TGS ASA — Earnings Release 2020

Jul 8, 2020

TGS - Q2 2020 Revenue Update

TGS - Q2 2020 Revenue Update

ASKER, NORWAY (8 July 2020) - Based on preliminary reporting from operating

units, TGS management expects net segment revenues for the second quarter of

2020 to be approximately USD 96 million. Multi-client investments for the

quarter are expected to be approximately USD 80 million with a prefunding rate

of 48%.

Kristian Johansen, CEO at TGS, stated, "Despite the unprecedented weak market

conditions in Q2, TGS generated late sales of USD 54 million from our data

library. During the quarter, TGS cost level has been reduced significantly in

light of the weak market conditions. Accruals for rightsizing of the

organization, closure of offices, and a few region-specific impairments of the

multi-client library will be charged to our Q2 accounts. These measures, and a

continued strong balance sheet, place TGS in a unique position

to continue generating strong cash flow and industry leading return on

capital."

For more information, visit TGS.com (http://www.tgs.com) or contact:

Fredrik Amundsen

Chief Financial Officer

+47 99 58 98 82

investor@tgs.com

About TGS

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.

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 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 product 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.

For more information, visit TGS.com (http://www.tgs.com/).