TGS ASA

Earnings Release • May 9, 2025

TGS announces Q1 2025 results

TGS announces Q1 2025 results

OSLO, Norway (9 May 2025) - TGS today reports interim financial results for Q1

Financial highlights:

* Strong multi-client performance driven by high interest for data in frontier

areas

* Multi-client investment of USD 130 million supported by solid pre-

commitments from clients

* Significant year-over-year improvement in asset utilization secured solid

contract revenues

* Order inflow of USD 302 million during Q1 2025 - total order backlog of USD

600 million

* Strong cash flow reducing net debt to USD 453 million from USD 500 million

at the end of 2024

* Solid balance sheet allows for stable dividend payment of USD 0.155 per

share to be paid in Q2 2025

* Guidance for gross operating expenses and capital expenditures lowered to

approximately USD 1,000 million and approximately USD 135 million,

respectively, in response to increased macro uncertainty

"We are pleased about the strong financial performance in Q1 2025. The multi-

client segment significantly exceeded expectations, primarily as a result of

strong sales of vintage library data in frontier areas. A sales-to-investment

ratio above 2x (pro-forma) over the past four quarters illustrates the

attractiveness of the multi-client model and the benefit of having the world's

largest and most diversified data library. We are also pleased about the

contract performance in the quarter, with significant year-on-year improvement

of asset utilization.

Although the recent oil price weakness adds uncertainty in the short term, the

long-term outlook remains positive. At current spending levels most E&P

companies struggle to replace reserves, and more exploration is needed to

maintain production," 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. CEST 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/20250509_2/

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

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

The complete Q1 2025 earnings release and presentation can be downloaded from

www.tgs.com or newsweb.no.

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.