TGS ASA

Investor Presentation • Sep 14, 2022

Pareto Securities' Energy Conference 2022

Kristian Johansen

14 September 2022 CEO

Forward-looking Statements

All statements in this presentation 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 TGS' reliance on a cyclical industry and principal customers, TGS' ability to continue to expand markets for licensing of data, and TGS' ability to acquire and process data products at costs commensurate with profitability. 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.

Introduction

• Positive macro environment

• Low spare capacity, underinvestment and call for energy security
• Oil & Gas has already seen significant recovery more to come
• Renewables growing the fastest
• Data remains key to making the right investment decisions

• Solid H1 2022 performance

• Revenue growth of 69%
• Free cash flow* of USD 90 million

• Long term goal is to reflect energy mix

• Laying the ground now positive developments in all areas
• Fully committed to ESG industry leading ranking
• Clear path to net-ZERO

Delivering on strategic agenda

Profitable Growth	New technologies in mature basins	New technologies in mature basins
	Strengthening position in South Atlantic	New technologies in mature basins
	Further growth onshore	New technologies in mature basins
Technology Leader	Expand value chain through Data & Analytics	New technologies in mature basins
	Imaging quality and reputation	New technologies in mature basins
Diversification	Data offering towards other energy related industries	New technologies in mature basins

Robust cash flow and balance sheet paves way for dividends

**Quarterly dividends defined in USD from 2016. Annual dividends defined in NOK prior to 2016, converted to USD with the FX rate at ex-dividend dates. In addition to dividends TGS has bought back shares for more than USD 250 million over the period

Roadmap for continued long-term value creation

Market outlook

Growth in global consumption

US Gulf of Mexico continues to attract interest

• US Gulf of Mexico (GOM) has proven to be one of the most prolific basins in the world
• On the strategic priority list of most IOCs and some NOCs
• Technology progression continues to deliver incremental recoverable resources
• Inflation Reduction Act provides long-term visibility of licensing rounds – rounds expected in 2023

US GOM Deepwater* cumulative discoveries

Building a leading OBN data position in the core of GOM

• Recently announced Amendment Phase II will add ~3,500 km² , of longoffset OBN data to US GOM library
• Brings TGS' catalogue of long-offset OBN data in US GOM more than 13,000 km²
• These long-offset OBN datasets enhance the value of underlying data and allow for de-risked exploration, appraisal and production activities
• In total TGS has ~220,000 km²of 3D data in the US GOM

See the energy at

Some surveys acquired in partnership with WesternGeco

Progressing well in New Energy Solutions strategy

ION acquisition off to a good start

• Transaction closed on 31 August 2022

• TGS entitled to revenues from 1 July (will be recognized as a reduction of purchase price)
• Acquisition will increase TGS global 3D and 2D footprint by 29% and 14%, respectively
• Opportunity ION~3%of~\$2.3Bmarket,StrategyHistorical• Significant strengthening of key frontier areas in the South Atlantic basin
• Further strengthening of data processing offering
  • Synergies on hardware, software and people
• Low frequency source with profitable P&L

Enabling

Technologies

C

Opportunity

increasing share of a mature market

higher, more

to provide new 3D data,

D

ION

of new 3D

Oth

comprised

data

Market

largely

er

A

0

2015

Shift

3D Data

3D

2020

Evolution

New 3D Data

500,000

2D Data

2D

1,000,000

ION Data Library

Focus

B

consistent earnings

Magseis Fairfield transaction

• Public offer to acquire Magseis Fairfield (MSEIS)

• 0.0426 TGS shares + NOK 2.3592 per MSEIS share
• Offer period to expire on 21 September 2022

• Strategic rationale

• Strengthen TGS' multi-client business towards ILX and "converted contracts"
• Position TGS for production seismic and 4D
• Further enhance TGS' position in OBN processing
• Improve exposure towards energy transition related industries

• Further profitability improvement plan

• Strengthening of balance sheet
• Cost synergies and tight cost control
• Expand backlog through use of multi-client model
• Disciplined approach to capacity growth

**Net debt including lease liabilities

Source: Magseis Fairfield

TGS' Industry-Leading ESG Performance

Position Green ESG100

Received an A rating for the second year in a row in Position Green's annual review of ESG reporting in the Nordic region

*As of September 2022

Summary

• Positive macro environment

• Low spare capacity, underinvestment and call for energy security
• Oil & Gas has already seen significant recovery more to come
• Renewables growing the fastest

• Solid H1 2022 performance

• Revenue growth of 69%
• Free cash flow* of USD 90 million

• M&A transactions in line with strategic agenda

• Enhance existing library and improve processing capabilities
• OBN is key to grow US GoM further
• Solar is the fastest growing renewable source

• Improved pipeline of new project opportunities

• Two large surveys announced this week

Thank you