TGS ASA

Earnings Release • Jul 8, 2025

TGS Q2 2025 Operational and Financial Update

TGS Q2 2025 Operational and Financial Update

OSLO, Norway (8 July 2025) - TGS ASA ("TGS"), a leading global provider of

energy data and intelligence, routinely publishes a quarterly operational update

six working days after quarter-end. For Q2 2025, it also includes a financial

update.

The table below shows TGS' normalized Ocean Bottom Node (OBN) crew count¹:

+---------------------------------------+---------+---------+

|   | Q2 2025 | Q2 2024 |

+---------------------------------------+---------+---------+

| Normalized crew count Contract(1) | 1.7 | 2.7 |

+---------------------------------------+---------+---------+

| Normalized crew count Multi-client(1) | 1.1 | 0.0 |

+---------------------------------------+---------+---------+

(1) The table shows the average number of crews in operation when assuming a

normalized crew size. )

The table below shows TGS' allocation of active seismic streamer 3D vessel

capacity(2):

+-------------------+---------+---------+

|   | Q2 2025 | Q2 2024 |

+-------------------+---------+---------+

| Contract | 55% | 28% |

+-------------------+---------+---------+

| Multi-client | 23% | 36% |

+-------------------+---------+---------+

| Steaming | 9% | 14% |

+-------------------+---------+---------+

| Yard | 7% | 6% |

+-------------------+---------+---------+

| Stacked/Standby | 6% | 16% |

+-------------------+---------+---------+

| Number of vessels | 6 | 6 |

+-------------------+---------+---------+

(2) The statistics include only active seismic 3D streamer vessels (capacity

working on New Energy Solutions projects are excluded). )

Based on preliminary reporting from operating units, management of TGS expects

IFRS revenues to be approximately USD 332 million in Q2 2025, compared to USD

224 million in Q2 2024 (USD 353 million proforma? in Q2 2024).

Produced revenues³ are expected to be approximately USD 306 million in Q2 2025,

compared to USD 215 million in Q2 2024 (USD 381 million proforma? in Q2 2024).

Produced multi-client revenues are estimated to be approximately USD 135 million

in Q2 2025, compared to USD 115 million in Q2 2024 (USD 194 million proforma? in

Q2 2024). Multi-client investment is expected to be approximately USD 120

million in Q2 2025, compared to USD 52 million in Q2 2024 (USD 92 million

proforma? in Q2 2024).

Contract revenues amounted to approximately USD 171 million in Q2 2025, compared

to USD 100 million in Q2 2024 (USD 187 million proforma? in Q2 2024).

Kristian Johansen, CEO of TGS commented: "After several strong quarters, Q2 came

in below expectations mainly due to three main factors. First, the end-of-

quarter data licensing came in below internal forecasts, with several data

licensing deals being postponed. Second, we encountered challenging operational

conditions and stand-by time on one of our streamer projects, negatively

impacting revenue recognition. Third, lower-than-expected JV-partner

participation on certain multi-client projects resulted in recognition of higher

multi-client investments and lower contract revenues. Discussions with our

clients support our view that exploration activity will gradually increase from

today's levels. The successful offshore licensing round in Brazil and the recent

announcement of a lease sale in the US Gulf of America are both positive drivers

in facilitating more seismic activity in two of our key markets."

TGS will release its Q2 2025 results at 07:00 a.m. CEST on 17 July 2025. CEO

Kristian Johansen and CFO Sven Børre Larsen will present the results at 09:00

a.m. CEST, webcasted live.

The webcast can be followed live via this link:

https://channel.royalcast.com/landingpage/hegnarmedia/20250717_2/

³For the purpose of Produced revenues, multi-client revenues committed prior to

completion of projects are recognized on a percentage of completion 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 Produced revenue numbers for Q2 2025:

Preliminary reported IFRS revenue: USD 332 million

- Revenue recognized from performance obligations met during Q2 for completed

projects: USD 95 million

+ Revenue recognized under Produced during Q2: USD 69 million

\= Preliminary reported Produced revenue: USD 306 million

?Proforma considers TGS acquisition of PGS, which was completed 1 July 2024.

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

Bård Stenberg, VP 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.