May 11, 2023

E A R N I N G S R E L E A S E

Q1 2023 Results

Kristian Johansen, CEO / Sven Børre Larsen, CFO O S L O , N O R W A Y

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 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.

Q 1 2 0 2 3

Financial Highlights

Total POC revenues of USD 229 million compared to USD 114 million in Q1 2022

Late sales of USD 46 million in Q1 2023 vs. USD 76 million in Q1 2022
POC Early sales of USD 98 million compared to USD 34 million in Q1 2022
Acquisition business unit had net revenues of USD 79 million (gross USD 97 million) (18% growth)

POC EBITDA of USD 119 million compared to USD 83 million in Q1 2022

Strong free cash flow of USD 106 million vs. USD 26 million in Q1 2022

Continued momentum in contract inflow with USD 248 million of new contracts signed in the quarter

Continued recovery in sales and contract inflow

Source: TGS Percentages indicate year-on-year-growth

Pro-forma including Magseis Fairfield ASA. Percentages indicate year-on-year-growth

Acquisition Business Unit off to a good start!

Acquisition Business Unit established through take-over of Magseis Fairfield ASA
Strong revenue growth of 18% from Q1 2022*
Positive EBIT margin and free cash flow in Q1 2023
Acquisition backlog of USD 283 million and strong pipeline
Synergy realization ahead of plan
New organizational structure
Continued safe operations

Magseis Fairfield ASA Excluding system sales

100

150

200

MUSD

250

300

350

400

DES provides diversification and exposure to growth markets

Revenue growth of 63% from Q1 2022
Lidar Buoy campaigns progressing well
4C continues to show profitable growth
CCUS opportunities materializing in North America
Strong customer engagement

Digital Energy Solutions revenues

Q1 2021

Q2 2021

MUSD

TGS Industry-Leading ESG Performance N E W R E C O G N I T I O N S

M E M B E R Bloomberg 2023 Gender Equality Index

Since 2016, TGS has been committed to the UN Global Compact corporate responsibility initiative and supports these initiatives.

E A R N I N G S R E L E A S E

Financials

Q1 2023

POC Revenues by Type

Proprietary Sales Revenue Total Revenue

POC Revenues by Business Unit

Multi-client & Imaging Digital Energy Solutions

Acquisition Total Revenue

Q1 2021 Q2 2021 Q3 2021 Q4 2021 Q1 2022 Q2 2022 Q3 2022 Q4 2022 Q1 2023

Operating Costs and POC EBITDA

¹² ¹⁵ ¹⁴ 31 MUSD

Q1 2021 Q2 2021 Q3 2021 Q4 2021 Q1 2022 Q2 2022 Q3 2022 Q4 2022 Q1 2023

Other Operating Costs POC EBITDA

MUSD

Q1 2023 Operating costs include non-recurring integration costs related to Magseis acquisition of USD 7.9 million (USD 5.5 million in Other Operating Costs and USD 2.4 million in Personnel Costs)

Amortization, Depreciation and POC EBIT costs and POC EBITDA

Bridge POC Revenues to IFRS Revenues

Profit & Loss Accounts

(MUSD)		Q1 2023	Q1 2022	Change
Early Sales		41 9	51 9	-19%
Late Sales		45 5	76 2	-40%
Proprietary Sales		85 7	4 0	2019%
Total revenues		173 2	132 2	31%
Cost of goods sold		8 57	1 2	4589%
Personnel cost		31 3	17 5	78%
Other operational costs		20 6	12 4	66%
EBITDA	37%	63 5	101 0	-37%
Straight-line amortization		39 6	36 4	9%
Accelerated amortization		12 2	25 9	-53%
Impairments		0 0	0 0	n/a
Depreciation		18 5	5 3	252%
Operating result	-4%	-6 8	33 5	-120%
Financial income		2 3	1 5	53%
Financial expenses		-6 1	-3 7	64%
gains/losses Exchange		-1 0	-3 1	-67%
Gains/(losses) from JV		-1 3	0 0	n/a
before Result taxes	-7%	-12 9	28 3	-146%
Tax cost	33%	-4 2	7 4	-158%
Net income	-5%	-8 7	20 9	-142%
EPS (USD)		-0 07	0 18
EPS fully diluted (USD)		-0 07	0 18

Balance Sheet

				Change from
(MUSD)	31-Mar-23	31-Mar-22	31-Dec-22	31 Dec 22
Goodwill	384 6	304 0	384 6	0%
Multi-client library	656 3	687 6	3 575	14%
Deferred tax asset	86 0	89 3	82 2	5%
Other non-current assets	287 4	88 8	282 9	2%
Total non-current assets	1 414 4 ,	1 169 6 ,	1 325 1 ,	7%
Cash and cash equivalents	208 0	215 5	188 5	10%
Other current assets	244 1	226 6	325 4	-25%
Total current assets	452 1	442 1	513 8	-12%
TOTAL ASSETS	5 1 866 ,	1 611 7 ,	1 838 9 ,	2%

Total equity	1 208 9 ,	1 117 6 ,	1 239 8 ,	-2%
Deferred taxes	17 2	32 1	23 1	-26%
Non-current liabilities	79 2	31 3	71 0	12%
liabilities Total non-current	96 5	63 4	94 1	2%

Taxes payable withheld payroll social security and VAT tax , ,	71 9	80 6	2 77	-7%
Other liabilities current	489 2	350 2	427 8	14%
Total liabilities current	561 1	430 8	505 0	11%
TOTAL EQUITY AND LIABILITIES	1 866 5 ,	1 611 7 ,	1 838 9 ,	2%

Cash Flow

(MUSD)	Q1 2023	Q1 2022	Change

Cash flow from operating activities:
Profit before taxes	-12 9	28 3	-146%
Depreciation/amortization/impairment	70 3	67 6	4%
Changes in receivable and accrued accounts revenues	76 1	-8 7	-974%
Changes in other receivables	4 1	5 5	-26%
Changes in other balance sheet items	48 5	5 6	763%
Paid taxes	9 -7	-2 5	222%
Net cash flow from operating activities	178.2	95 .9	86%

Cash flow from investing activities:
Investments in tangible and intangible assets	-7 6	-5 4	41%
Investments in multi-client library	-66 9	-64 5	4%
Investments through mergers and acquisitions	0 0	0 0	n/a
Interest received	2 1	0 1	1627%
flow from investing activities Net cash	-72.3	-69.7	4%

Cash flow from financing activities activities:
Interest paid	-1 8	-0 8	125%
Dividend payments	-17 4	-16 3	7%
of Repayment lease liabilities	-11 6	-3 3	257%
Acquisition of shares	-54 4	0 0	n/a
Repurchase of shares	0 0	-2 7	-100%
Net cash flow from financing activities	-85 .2	-23.0	271%

Net change in cash and cash equivalents	20.6	3.2	543%
Cash and cash equivalents the beginning of period at	188 5	215 3	-12%
Net unrealized currency gains/(losses)	-1 1	-3 1	-65%
Cash and cash equivalents the end of period at	208.0	215 5	-3%

Dividends

3.51 % 3.63 % 3.96 % 3.92 % 4.94 % 5.20 % 3.71 % 2.77 % 2.63 % 4.02 % 4.51 % 4.58 % 4.29 % 3.39 % 0.0 % 1.0 % 2.0 % 3.0 % 4.0 % 5.0 % 6.0 % 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023

Year of payment

The Board has resolved to maintain the dividend of USD 0.14 per share for Q2 2023

▪ Ex date 22 May 2023 – payment date 5 June 2023

TGS has returned more than USD 1.4 bn to shareholders through dividends and buybacks since 2010

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
Average yield at the time of announcement of dividends

E A R N I N G S R E L E A S E

Outlook

Q1 2023

Strong momentum in client spending into 2023

Y/Y change in E&P capex

Y/Y change in Multi-client spending

Based on aggregate reported E&P capex for 23 E&P companies of all categories Source: SEB

Estimated and reported aggregate industry multi-client POC revenues Source: TGS

40%

License Round Activity

N O R T H A M E R I C A

Canada:

Newfoundland Q4 2023 (close)
Nova Scotia Q3 2023 (close)

US GOM:

• Lease Sale 261 – Q3 2023 (close)

L A T I N A M E R I C A

Brazil:

• Permanent Offer 4 – 2023 (Ongoing)

Suriname:

Deep Water Q2 2023 (close)
Shallow Water H1 2024 (close)

Guyana:

• Offshore – Q3 2023 (close)

Barbados:

• Offshore – H2 2023 (close)

Trinidad:

• Shallow Water Round – H2 23 (open)

Uruguay:

• Open Round – May and Nov (annual)

Argentina:

• Offshore Round 2 – 2023 (open)

E U R O P E

Norway:

2022 APA Round Q1 2023 (award)
2023 APA Round Q3 2023 (close)
Carbon Storage Round Q1 2023 (award)

UK:

- Carbon Storage Round Q3 2023 (award) • 33rd UK Offshore Round – Q3 2023 (award)

Overview is showing scheduled Several countries, particularly in Africa and Latin America, are planning rounds over the next

A F R I C A

Angola:

2023 round 8 blocks
2025 round 10 blocks
Out of Round direct awards legally decreed

Egypt:

• Onshore & Offshore Rounds – 2023 launch

Gabon:

• Open Door

Ghana: • Open Door for available blocks and farm-in

Lebanon: • 2022 Round – 30 June 2023 (close)

• Open Door – indefinite end

Nigeria:

• Unawarded Blocks available for direct award

Senegal:

• Open Door – LR after elections, Feb 2024

Sierra Leone:

• 2022 Round – 29 Sep 2023 (close)

Somalia:

• Expected March – Aug 2023

A S I A - P A C I F I C

Australia:

2021 Acreage Release awards expected H1 2023
2022 Acreage Release March 2023 (close)

India:

• Bid Round IX ongoing, closing date not yet announced

Indonesia:

• 2023 1st round – awards expected Q3 2023

Malaysia:

• 2023 MBR round – bid submission mid-Sep, awards expected Nov 2023

Bangladesh:

• Offshore round - expected H2 2023

rounds only and is not exhaustive. couple of years

Liberia:

• Deep Water Mini Round – May 2023 (close)

Mozambique:

Acquisition Activity Plan

Contract Backlog & Inflow

Timing of expected recognition of IFRS Multi-client Early Sales backlog

Q2 2023 Q3 2023 Q4 2023 2024 +

Multi-client Early Sales backlog accounts for USD 318 million of the total backlog

Q1 2020 – Q3 2022 contract inflow and contract backlog figures are proforma assuming TGS ownership of Magseis.

A compelling investment case

Q 1 2 0 2 3

Summary

Total POC revenues of USD 229 million compared to USD 114 million in Q1 2022

Late sales of USD 46 million in Q1 2023 vs. USD 76 million in Q1 2022
POC Early sales of USD 98 million compared to USD 34 million in Q1 2022
Acquisition business unit had net revenues of USD 79 million (gross USD 97 million) (18% growth)

POC EBITDA of USD 119 million compared to USD 83 million in Q1 2022

Strong free cash flow of USD 106 million vs. USD 26 million in Q1 2022

Continued momentum in contract inflow with USD 248 million of new contracts signed in the quarter

Thank you

TGS.com

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TGS ASA

3774_rns_2023-05-11_9a1891ec-1d64-4e13-9430-1fb4aaf8359b.pdf

E A R N I N G S R E L E A S E

Q1 2023 Results

Forward-looking Statements

Q 1 2 0 2 3

Financial Highlights

Continued recovery in sales and contract inflow

Acquisition Business Unit off to a good start!

DES provides diversification and exposure to growth markets

TGS Industry-Leading ESG Performance N E W R E C O G N I T I O N S

Financials

POC Revenues by Type

POC Revenues by Business Unit

Operating Costs and POC EBITDA

Amortization, Depreciation and POC EBIT costs and POC EBITDA

Bridge POC Revenues to IFRS Revenues

Profit & Loss Accounts

Balance Sheet

Cash Flow

Dividends

3.51 % 3.63 % 3.96 % 3.92 % 4.94 % 5.20 % 3.71 % 2.77 % 2.63 % 4.02 % 4.51 % 4.58 % 4.29 % 3.39 % 0.0 % 1.0 % 2.0 % 3.0 % 4.0 % 5.0 % 6.0 % 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023

The Board has resolved to maintain the dividend of USD 0.14 per share for Q2 2023

TGS has returned more than USD 1.4 bn to shareholders through dividends and buybacks since 2010

Outlook

Strong momentum in client spending into 2023

License Round Activity

N O R T H A M E R I C A

Canada:

US GOM:

L A T I N A M E R I C A

Brazil:

Suriname:

Guyana:

Barbados:

Trinidad:

Uruguay:

Argentina:

E U R O P E

Norway:

UK:

- Carbon Storage Round Q3 2023 (award) • 33rd UK Offshore Round – Q3 2023 (award)

Overview is showing scheduled Several countries, particularly in Africa and Latin America, are planning rounds over the next

A F R I C A

Angola:

Egypt:

Gabon:

Ghana: • Open Door for available blocks and farm-in

• Open Door – indefinite end

Nigeria:

Senegal:

Sierra Leone:

Somalia:

A S I A - P A C I F I C

Australia:

India:

Indonesia:

Malaysia:

Bangladesh:

Acquisition Activity Plan

Contract Backlog & Inflow

Timing of expected recognition of IFRS Multi-client Early Sales backlog

A compelling investment case

Q 1 2 0 2 3

Summary

Thank you

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