TGS ASA

Investor Presentation • Jul 18, 2024

1 8 J U L Y 2 0 2 4

Q2 2024 Results

Oslo, Norway

K R I S T I A N J O H A N S E N , CEO S V E N B Ø R R E L A R S E N , C F O

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.

TGS Q2 Highlights SUMMARY

Total POC revenues of USD 215 million compared to USD 241 million in Q2 2023

• Late sales of USD 66 million in Q2 2024 vs. USD 63 million in Q2 2023
• POC Early sales of USD 49 million (early sales rate of 94%) compared to USD 66 million (77%) in Q2 2023
• Proprietary revenues of USD 100 million compared to USD 113 million in Q2 2023

POC EBIT of USD 28 million compared to USD 39 million in Q2 2023 Strong contract inflow of USD 368 million during Q2 2024 – total backlog of USD 611 million (POC) PGS transaction completed 1 July 2024

Recent Highlights

Data acquisition activity in Q2 2024

New Project - Multi-Client

Onshore 3D Seismic Survey in Eastern U.S.

• Survey covers 206 km² on the western flank of the Appalachian Basin
• Utilizing 75k wells and 145k logs
• Includes seismic subsurface imaging, well performance data, formation tops, and Basin Temperature Modeling
• Targets multiple exploration zones
• Acquisition begins Q4 2024
• Preliminary data available by Q1 2025; final data by Q3 2025
• Supported by industry funding

New Award - Imaging

Four-Year Licensing Agreement for TGS Imaging AnyWare

• Multi-year software contract with Shell to enhance data processing and analytics
• Shell will migrate from in-house software to Imaging AnyWare
• Underscores Imaging AnyWare's software sophistication, performance and analytics
• Collaboration aimed at improving imaging quality, reducing turnaround time and lower costs

New Awards - Contract

OBN Contract in North America

• TGS secures a 6-month+ contract by a major oil company (returning client)
• OBN survey is expected to deliver highquality seismic data to drive decision-making
• Reinforces strong position in North America

OBN Contract in West Africa

• TGS extends deepwater OBN campaign in West Africa well into Q4 2024
• Delivering industry leading seismic data for more informed decision-making capabilities

New Awards - New Energy Solutions

Ultra High-Resolution 3D (UHR3D) in Europe

• 45-day contract awarded in Q3 to support offshore wind and data characterization
• Ramform Vanguard to begin survey in Q3 2024
• TGS will manage data imaging
• UHR3D enhances detailed subsurface data for shallow targets and offers superior efficiency and shorter lead times
• Project underscores the growing offshore wind site characterization market

Wind & Metocean Campaign Offshore California

• New offshore wind and metocean measurement campaign off the Central Coast of California
• Three-year initiative to support floating wind farm development
• LiDAR buoys provide crucial data on wind speed, wave heights, and ocean currents
• Data accessible via the TGS Wind AXIOM platform
• Supports investment and planning decisions for offshore wind projects
• Marks TGS' ninth LiDAR deployment in two years, highlighting commitment to offshore wind energy advancement

Financials

POC Revenues by Type

Proprietary Sales Revenue Total Revenue

POC Revenues by Business Unit

Acquisition Total Revenue

Operating Costs and POC EBITDA

Other Operating Costs POC EBITDA

Amortization, Depreciation and POC EBIT

POC Operating Result Multi-Client Investments and Early Sales Rate

MC Investment POC Early Sales Rate (%)

Acquisition – Cost of Sales and IFRS 16 Adjustment

PGS Stand-alone – Financial Summary

POC Operating Result Multi-Client Investments and Early Sales Rate

Bridge POC Revenues to IFRS Revenues

IFRS – Profit & Loss

(MUSD)	Q2 2024	Q2 2023	Change	YTD 2024	YTD 2023	Change
Early Sales	57.9	31.1	86%	60.7	73.1	-17%
Late Sales	66.1	62.5	6%	138.0	108.0	28%
Proprietary Sales	100.3	112.7	-11%	177.8	198.4	-10%
Total revenues	224.3	206.3	9%	376.4	379.5	-1%
Cost of sales	41.9	63.5	-34%	76.9	121.3	-37%
Personnel cost	32.0	33.8	-5%	64.5	65.1	-1%
Other operational costs	19.7	12.0	64%	36.5	32.5	12%
EBITDA	130.7	97.1	35%	198.6	160.6	24%
Straight-line amortization	38.9	39.6	-2%	79.7	79.2	1%
Accelerated amortization	4.2	13.7	-69%	10.7	25.9	-59%
Impairments	0.0	1.6	-100%	0.0	1.6	-100%
Depreciation	32.9	19.2	71%	63.0	37.7	67%
Operating result	54.6	23.0	138%	45.2	16.2	179%
Financial income	1.4	1.2	13%	2.6	3.5	-27%
Financial expenses	-3.8	-3.8	0%	-8.1	-9.9	-18%
Exchange gains/losses	-3.5	0.3	-1293%	-11.8	-0.7	1541%
Gains/(losses) from JV	0.0	0.0	n/a	0.0	-1.3	-100%
Result before taxes	48.7	20.7	135%	27.8	7.8	257%
Tax cost	13.5	-1.9	-808%	9.1	-6.1	-248%
Net income	35.2	22.6	56%	18.7	13.9	34%
EPS (USD)	0.27	0.18		0.14	0.11
EPS fully diluted (USD)	0.27	0.18		0.14	0.11

IFRS – Balance Sheet

(MUSD)	Q2 2024	Q1 2024	Q1 2024	Q2 2023
Goodwill	384.6	384.6	0%	384.6
Multi-client library	781.5	772.8	1%	687.3
Deferred tax asset	68.6	73.2	-6%	92.7
Right-of-use assets	114.8	135.6	-15%	66.7
Other non-current assets	248.6	241.9	3%	229.5
Total non-current assets	1,598.2	1,608.1	-1%	1,460.9
Cash and cash equivalents	125.0	159.8	-22%	143.9
Accounts receivable and accrued revenues	195.0	191.7	2%	246.6
Other current assets	147.8	157.4	-6%	100.5
Total current assets	467.8	508.9	-8%	491.0
TOTAL ASSETS	2,065.9	2,117.0	-2%	1,951.9
Total equity	1,260.5	1,242.0	1%	1,215.1
Deferred tax liability	16.1	16.2	0%	21.7
Non-current lease liability	43.8	59.9	-27%	34.6
Other non-current liabilities	97.7	100.0	-2%	91.9
Total non-current liabilities	157.6	176.1	-10%	148.2
Taxes payable, withheld payroll tax, social security and VAT	63.3	75.6	-16%	69.7
Current lease liability	79.3	83.1	-5%	39.3
Deferred revenue	314.9	343.9	-8%	180.6
Other current liabilities	190.2	196.4	-3%	299.0
Total current liabilities	647.8	698.9	-7%	588.6
TOTAL EQUITY AND LIABILITIES	2,065.9	2,117.0	-2%	1,951.9

IFRS – Cash Flow

TG S
=

(MUSD)	Q2 2024	Q2 2023	Change	YTD 2024	YTD 2023	Change
Operating activities:
Profit before taxes	48.7	20.7	135%	27.8	7.8	257%
Depreciation/amortization/impairment	76.1	74.1	3%	153.4	144.4	6%
Changes in accounts receivable and accrued revenues	-3.3	-82.4	-96%	-38.1	-6.3	507%
Changes in other receivables	11.6	-12.2	-195%	2.2	-8.2	-127%
Changes in other balance sheet items	-35.4	63.2	-156%	50.5	111.8	-55%
Paid taxes	-8.7	-7.0	24%	-13.4	-14.9	-10%
Net cash flows from operating activities	89.1	56.4	58%	182.5	234.6	-22%
Investing activities:
Investments in tangible and intangible assets	-18.5	-17.2	8%	-41.7	-24.8	68%
Investments in multi-client library	-62.4	-74.7	-16%	-123.9	-141.6	-13%
Interest received	1.4	1.1	31%	2.8	3.2	-12%
Net change in interest bearing receivables	0.0	0.0	n/a	-58.2	0.0	n/a
Net cash flows used in investing activities	-79.5	-90.9	-12%	-221.0	-163.2	35%
Financing activities:
Net change in interest bearing debt	0.0	252.0	-100%	58.2	252.0	-77%
Interest paid	-2.4	-2.1	15%	-6.1	-3.9	57%
Dividend payments	-18.3	-17.6	4%	-36.6	-35.0	5%
Repayment of lease liabilities	-20.2	-10.5	92%	-40.4	-22.1	83%
Acquisition of shares	0.0	0.0	n/a	0.0	-54.4	-100%
Net cash flows used in financing activities	-40.9	221.8	-118%	-24.9	136.6	-118%
Net change in cash and cash equivalents	-31.4	-64.4	-51%	-63.4	-43.8	45%
Cash and cash equivalents at the beginning of period	159.8	208.0	-23%	196.7	188.5	4%
Net unrealized currency gains/(losses)	-3.4	0.3	-1257%	-8.3	-0.8	961%
Cash and cash equivalents at the end of period	125.0	143.9	-13%	125.0	143.9	-13%

Dividends

• The Board has resolved to maintain the dividend of USD 0.14 per share for Q3 2024
  • Ex date 25 July 2024 payment date 8 August 2024
• TGS has returned more than USD 1.5 bn to shareholders through dividends and buybacks since 2010

^1. 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

^2. Dividend yield annualized based on the weighted yield at the time of announcement of quarterly dividends

Outlook

Source: BP

Oil & Gas Remain the Most Important Energy Source

Oil & Gas share

0% 10% 20% 30% 40% 50% 60% 70% 0 50 100 150 200 250 300 350 2000 2002 2004 2006 2008 2010 2012 2014 2016 2018 2020 2022 2024 2026 2028 2030 2032 2034 2036 2038 2040 2042 2044 2046 2048 2050 Primary energy demand / mboe/day Current trajectory

Natural gas Oil Coal Non-fossil Oil & Gas share

BP World Energy Outlook 2024: Primary energy demand

• Recent long-term forecasts for oil and gas demand have been increased
• Energy demand continuing to increase while clean energy switch slows
• Oil & Gas likely to play an important role in the foreseeable future, despite strong growth in renewable energy capacity
• Phasing out of coal a prioritized challenge – likely to still make up a significant part of energy mix in 2050

Near-term Growth in US Onshore Production Unlikely

• Oil and gas production from US onshore has leveled off
• The number of drilled and uncompleted wells (DUCs) has declined lately production growth requires significant increase in rig count
• TGS' DUC count estimate significantly lower than EIA estimates suggesting even less potential for near-term production growth

Permian Decline Rates Are Increasing

• Oil production from Permian the by far largest basin onshore US has increased steadily over the past years, compensating for decreasing production from other basins
• As drilling activity has intensified, decline rates have increased, suggesting lower growth potential in the long-term

Strong Growth in Renewables and CCUS

Drives need for data and insights

• Strong growth in renewable power generation increased need of data driven decision support to navigate challenges caused by complex regulatory frameworks, technical obstacles and challenging commercial environments
• Reaching net zero goals requires extensive use of carbon capture technologies
• TGS offers high quality data, insights and software solutions to help clients making better decisions throughout the energy value chain

26

Acquisition Activity Plan

POC Contract Backlog & Inflow

Contract Backlog ^{209 268 225 244 274 236 271} 55 ^{207 183} Q2-21 Q3-21 Q4-21 Q1-22 Q2-22 Q3-22 Q4-22 Q1-23 Q2-23 Q3-23 Q4-23 Q1-24 Q2-24 MUSD Acquisition Backlog POC Backlog

Timing of expected recognition of Acquisition backlog

Q3 2024 Q4 2024 H1 2025 H2 2025+

Acquisition backlog accounts for USD 393 million of the total backlog

Q2 2021 – Q3 2022 contract inflow and contract backlog figures are proforma assuming TGS ownership of Magseis.

Capital Markets Day 29 August

• From 14:00 to 16:00 CEST
• House of Oslo, Ruseløkkveien 34, Oslo, Norway followed by live webcast
• CEO, CFO and Executives will address:
  • TGS's unique position and updated strategy
  • Energy data market outlook
  • Financial reporting structure
  • Merger synergies
  • Capital structure and allocation
  • Guidance update

TGS Summary Q2 2024

Total POC revenues of USD 215 million compared to USD 241 million in Q2 2023 High POC early sales rate of 94% POC EBIT of USD 28 million compared to USD 39 million in Q2 2023 Strong contract inflow of USD 368 million during Q2 2024 – total backlog of USD 611 million (POC) PGS transaction completed 1 July 2024

Thank you

Questions?

Energy Starts With Us

Appendix

IFRS Contract Backlog & Inflow

Q2 2021 – Q3 2022 contract inflow and contract backlog figures are proforma assuming TGS ownership of Magseis.

Timing of expected recognition of Early Sales contract backlog

IFRS - Early Sales backlog accounts for USD 489 million of the total backlog

Canada:

• Newfoundland Q4 2024 (close) • NW Orphan and Jeanne d'Arc
• US GOM:
• Updated 5-year Plan Lease Sales commence in 2025

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

Brazil:

• Permanent Offer 4 Q4 2023 (closed; awards pending signature expected Q2 2024)
• Permanent Offer 5 2024 (open round)
• Permanent Offer 6 2025 (open round)

Guyana:

• Offshore - Q3 2023 (closed; PSC's pending)

Suriname:

• 2 nd Shallow Water – H1 2024 (close)

Trinidad:

• Shallow Water Round Q2 2024 (close)
• Deep Water Round Q4 2024 (open)

Argentina:

• Offshore Round 2 – 2024 (open)

A F R I C A

AGC:

• Open Door

• Angola:
• 2025 round 10 blocks
• Out of Round direct awards legally decreed
• Egypt:
• Ganope Round Closed (no offshore bids) Gabon:
• Open Door
• Ghana:
• Open Door for available blocks Lebanon:
• Award Q1 2025
• Liberia:
• Open Door indefinite end

Libya:

• Licensing round schedule planned Q4 2024 Nigeria:
• Licensing round announced close Q1 2025
• Mauritania:
• Open Door
• Senegal:
• Open Door
• The Gambia:
• Open Door
• Mozambique:
• Unawarded Blocks available for direct award Sierra Leone:
• Open Door
• Somalia:
• Direct awards

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

Australia:

• 2023 CCS Acreage Release (closed; award Q2 2024
• 2021 & 2022 Acreage Release (to be announced)

India:

• Bid Round IX ongoing (28 blocks offered in total)

Bangladesh:

• Offshore round –March 2024 (open) to Sep 2024 (close)

Indonesia:

• Open door policy (JSA mechanism)
• 2024 round to be announced Q2 2024

Malaysia:

• 2024 MBR – Jan 2024 (open) to Aug 2024 (close)

Overview is showing scheduled rounds only and is not exhaustive. Several countries, particularly in Africa and Latin America, are planning rounds over the next couple of years

E U R O P E

Norway:

• 2023 APA Round – Q1 2024 (awarded) • 2024 APA Round – Q2 2024 (open)

UK:

• 33rd UK Offshore Round – Q2 2024 (3rd

Tranche awarded)

PGS Stand-alone – 3D Vessel Allocation and Utilization

• 58% active vessel time in Q2 2024
• Utilization impacted by
  • Delayed start of projects in Brazil and Mediterranean due to permits
  • Ramform Vanguard converted to multi-purpose vessel to enable UHR, conventional towed streamer, and source vessel activity
• Expect significant vessel utilization improvement in Q3
  • Overweight of capacity allocated to multi-client

PGS Stand-alone – Segment Reporting*

Operating result (MUSD)	Q2 2024	Q2 2023	Change	YTD 2024	YTD 2023	Change
Contract	74.1	70.5	5%	190.3	164.7	16%
Multi-client	100.2	109.0	-8%	202.4	179.9	13%
Imaging & other	5.2	6.9	-25%	9.4	13.9	-32%
Total revenues	179.5	186.4	-4%	402.1	358.5	12%
Cost of sales	89.6	61.7	45%	189.5	150.0	26%
Research and development	1.9	1.4	36%	3.6	3.2	13%
Selling, general and administrative	16.9	10.2	66%	25.4	20.8	22%
EBITDA	71.1	113.1	-37%	183.6	184.5	0%
Amortization of multi-client library	70.5	74.9	-6%	133.2	145.5	-8%
Depreciation and amortization	17.5	15.0	17%	41.2	35.7	15%
Operating result	-16.9	23.2	-173%	9.2	3.3	179%

*Based on PGS accounting principles

PGS Stand-alone – Segment Reporting*

Net operating expenses (MUSD)	Q2 2024	Q2 2023	Change	YTD 2024	YTD 2023	Change
Cost of sales including investments in multi-client library	138.9	111.3	25%	276.3	235.4	17%
Research and developments cost before capitalized dev. costs	4.8	3.5	-37%	11.2	7.6	47%
Selling, general and administrative costs	16.9	10.2	66%	25.4	20.8	22%
Cash Cost, gross	160.6	125.0	28%	312.9	263.8	19%
Steaming deferral, net	-3.8	-6.7	-43%	2.3	-7.6	-130%
Cash investment in multi-client library	-45.5	-42.9	6%	-89.1	-77.8	15%
Capitalized development costs	-2.9	-2.1	38%	-7.7	-4.4	75%
Net operating expenses	108.4	73.3	48%	218.5	174.0	26%

* Based on PGS accounting principles

PGS Stand-alone – Segment Reporting*

Depreciation, Amortization and impairment (MUSD)	Q2 2024	Q2 2023	Change	YTD 2024	YTD 2023	Change
Gross depreciation	29.1	27.2	7%	59.1	55.2	7%
Deferred Steaming depreciation, net	-1.6	-0.9	78%	-0.4	-0.6	-33%
Depreciation capitalized to the multi-client library	-10.0	-11.3	-12%	-17.5	-18.9	-7%
Total	17.5	15.0	17%	41.2	35.7	15%

Other key numbers (MUSD)	Q2 2024	Q2 2023	Change	YTD 2024	YTD 2023	Change
Cash investment in multi-client library	45.5	42.9	6%	89.1	77.8	15%
Capital expenditures (whether paid or not)	35.9	23.0	56%	62.0	52.7	18%
Cash and cash equivalents (excluding restricted cash)	86.9	137.1	-37%	86.9	137.1	-37%
Multi-client library	324.6	317.6	2%	324.6	317.6	2%
Net interest-bearing debt	543.0	592.3	-8%	543.0	592.3	-8%
Net interest-bearing debt, including lease liabilities following IFRS 16	605.3	674.3	-10%	605.3	674.3	-10%

* Based on PGS accounting principles