TGS ASA

Investor Presentation • Aug 29, 2024

2 9 A U G U S T 2 0 2 4

Capital Markets Day

Integrated Offering Across the Energy Data Value Chain

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.

Presentation Team

CHRISTOPHER FINLAYSON

JOHANSEN

SVEN BØRRE LARSEN

KRISTIN OMRENG

EVP, People & Culture

CAREL HOOIJKAAS

EVP, New Energy Solutions

Chair

3

CEO

CFO

Time	Topic	Presenter
14:00	Introduction	Christopher Finlayson
14:10	State of the market and TGS' position	Kristian Johansen
14:35	Strategic priorities	Kristian Johansen / Carel Hooijkaas / Kristin Omreng
15:10	Integration process	Kristin Omreng
15:20	Financial strategy	Sven Børre Larsen
15:40	Summary	Kristian Johansen
15:45	Q&A

State of the market and TGS' position

Strategic priorities
Integration process
Financial strategy
Summary
Q&A

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

6

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
• Continued multi-client investment opportunities
• 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

PAMA 3D – Leveraging the Integrated Model

• PAMA 3D an excellent example of value of the integrated model
• Phase 1 covers 19 343 sq.km of a total permitted area of ~55 000 sq.km
  • One of the world's largest multi-client programs
• TGS manages project from A to Z
• Value kept in-house

MULTI-CLIENT 3D ACQUISITION IMAGING DATA MANAGEMENT SALES

State of the market and TGS' position

Strategic priorities

Integration process

Financial strategy

Summary

Q&A

Strategic Priorities

Diversification, HSE and Sustainability, Balance Sheet Strength

STRATEGIC PRIORITIES

Value

The Industry's Largest Multi-Client Library

• TGS owns the world's by far largest and most modern multi-client library
  • Combined NBV of USD 1.1 bn
• Strong financial performance over time
  • Average Sales/Investment of ~2x
• Currently EV/MC library of 1.8x
  • Well below historical averages

- 1. Current EV adjusted for purchase price of Magseis Fairfield and PPA value of PGS 3D vessels

The Industry's Most Capable Seismic 3D Vessel Fleet

• Well consolidated supply side
• No newbuilding activity
• Attractive entry point
  • 7 high spec 3D vessels acquired at average price of less than USD 100 million as per PPA
  • Age-adjusted newbuilding cost Ramform Titan-class vessel USD ~200m
  • Replacement cost similar spec 3D vessel USD ~200m

Implied vessel values

The Industry's Leading OBN Player

Revenue TGS OBN business

• Favorable market dynamics
  • Play on infrastructure-led exploration (ILX) and production seismic (4D)
  • Growing demand
• Attractive entry point
  • TGS acquired Magseis Fairfield at an EV of USD 238 million in 2023
  • 2023 EBITDA of USD 132 million EV/EBITDA of 1.8x
  • 2023 EBIT of 55 million EV/EBIT of 4.3x

Fast-Growing New Energy Exposure

Pro-forma revenue TGS NES

• Since 2020, TGS has established itself as a leading provider of data, insights and asset management solutions for wind, solar and CCS
• TGS NES pro-forma revenues increased from USD 7 million in 2021 to ~USD 70 million expected in 2024
• Favorable development in EBITDA margin
  • 15% in 2023
  • 20%+ expected for 2024

Building Relationships and Partnerships in Priority Basins

U.S. GULF OF MEXICO

• Strong technology intensity
• High number of active clients
• Strong TGS data position

BRAZIL

• Need for next gen data and 4D in mature areas
• Attractive frontier basins opening up
• Strong TGS data position

NORWAY

SOUTHEAST ASIA

• Governments committed to build better self-sufficiency of energy
• Both mature and emerging basins
• Strong TGS data position

WEST AFRICA

• Prospectivity highlighted by recent discoveries
• Mostly areas with frontier qualities but increasing potential for OBN
• Strong TGS data position

STRATEGIC PRIORITIES Resilience

New Standards for HSE and Sustainability

HSE

kg CO2

per Common Mid Point

(CMP)

• Builds on the leading HSE performance of PGS and MagseisFairfield
• Focus on potential consequences of incidents
• Collaboration with clients and suppliers
• Proactive HSE initiatives for continuous improvements

Sustainability

• Energy creates prosperity and lifts people out of poverty
• Enable our clients to produce lower carbon barrels
• Efficient exploration, 4D, reduced cycle time
• Provide our clients 'a license to operate' through at scale CCS solutions

Reducing emissions on Ramforms, per seismic data unit acquired

56

2011 2023

90

Highly Scalable and Cost-effective Fleet

• Young Ramform fleet around 10 years¹
• High-capacity 3D Ramform streamer vessels

• Towing on average 16 streamers¹ per Ramform

• ~40% of total fleet capacity is owned (7 Ramforms)

• Flexible fleet with access to third-party towed streamer seismic vessels at attractive terms
• Chartered OBN vessels managed through shortand long-term agreements

New Energy Macro Outlook

A Growth Opportunity for TGS

Primary energy by energy type

Renewable energy more than doubles by 2050 in current trajectory

Increases more than threefold in Net Zero

TGS Integrated New Energy Value Proposition

On-demand Market Intelligence OBN Acquisition UHR3D Acquisition

Wind and Metocean

Multi-Client and Well Data Auxiliary Measurements Imaging and Answer Products

Data Gateway to Asset Management

New Energy Solutions – A Growth Opportunity for TGS

25

Carbon Storage

Solar

• Move from data intelligence database to a Knowledge Platform

• Offer technology, competency, and Knowledge Platform answer products to be the trusted partner

  • Expand wind and metocean offering
  • Capitalize on wide tow and auxiliary measurement capabilities to leverage efficiency
  • Offer monitoring solution to generate long-term repeat business
  • Fit for purpose business models and partnerships matching diverse client base

• Scale up globally on Data Gateway offering

• Scale up globally on Asset Management for solar parks

STRATEGIC PRIORITIES Knowledge

Embracing and Accelerating Technology

Lead technology development from acquisition to imaging to reservoir characterization Extract incremental value from data through application of AI technologies

Digital Maturity

• Digitally savvy and competent workforce
• Joint geoscience and digital knowledge
• Best-in-class tech driven by end-user value

• On-prem and cloud capabilities Hybrid Cloud

• Seamless end-to-end geoscience and digital flows
• Tier 1 Imaging technologies

AI Technologies

• Fostering people and technology interactions
• Accelerating data and value creation
• Enabling insights and knowledge

Optimized Data Flow

State of the market and TGS' position

Strategic priorities

Integration process

Financial strategy

Summary

Q&A

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.

State of the market and TGS' position

Strategic priorities

Integration process

Financial strategy

Summary

Q&A

Clear Capital Allocation Priorities

• Multi-client investments: Managed to yield sales-toinvestment in line with historical levels
• Streamer fleet: Maintaining current capacity
• OBN: Growing in line with market
  • Margins more important than volumes
• Maintain solid balance sheet
  • Aim at net interest-bearing debt of USD 250-350 million
    • Combined net debt of USD 416 million on 30 June 2024 (ex. lease debt)
  • Maintain strong liquidity throughout the cycles
• Ambition of growing distribution to shareholders
  • Pay a stable dividend on a quarterly basis
    • Annual dividend level decided in the beginning of the year based on long-term cash flow outlook
  • Additional distribution through buybacks and/or dividends to manage net debt within indicated range

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

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.

Reporting Structure and Value Drivers

					Shared
(MUSD)	MC	Contract	NES	Imaging	services	Elim.	Group
Multi-client sales	x,xxx	x,xxx	x,xxx	x,xxx		x,xxx	x,xxx
Proprietary/contract sales	x,xxx	x,xxx	x,xxx	x,xxx		x,xxx	x,xxx
Total sales	x,xxx	x,xxx	x,xxx	x,xxx		x,xxx	x,xxx
Cost of sales	x,xxx	x,xxx	x,xxx	x,xxx	x,xxx	x,xxx	x,xxx
Other opex	x,xxx	x,xxx	x,xxx	x,xxx	x,xxx	x,xxx	x,xxx
EBITDA	x,xxx	x,xxx	x,xxx	x,xxx	x,xxx	x,xxx	x,xxx
Depreciation							x,xxx
Amortization							x,xxx
EBIT							x,xxx
Multi-client investments						x,xxx
Capital expenditures							x,xxx

• Focus on produced (POC) financials in segment reporting
• Business unit numbers presented on gross basis, i.e. including internal revenues
  • Two revenue categories: Multi-client and contract sales
• Shared services reported as cost center
  • Includes technology and G&A expenses
• Depreciation, amortization and investments presented on Group level
• IFRS P&L, balance sheet and cash flow statements
• Key Performance Indicators to be reported:
  • Contract backlog
  • Streamer fleet utilization
  • Number of OBN crews in operation

Billion Dollar Backlog

• Backlog of TGS after completion of PGS merger is approximately one billion dollars¹
• Strong order inflow so far in Q3 2024
  • Particularly related to OBN contracts and new multi-client projects

¹Backlog for TGS and PGS combined as of end Q2 2024 plus new awards, i.e. includes revenues earned since 30 June 2024, with multi-client projects measured in accordance with Percentage of Completion. Commitments between the respective companies have been eliminated.

Financial Communication

• Stock exchange releases:
  • All multi-client programs above USD 5 million
  • Contract awards of USD 5 million or more
  • Strategically important contracts and all new energy solutions related projects
  • Pre-announcement of activity level (vessel / OBN utilization and MC investments) on the sixth trading day after quarter close
• Media releases:
  • Most projects and news to be published as a press release and published on www.tgs.com

Updated Guidance

Parameter	TGS stand-alone	PGS stand-alone	Eliminations	New TGS
2024 Multi-client investment	USD 300 – 350 million	~USD 185 million	~USD 40 million	USD 450 – 500 million - Whereof USD 189 million incurred in H1 2024
2024 Synergies1				~USD 60 million - Whereof opex ~USD 55 million
Total synergies2				USD 110 – 130 million - Whereof opex USD 70-75 million

Multi-client investment guidance unchanged from TGS-PGS legacy guidance

¹ Annual run-rate achieved by year-end 2024. ² Annual run rate achieved by year-end 2025.

State of the market and TGS' position Strategic priorities Integration process Financial strategy Summary Q&A

Clear Strategic Priorities for the New TGS

VALUE

• Enhance leading position in key basins
• Capitalize on integrated structure to build strategic relationships with clients and governments
• Become Clients' preferred Imaging partner recognized for quality and collaboration in MC and contract

RESILIENCE

• Continue diversification through establishing a leading position in the new energy data area
• Set new standards for HSE and sustainability for the energy data industry
• Maintain strong balance sheet, cost efficiency and scalability

KNOWLEDGE

• Lead technology development from acquisition to Imaging to reservoir characterization
• Extract incremental value from data through application of AI technologies
• Being the employer of choice in the energy data industry

TGS – A Compelling Energy Investment Case

Unique Play on Increasing Exploration Activity

• Early in the cycle
• Seismic required for oil and gas exploration
• RRRs at all time low
• Preferred Partner Through Entire Value Chain
• Exploration phase
• Well data and monitoring including OBN and CCS
• Significant exposure to life-of-field phase
• Rapidly Growing Exposure Towards Energy Evolution
• Offshore wind
• CCS
• Solar energy

Attractive and Industry-Leading Assets

• MC data library sales/invest ratio 2x

• Newest seismic fleet in the industry with highest avg. streamer capacity

Strong Balance Sheet and Cash Generation Capacity

• Attractive capital allocation
• Balance sheet allows for opportunistic investments

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

World-class leadership team with best combination of talent from acquired companies

Appendix

Pro-Forma Income Statement – Produced (POC)

(All amounts in USD 1,000s)	Q1 2022	Q2 2022	Q3 2022	Q4 2022	2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	2023
Multi-client revenues	174,479	256,895	203,263	287,022	921,658	198,186	217,982	271,416	230,497	918,081
Contract	75,601	77,220	123,239	175,674	451,735	191,436	193,997	183,443	182,720	751,596
Revenues	250,080	334,115	326,502	462,696	1,373,393	389,622	411,979	454,859	413,218	1,669,677
Cost of sales	45,071	39,399	65,384	83,484	233,337	112,182	93,566	90,462	74,663	370,873
Amortization and impairment of the multi-client library	103,298	105,939	132,779	133,421	475,436	132,728	132,446	155,415	107,287	527,876
Personnel costs	61,575	55,716	56,485	62,409	236,185	75,134	73,560	73,515	78,252	300,461
Other operating expenses	20,187	13,117	15,568	19,050	67,922	26,392	17,515	22,781	17,368	84,056
Depreciation, amortization and impairment	34,907	25,386	28,413	44,466	133,173	39,812	40,969	30,545	58,411	169,738
Total operating expenses	265,037	239,557	298,629	342,830	1,146,053	386,248	358,055	372,719	335,982	1,453,003
EBIT	(14,957)	94,558	27,873	119,866	227,340	3,374	53,924	82,140	77,235	216,674
EBITDA	123,247	225,883	189,065	297,753	835,949	129,354	78,522	73,274	30,052	914,287

Accounts based on Produced revenues, calculated in accordance with percentage of completion of multi-client projects. Unaudited financial information, based on TGS legacy accounting principles

Pro-Forma Balance Sheet – IFRS

(All amounts in USD 1,000s)	30/06/2024	31/12/2023
Intangible Multi-client library assets:	1,106,150	1,066,684
Other intangible assets	159,062	147,920
Deferred tax assets	84,916	84,195
Buildings, machinery and equipment	863,359	829,670
Right-of-use-asset	157,080	132,538
Other non-current assets	93,840	111,924
Total non-current assets	2,849,057	2,757,579
Accounts receivable	175,321	248,615
Accrued revenues	235,091	124,639
Other receivables	98,960	127,200
Inventory	68,620	43,665
Cash and cash equivalents	220,921	379,441
Total current assets	798,912	923,561
Total assets	3,647,969	3,681,140

(All amounts in USD 1,000s)	30/06/2024	31/12/2023
Share capital	5,933	5,939
Treasury shares	(409)	(416)
Share premium	1,417,145	1,417,144
Other paid-in equity	1,104,148	1,109,148
Other equity	(804,567)	(729,007)
Equity attributable owners of the Parent to	1,722,249	1,802,808
Non-controlling interests	468	468
Total equity	1,722,717	1,803,276
Long-term interest bearing debt	541,600	623,400
Other liabilities non-current	42,997	44,910
Non-current lease liabilities	71,777	86,331
Deferred liability tax	16,144	16,526
Total non-current liabilities	672,518	771,167
Short-term interest bearing debt	126,000	131,100
Accounts payable and debt to partners	114,909	146,052
Taxes payable	24,110	29,264
Social Security Withheld payroll tax, and VAT	59,239	72,913
Current lease liabilities	113,641	79,677
Deferred revenue	579,150	409,164
Accrued expenses and other liabilities current	235,685	238,528
Total liabilities current	1,252,734	1,106,698
Total liabilities	1,925,252	1,877,864
Total equity and liabilities	3,647,969	3,681,140

Accounts based on Produced revenues, calculated in accordance with percentage of completion of multi-client projects. Unaudited financial information, based on TGS legacy accounting principles

Overview of Interest-Bearing Debt

interest-bearing (MUSD) Pro-forma debt	30/06/24
Facility1 Revolving Credit	58 2
20262 loan due Term	70 3
credit financing due 2025 Export ,	26 0
credit financing due Export 2027 ,	83 6
due Senior 2027 notes ,	450 0
Total loans and bonds , gross	688 1
Cash and cash equivalents	(220 9)
cash3 Restricted	(51 0)
Net interest-bearing debt	416 2

¹Total availability of USD 250 million under the Revolving Credit Facility ('RCF'). USD 100 million falls due in 2025 and USD 150 million is due in 2026 ²Repaid on Change of Control in July 2024 by drawing down on the RCF 3 Includes USD 32.6 million held in debt service reserve and retention accounts related to the ECF loans for Ramform Titan, Ramform Atlas, Ramform Tethys and Ramform Hyperion.