TGS ASA

Earnings Release • Oct 9, 2023

TGS Q3 2023 Revenue Update

TGS Q3 2023 Revenue Update

OSLO, Norway (9 October 2023) - Based on preliminary reporting from operating

units, management of TGS ASA ("TGS") expects IFRS revenues for Q3 2023 to be

approximately USD 225 million, compared to USD 135 million in Q3 2022.

POC revenues* are expected to be approximately USD 293 million, up from USD 119

million in Q3 2022.

POC multi-client revenues are estimated at approximately USD 160 million, of

which early sales of completed data accounted for approximately 55%. In Q3

2022, POC multi-client revenues were USD 103 million, of which 37% was made up

by early sales.

Proprietary revenues are estimated at approximately USD 133 million in Q3 2023,

compared to USD 16 million in Q3 2022.

Kristian Johansen, CEO at TGS, commented: "I'm pleased to see that all business

areas and revenue streams performed strongly in Q3 2023. POC multi-client

revenues of approximately USD 160 million are well ahead of our own

expectations, driven by a combination of high investment activity, a robust

early sales rate and solid late sales momentum. Furthermore, the Acquisition

business unit (former Magseis Fairfield) continues to deliver strong y/y growth,

with estimated revenues of USD 126 million in Q3 2023, compared to USD 99

million (pro-forma) in Q3 of last year."

TGS will release its Q3 2023 results at approximately CEST 07:00 am on 26

October 2023. CEO Kristian Johansen and CFO Sven Børre Larsen will present the

results at CEST 09:00 am during a live presentation and webcast. The

presentation will take place at House of Oslo, Ruseløkkveien 34, 0251 Oslo.

The webcast can be followed online via this link:

https://channel.royalcast.com/landingpage/hegnarmedia/20231026_7/

The slides from the presentation will also be available in PDF format at both

the TGS and Oslo Stock Exchange websites.

*For the purpose of POC revenues, multiclient revenues committed prior to

completion of projects are recognized on a percentage of completion ("POC")

basis. This differs from IFRS reporting, where revenues committed prior to

completion are recognized when the customers receive access to the finished

data.

Adjustments between preliminary IFRS and Segment revenue numbers for Q3 2023:

Preliminary reported IFRS revenue: USD 225 million

- Revenue recognized from performance obligations met during Q3 for completed

projects: USD 21 million

+ Revenue recognized under POC during Q3: USD 88 million

\= Preliminary reported POC revenue: USD 293 million

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

CFO Sven Børre Larsen

Tel.: +47 90 94 36 73

E-mail: investor@tgs.com (mailto:investor@tgs.com)

Company Summary

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 Ocean Bottom Node (OBN) data acquisition,

advanced processing and analytics alongside cloud-based data applications and

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

(http://www.tgs.com).

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.