TGS ASA

Earnings Release • Apr 9, 2024

Q1 2024 Revenue Update

Q1 2024 Revenue Update

OSLO, Norway (9 April 2024) - Based on preliminary reporting from operating

units, management of TGS ASA ("TGS") expects IFRS revenues for Q1 2024 to be

approximately USD 152 million, compared to USD 173 million in Q1 2023.

POC revenues* are expected to be approximately USD 227 million, compared to USD

229 million in Q1 2023.

POC multi-client revenues are estimated at approximately USD 150 million versus

USD 143 million in Q1 2023, with early sales of USD 78 million, down from USD

98 million in Q1 2023, and late sales of approximately USD 72 million, up from

USD 46 million in Q1 2023. Multi-client investments were approximately USD 67

million, compared to USD 133 million in Q1 2023.

Proprietary revenues are expected to be USD 77 million versus USD 86 million in

Q1 2023.

"We are pleased to see that late sales of completed multi-client data in Q1

2024 showed good progress both compared to the preceding quarter and the same

quarter of last year. Further, we saw strong sales of surveys in the work-in-

progress phase, supporting the early sales rate of approximately 116% in the

quarter. We continue to show good operating performance in our OBN business,

although the activity level, as expected, remained seasonally low in Q1 2024.

The strong start to the year, combined with a continued tight global oil market

and increasing exploration ambitions among our customers makes me optimistic for

the remainder of the year. With the PGS merger, which is expected to close in

the latter part of Q2 2024, TGS will be perfectly positioned to support our

customers exploration ambitions and capitalize on what we think will be a multi-

year upcycle," stated Kristian Johansen, CEO of TGS.

TGS will release its Q1 2024 results at approximately 07:00am CEST on 8 May

*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 Q1 2024:

Preliminary reported IFRS revenue: USD 152 million

- Revenue recognized from performance obligations met during Q1 for completed

projects: USD 3 million

+ Revenue recognized under POC during Q1: USD 78 million

\= Preliminary reported POC revenue: USD 227 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

(https://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.