TGS ASA

Earnings Release • Jul 10, 2023

TGS Q2 2023 Revenue Update

TGS Q2 2023 Revenue Update

OSLO, Norway (10 July 2023) - Based on preliminary reporting from operating

units, management of TGS ASA ("TGS") expects IFRS revenues for Q2 2023 to be

approximately USD 206 million, compared to USD 230 million in Q2 2022.

POC revenues* are expected to be approximately USD 241 million, up from USD

136 million in Q2 2022.

POC multi-client revenues are estimated at approximately USD 129 million, the

same as in Q2 2022, with late sales of approximately USD 63 million, compared to

USD 97 million in the same quarter of last year, which included significant M&A

related transfer fees.

For the Acquisition business unit (former Magseis) gross revenues are expected

at approximately USD 116 million (USD 107 million net of eliminations) in Q2

2023, up from USD 103 million pro-forma in Q2 2022.

Kristian Johansen, CEO at TGS, commented: "E&P companies have focused their

exploration spending on non-discretionary categories in the first half of the

year, prioritizing drilling, infrastructure-led exploration and 4D, as well as

fulfilling work commitments. TGS has been well positioned to benefit from this

through our ocean bottom node business, which is showing solid revenue growth

and good operational performance. Furthermore, we continue to see strong

prefunding for new multi-client projects, which makes us confident that full-

year multi-client investments will be well above USD 350 million, with an early

sales rate in excess of 70%. Our late sales were up 37% sequentially and were

also significantly higher than in Q2 2022 when adjusting for transfer fees. Q2

clearly demonstrates the benefits of our more diversified business model, and

I'm particularly pleased to see that our Acquisition business is performing

ahead of expectation both in terms of revenues and profitability".

TGS will release its Q2 2023 results at approximately CET 07:00 am on 20 July

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

at CET 08:30 am during a live webcast.

The webcast can be followed online via this link:

https://channel.royalcast.com/landingpage/hegnarmedia/20230720_3/

(https://gbr01.safelinks.protection.outlook.com/?url=https%3A%2F%2Fchannel.royal

cast.com%2Flandingpage%2Fhegnarmedia%2F20230720_3%2F&data=05%7C01%7CSven.larsen%

40tgs.com%7Cb671e888cd054261bd1108db7187c64f%7Ccb81ae41c0e74a65a1e404c898e7a214%

7C0%7C0%7C638228600179896048%7CUnknown%7CTWFpbGZsb3d8eyJWIjoiMC4wLjAwMDAiLCJQIjo

iV2luMzIiLCJBTiI6Ik1haWwiLCJXVCI6Mn0%3D%7C3000%7C%7C%7C&sdata=iw3ZWCJZx2H2Jul3Pw

wjdeNmZZ5ceSMYeGJqdtjmX9c%3D&reserved=0)

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 Q2 2023:

Preliminary reported IFRS revenue: USD 206 million

- Revenue recognized from performance obligations met during Q2 for completed

projects: USD 31 million

+ Revenue recognized under POC during Q2: USD 66 million

\= Preliminary reported POC revenue: USD 241 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

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 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.