TGS ASA

Earnings Release • Feb 20, 2025

TGS announces Q4 2024 results

TGS announces Q4 2024 results

OSLO, Norway (20 February 2025) - TGS today reports interim financial results

for Q4 2024.

Financial highlights:

* Strong contract sales with high OBN activity and an overweight of active

streamer vessel capacity allocated to contract work

* Solid multi-client sales driven by high pre-commitments to ongoing multi-

client projects and seasonal uptick in sales from the multi-client library

* Order inflow of USD 489 million during Q4 2024 - total produced order

backlog of USD 749 million

* Successfully completed a full refinancing of the legacy PGS debt, reduced

interest rate of the Senior Secured Notes from 13.5% to 8.5% and realized

synergies of approximately USD 35 million

* Cash flow negatively impacted by non-recurring refinancing items and working

capital development

* Full-year pro-forma organic multi-client investments for 2024 of USD 425

million - 2025 is expected to be approximately USD 425 to 475 million with

robust pre-funding.

* Solid balance sheet allows for increased dividend payment - USD 0.155 per

share to be paid in Q1 2025

"I am pleased with our strong financial performance in Q4 and for the full year

of 2024. Our multi-client business performed well, achieving a sales-to-

investment ratio of 2.2x for the year. The OBN segment continued its strong

momentum, and our NES activities experienced significant growth. With several

contract awards in the latter part of the year, we successfully built a robust

vessel backlog going into 2025. We refinanced the balance sheet at attractive

terms in Q4, providing us with a solid capital structure and allowing us to

increase the dividend by 11%. 2024 has been a transformational year for TGS, and

we are well positioned for the future," says Kristian Johansen, CEO of TGS.

Management presentation

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

09:00 a.m. CET at House of Oslo, Ruseløkkveien 34 in Oslo, Norway. The

presentation is open to the public and will be webcasted live.

Access and registration for webcast attendees are available by copying and

pasting the link below into your browser, or use the link on the front page of

www.tgs.com:

https://channel.royalcast.com/landingpage/hegnarmedia/20250220_3/

A recorded version of the entire presentation will be available on TGS.com

(http://www.tgs.com) after the live event.

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

Bård Stenberg

Vice President IR & Communication

Tel: +47 992 45 235

E-mail: investor@tgs.com

About TGS

TGS provides advanced data and intelligence to companies active in the energy

sector. With leading-edge technology and solutions spanning the entire energy

value chain, TGS offers a comprehensive range of insights to help clients make

better decisions. Our broad range of products and advanced data technologies,

coupled with a global, extensive and diverse energy data library, make TGS a

trusted partner in supporting the exploration and production of energy resources

worldwide. For further information, please visit 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.