TGS ASA

Investor Presentation • Mar 7, 2023

March 7, 2023

TGS Capital Markets Day

Well positioned for a multi-year upturn

Forward Looking Statement

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.

Agenda

13:00	Introduction
13:05	Remarks from the Chair
13:15	KEYNOTE: Balancing Energy Security, Economic Security, and Climate Security Q&A
14:00	Market Outlook
14:15	Break
14:30	Strategic Priorities
15:20	Sustainability
15:30	Financial Strategy
15:40	Summary and Q&A

Presentation Team

CHRIS FINLAYSON

BOARD CHAIR

KRISTIAN JOHANSEN CEO

SVEN BØRRE LARSEN

CFO

WILL ASHBY

EVP EASTERN HEMISPHERE

DAVID HAJOVSKY EVP WESTERN

HEMISPHERE

EVP ACQUISITION

JAN SCHOOLMEESTERS

EVP DIGITAL ENERGY SOLUTIONS

WHITNEY EATON

EVP PEOPLE & ESG

CAPITAL MARKETS DAY

Market Outlook & Strategy

Kristian Johansen

CEO at TGS

TGS CAPITAL MARKETS DAY

Key Messages

• Multi-year upcycle expected for all energy sources
• Our resilient, sustainable and proven business model has become even stronger
• TGS is well-positioned for leadership in emerging and mature basins
• We will leverage our unique technology portfolio and capitalize on our #1 OBN position
• Diversification from New Energy Solutions and industry-leading ESG performance

A new and more diversified TGS with focus on value creation

Multi-Client Library

World's largest 2D and 3D library USD 5bn invested over 40 years Onshore and offshore Frontier and ILX

Ocean Bottom Nodes

World's leading OBN offering Technology leader Strong track record in key basins Completed 100 OBN surveys

New Energy Data

Data offerings for renewables

Wind AXIOM and 4C Offshore

CCS capabilities

Performance optimization software

Data Processing

250 processing employees globally Unmatched compute capacity DAS and VSP Imaging Land and marine

A compelling investment case

Current position - a result of strategic planning and execution

• Well-planned and executed diversification strategy to manage market disruptions
• Well positioned for market recovery and multi-year cycle

Capital Markets Day 2019 & 2021

M&A has been key to fulfill our ambitions

Well positioned for a multi-year upturn

This upcycle will be different

TGS – Well prepared for a different upcycle

Recent strategic announcements

• SLB Gulf of Mexico collaboration agreement announced this morning
• Allows partnership to leverage joint libraries and imaging resources
• Key for continued sparse node development and better customer data

• COSL agreement announced this morning
• Secures 2D, 3D and source vessel capacity for multiple years
• Competitive rates and terms

• Completed the acquisition of Magseis Fairfield in January 2023
• Secures TGS access to OBN capacity and position in 4D/ILX market
• Growth market with significant margin improvement potential

Clearly defined strategic priorities

• Capitalize on M&A and organic investments to maximize free cash flow
• OBN margin improvement from synergies and operational excellence
• Diversification from further growth in energy transition-related industries

Delivering on strategy will enable strong cash flow generation

• Substantial organic and inorganic investments in past years position TGS well for generating strong cash flows in a cyclical upturn
• Positive cash contribution from OBN
• Scalable cost base

Based on MC financials in line with historical mid-to-up-cycle range (MC inv. MUSD 350-450, S/I 1.9-2.1x), Acquisition revenues with 2022 level as low point with upside potential of approx. 30%. Does not take into consideration changes to Net Working Capital, which typically increases when revenues grow and decreases when revenues decline. 2022 pro-forma FCF includes Magseis for the entire year.

Strengthened management team to deliver on priorities

Jan Schoolmeesters EVP, DES

CAPITAL MARKETS DAY

Multi-client Data: Continued #1 in Emerging Basins

Will Ashby

Executive Vice President, Eastern Hemisphere

Energy security in Europe and Asia

45MT 7MT 6MT 15MT 16MT New LNG Supply Changes in global LNG trade 2022*

Searching for the next Guyana (with urgency)

Total recoverable resources discovered over the last 10 years (Mmboe-2C)

TGS Current Data

Organic Growth 2014 - 2023

CAPITAL MARKETS DAY

Multi-client Data: Advancing Leadership in Mature Basins

David Hajovsky

Executive Vice President, Western Hemisphere

TGS driving data leadership in mature basins

• TGS is the market leader in delivering multi-client OBN data
• US GOM OBN Data Library has acquired 9,700 km2 OBN data with another 6,300 km2 in progress
• North Sea OBN Data Library has acquired 5,000 km2 OBN data with another 1,700 km2 announced

TGS Integrated Solutions Approach From OBN Field Acquisition to Imaging Software

TGS-SLB US GOM OBN Collaboration

Focused imaging technologies

CAPITAL MARKETS DAY

Acquisition and Technology

Carel Hooijkaas

Executive Vice President, Acquisition

DATA DRIVEN FIELD DEVELOPMENT DECISIONS

Recognized leader in global acquisition

• 4 node crews, 3 reservoir monitoring source crews
• Fully modular system across all water depths from 0 – 3,000 meters
• Performed more than 100 OBN surveys worldwide

Signs of continued recovery in seismic spending

• Global seismic market grew by more than 30% in 2022
• Planned offshore drilling activity supports continued recovery in seismic market
• TGS well positioned with leading position both in frontier and mature regions
  • Broad portfolio offering 2D, 3D, 4D, OBN, Imaging, geological data, leading multi-client library

Market opportunity

Customers have moved to OBN being the norm and repeat surveys

Cumulative OBN surveys by operator client between 2005-2022 – selected large operators

Cumulative number of surveys

1

Early adaptor: a stable demand for 3 OBN surveys per year

2

Early adaptor: applying OBN globally approx. 4 surveys per year

3

First survey in 2015. Now at approx. 2 surveys per year

4

First survey in 2022. May become the biggest user of OBN in the coming year.

Market opportunity

OBN has moved from a service in predominantly NWE and U.S. GOM, to a global service

US GoM and NW Europe remain core markets while new markets become increasingly important

TGS has acquired by far the highest number of projects

Customer count from 2019 - 2023 YTD

TGS node inventory aligned with customer priorities

OBN margin improvement and free cashflow generation

• Integration Synergies
  • Reduced overhead cost
  • Lower financing cost

• Scale

• Purchasing power
• Flexibility
• Pricing Improved market conditions
  • 3rd Party Market
  • Internal MC demand

To be used for illustrative purposes only

TGS well positioned to capitalize on the market opportunity

• Unparalleled experience
• High capacity
• Broadest access to market
• Scale
• Pricing
• Procurement of 3rd party services

Data-driven customer decisions – Technology differentiation

First OBN survey at Shell (2007) – OBN data lead to discovery a full field development

Data driven customer decisions – Technology differentiation

Integration of MC Data, OBN Acquisition & Imaging: Superior FWI Imaging leading to better customer decisions

Initial velocity model (left) and model after FWI (right)

Data driven customer decisions – Technology differentiation

Integration of data and solutions lead to better customer decisions

Powered by TGS Data & Analytics capabilities

TGS is uniquely positioned to:

• Offer a unique solutions for data driven customer decisions
• Drive value creation through technology integration
• Capitalize on OBN position to generate OBN returns

CAPITAL MARKETS DAY

Advancing New Energy Solutions

Jan Schoolmeesters

Executive Vice President, Digital Energy Solutions

Well positioned across the new energy value chain

Our vision for renewable energy

43

Data and SaaS solutions across the project life cycles

The wind ecosystem for the full project life cycle taking shape

TGS Prediktor asset and data management solutions

Providing utility scale asset management through PowerView™ platform

Supporting >9 GW renewable assets, e.g.

Leveraging subsurface data and expertise for successful CCS

SOLID ENTRY INTO RENEWABLE MARKET

Through organic growth, M&A, and partnerships

• Large client base in renewables
• Enhanced digitalization & insights
• Bankable wind measurement campaigns
• Partnering with leading players

Targeting revenue growth at or above segment specific growth rates

CAPITAL MARKETS DAY

Industry-Leading ESG Performance

Whitney Eaton

Executive Vice President, People & ESG

Our commitment to ESG

We are Responsible to Our Customers and Our Shareholders

We believe it is our responsibility to help our customers, shareholders and communities shape the future of energy by conducting our operations in a sustainable manner.

Upholding high standards in how we operate:

• Ethics & Transparency
• Anti-corruption
• Environmental
• Health & Safety
• Human Rights
• Diversity & Inclusion
• Supply Chain Management

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

Our commitment to ESG

We are Responsible to Our Communities

We are committed to conducting our operations in a safe, healthy, and responsible manner and implementing stringent measures to protect the environment.

Our commitment to ESG

Our Single Greatest Asset is Our Employee Base

We are committed to respecting fundamental human rights and to providing a safe, healthy and inclusive working environment where our employees have the opportunity to achieve excellence every day.

ESG Drives Our Future Success

GOVERNANCE

We remain committed to the highest standards of ethics and corporate governance and being transparent on how we operate

ENVIRONMENT

We remain on track to deliver on goal to be net zero in office and datacenter emissions by 2030, and will continue to operate with a focus on biodiversity and protecting marine, coastal and land ecosystems

HEALTH & SAFETY

Safety is fundamental to everything we do. We will continue to uphold best-in-class safety practices in our operations and demand the same from our partners and suppliers

HUMAN RIGHTS

We will maintain our focus on development and inclusion, and continue to promote diversity in the workplace and in recruitment, particularly from underrepresented groups

CAPITAL MARKETS DAY

Financial Strategy

Sven Børre Larsen

CFO

Continued outperformance on key financial metrics

2022 Return on Average Capital Employed

* Aker Solutions, CGG, Core Labratories, Dril-Quip, Halliburton, Helmerich & Payne, Nabors Industries, NOV, Oceaneering, Oil States Int., PGS, Saipem, SLB, Seadrill, Subsea 7, Technip, TGS, Transocean, USA Compression partners

2022 Free Cashflow Conversion Rate

Source: Bloomberg, TGS

Solid balance sheet increasingly important

• Traditional debt funding sources less available and more expensive
• Leading energy services companies steering towards more solid balance sheets
• Solid balance sheet always a cornerstone in TGS' strategy
  • Allows for counter-cyclical organic investments
  • Facilitates for inorganic investments at attractive points in the cycle
  • Helps manage strong cyclicality
• New revolving credit facility established with Danske Bank and DNB

Net debt/(cash)

Capital allocation – organic investments priority #1

TGS dividend per share

• Solid cash flow paves the way for dividend payments even when markets are weak
• TGS one of few oil service companies that kept paying dividends through the downcycle
• Prioritizing organic investments and maintaining a robust balance sheet – excess cash to be distributed to shareholders

* Aker Solutions, PGS, Prosafe, Solstad Offshore, Subsea 7

**Assuming TGS pays the dividend declared for Q1 2023 for the three remaining quarters

CAPITAL MARKETS DAY

Financial Reporting

Sven Børre Larsen

CFO

Reporting structure going forward - Revenues

• Quarterly financial statements in accordance with IFRS with POC* APMs provided as supplemental information
• Presentation material to focus on POC numbers
• POC Revenues by type
  • Early Sales Sales of multi-client data not yet completed
    • Multi-client investments x Early Sales rate
  • Late Sales Sales of completed multi-client data
    • Recognized at time of delivery of the data
  • Proprietary revenues Sales of services
    • Typically related to imaging and OBN acquisition
• POC revenues by Business Unit
  • Multi-client (including Imaging)
  • Digital Energy Solutions
  • Data Acquisition

Reporting structure going forward – Operating costs

• Cost of Goods Sold

• Costs other than personnel cost that can be directly attributed to proprietary projects

• Personnel cost

• Salary, social cost and bonuses for all employees, incl. offshore workers

• Other operating costs

• All other non-D&A costs of an operational nature

Introducing POC amortization

• Accelerated amortization in IFRS

• Impairment of a survey to align the book value with the NPV of estimated remaining sales after the recognition of when all performance obligations are met

• POC amortization

• Timing of accelerated amortization in accordance with Percentage of Completion (POC) of the projects
• Aligns with recognition of POC Early Sales

*Assuming investment of 100, Early Sales rate 75%, Sales-to-Investment 1.5x and WACC 10%. Late sales distributed equally across the period

CAPITAL MARKETS DAY

Summary

Kristian Johansen

CEO

Continued Momentum in Contract Inflow

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

Early Sales expected recognition schedule in IFRS

Early Sales backlog accounts for USD 355 million of the IFRS backlog

Increased Investment Guidance

• 2023 multi-client investment guidance increased as a result of strong contract inflow and continued growth in pipeline of opportunities
• Multi-client investments expected to be more than USD 350 million in 2023 up from previous guidance of USD 320-350 million
• Early sales rate expected to be minimum 70% same as previous guidance

TGS CAPITAL MARKETS DAY

Summary

• Multi-year upcycle expected for all energy sources
• Increased investment guidance from recent contract inflow and backlog growth
• Several strategic milestones announced today
• Recent diversification initiatives position TGS for growth across the energy value chain

CAPITAL MARKETS DAY

Appendix

New debt facility in place

• Revolving Credit Facility refinanced in connection with Magseis acquisition
• Strong support from Danske Bank and DNB
• Use of proceeds
  • Repayment of Magseis USD 45 million facility
  • Buffer capital for extra-ordinary organic and/or inorganic investments
• Balance sheet to remain solid with a net cash position

Key Terms
Amount	USD 125 million
Tenor	3 years
Amortization	Bullet
Interest rate	3-months SOFR + 3.00%

Historical POC Amortization