegian Securities Trading Act)

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