TGS ASA

Investor Presentation • Sep 11, 2024

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Pareto Securities Energy Conference

K R I S T I A N J O H A N S E N - 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 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.

Macro Outlook: More E&P Spending Needed

Source: Carnegie 1. Average of BP, Chevron, ConocoPhillips, Equinor, Exxon, ENI, Repsol, Shell, TotalEnergies,

Source: EIA, Exxon, OPEC, TGS

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Energy Macro Trends

Oil and Gas Industry

• Increase recovery rate, near field exploration and reduced cycle time
• Significant M&A activity
• Gradual increase in exploration spending

Seismic Industry

• Most activity in mature basins MC models changing
• Growth in OBN activity
• Consolidated seismic vessel supply market

New Energy Industry

• Energy evolution drives new data needs
• Providing secure, affordable and sustainable energy
• Significant growth opportunities

Adapting to the Market Trends

Building Strength Through the Value Chain

COMPANY .	As of	3D STREAMER	OBN	MC	IMAGING	NES
	2020
	2021
2022	2022
2022	2022
	2023
	2024 2024
	2024 onwards

The New TGS With Offerings Across the Value Chain

Providing the insights and solutions needed for today and anticipating the challenges of tomorrow

Recovering Demand for Seismic Acquisition

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• Seismic acquisition market has recovered gradually since 2021
• OBN market continues to grow in 2024
• Streamer acquisition market is expected to decline slightly in 2024
  • Driven by lower utilization while pricing is stable

Continued Order Inflow

• Order inflow of more than USD 220 million quarter-to-date
• September order inflow is streamer seismic for execution in 2H 2024 and through the winter season
• Significant increase in contract streamer active tenders over the last four months
  • Sales leads at continued high levels

Merger Cost and Synergy Run-Rate on Track

SYNERGY EST. 2024–2025, USDM (RUN-RATE)

Refinancing Other opex Vessel utilization Personnel cost Upside from low-end

• Synergy target upgraded to USD 110–130 million
  • Up from original target USD 90–110 million guidance
• Estimate of P&L integration cost¹:
  • USD 10–15 million in Q3 2024 (redundancy / tech)
  • ~USD 5 million in Q4 2024 (co-location / marketing)
  • ~USD 5 million in 2025 (redundancy / data management)
• Additional synergies from deferred tax assets, not included in the USD 110–130 million target

¹ Excludes approximately USD 10–12 million of vacated office leases, portion of 2024 and 2025 IT / ERP integration cost will be capitalized.

Illustration of Cash Flow Potential

¹ Simplified illustration of cash flow before movements in net WC and certain other balance sheet items, tax, net debt repayments, dividends and buybacks.

Clear Capital Allocation Priorities

• Disciplined organic investments
  • Margins more important than volumes
• Maintain solid balance sheet
  • Aim at net interest-bearing debt of USD 250-350 million
• Ambition of growing distribution to shareholders
  • Combination of quarterly dividend and buybacks

¹ Aker Solutions, Baker Hughes, BW Offshore, DOF, Haliburton, Seadrill, Shearwater, SLB, Subsea 7, Technip, Valaris, Viridien. Proforma numbers for TGS. Source: Bloomberg, company data

Summary

TGS has executed an ambitious consolidation plan to address changes in marketplace

• Opportunistic timing driven by strong balance sheet
• Leading position in all segments
• Strong track-record of integration

Clear near-term priorities of realizing synergies, reducing debt and becoming the preferred partner of the energy industry

Ambitious growth targets for New Energy business and well positioned to capitalize on growth in exploration spending