TGS ASA

Investor Presentation • Feb 15, 2024

F E B R U A R Y 1 5 , 2 0 2 3

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

Q4 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.

S U M M A R Y

Q4 highlights

Total POC revenues of USD 206 million compared to USD 227 million in Q4 2022

• Late sales of USD 59 million in Q4 2023 vs. USD 137 million in Q4 2022
• POC Early sales of USD 59 million compared to USD 31 million in Q4 2022
• Proprietary revenues of USD 88 million compared to USD 60 million in Q4 2022

POC EBITDA of USD 137 million compared to USD 151 million in Q4 2022 Solid contract inflow with USD 275 million of new contracts signed in the quarter POC backlog including Acquisition of USD 545 million

PGS transactions expected to be closed in second quarter 2024 - Integration planning well underway

2023 POC highlights

Continued strong Early Sales momentum 128% y/y

Good performance by Acquisition 26% y/y

Solid backlog

21% y/y

DES continuing progress

Strong operational performance and cost control EBIT 18%

Robust cash flow

FCF \$154 million

Significant growth in full-year 2023 revenues

0

*Incl. Magseis. 2023 estimate based on preliminary reporting from business units

2020 2021 2022 2023

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

Operational Highlights

Q4 2023

OBN contracts secured in the quarter

• Awarded two 4D surveys in the GoM

• We acquire these surveys simultaneously utilizing the same vessels, possible by deploying the full spreads and then acquire with the source vessels.
• Expected completed in Q2 2024
• New contract for a repeat customer in the North Sea
  • Awarded a three-four months OBN contract
  • Project acquisition: Q2 2024 Q3 2024
• Multi-year RMS contract commencing 2024

7

• Extension to reservoir monitoring and source contract for the North Sea, where we provide the source services used to record on permanent installed sensors.

Engagement Phase 5 in the U.S. Gulf of Mexico

• Seventh program in JV with SLB; involving 157 OCS blocks covering 3,650 km²
• Dataset supports new and existing leaseholders
• Application of elastic full-waveform inversion (eFWI)
• Project commenced in Q1 2024
• Fast track data available H2 2024
• Supported by industry funding

8

Sabah 2D Offshore Malaysia

• Collaboration with JV partners PGS and SLB
• Seventh phase of multi-year program includes:

  • 5,000 km of new 2D seismic data acquisition

  • 2,600 km of legacy seismic data processing
  • 2,800 km² of 2D-cubed processing
• Acquisition completes in Q1 2024
• Fast track data available for Malaysian Bid Round
• Supported by industry funding

Continued high data acquisition activity in Q4 2023

10

PGS transaction update

• Transaction approved with close to 100% majority by Extra-ordinary General Meetings of both companies
• Ongoing regulatory review in Norway and UK
• Norwegian Competition Authority has resolved to continue its assessment of the transaction in a Phase II review
• Post/merger integration planning well underway
• Estimated closing second quarter of 2024

Norwegian and UK Merger Competition Process

• Filing with the Norwegian Competition Authority (NCA) and the UK Competition & Markets Authority (CMA)
  • Filing is voluntary in the UK, but the CMA called for a filing
• Expect the merger to close during Q2 2024

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

Financials

Q4 2023

POC Revenues by Type

Proprietary Sales Revenue Total Revenue

POC Revenues by Business Unit

Acquisition Eliminations

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

Bridge POC Revenues to IFRS Revenues

IFRS – Profit & Loss

(MUSD)	Q4 2023	Q4 2022	Change	YTD 2023	YTD 2022	Change
Early Sales	42.5	22.8	86%	136.6	257.3	-47%
Late Sales	58.8	136.6	-57%	238.7	374.1	-36%
Proprietary Sales	88.1	59.6	48%	419.0	85.2	392%
Total revenues	189.4	219.0	-14%	794.3	716.6	11%
Cost of goods sold	24.6	27.1	-9%	217.4	37.5	479%
Personnel cost	31.6	29.9	6%	131.0	86.4	52%
Other operational costs	12.4	18.5	-33%	62.0	53.8	15%
EBITDA	120.7	143.5	-16%	383.9	538.9	-29%
Straight-line amortization	42.8	37.4	14%	163.5	152.2	7%
Accelerated amortization	27.3	13.9	97%	62.6	201.7	-69%
Impairments	1.4	9.1	-85%	7.6	19.3	-61%
Depreciation	38.3	17.2	123%	96.9	33.6	189%
Operating result	10.9	65.9	-83%	53.3	132.0	-60%
Financial income	6.6	0.6	929%	11.7	2.4	386%
Financial expenses	-5.9	-3.2	83%	-17.8	-8.5	109%
Exchange gains/losses	4.0	4.8	-17%	4.3	1.7	152%
Gains/(losses) from JV	0.0	1.3	-100%	0.5	1.3	-63%
Result before taxes	15.6	69.4	-78%	51.9	128.9	-60%
Tax cost	24.6	26.0	-5%	30.2	40.9	-26%
Net income	-9.1	43.4	-121%	21.6	88.0	-75%
EPS (USD)	-0.07	0.34		0.18	0.75
EPS fully diluted (USD)	-0.07	0.34		0.17	0.74

IFRS – Balance Sheet

		Change from
(MUSD)	Q4 2023	Q3 2023	Q3 2023	Q4 2022
Goodwill	384.6	384.6	0%	384.6
Multi-client library	753.1	745.0	1%	575.3
Deferred tax asset	67.9	90.1	-25%	82.2
Right-of-use assets	78.2	54.7	43%	59.6
Other non-current assets	229.7	226.9	1%	223.3
Total non-current assets	1,513.5	1,501.3	1%	1,325.1
Cash and cash equivalents	196.7	200.2	-2%	188.5
Accounts receivable and accrued revenues	156.9	256.5	-39%	240.3
Other current assets	89.3	106.1	-16%	85.0
Total current assets	442.9	562.8	-21%	513.8
TOTAL ASSETS	1,956.4	2,064.1	-5%	1,838.9
Total equity	1,275.6	1,301.8	-2%	1,239.8
Deferred tax liability	16.4	21.7	-24%	23.1
Lease liability	41.3	30.9	34%	28.6
Non-current liabilities	41.2	45.1	-9%	42.4
Total non-current liabilities	99.0	97.8	1%	94.1
Taxes payable, withheld payroll tax, social security and VAT	78.4	72.0	9%	77.2
Lease liability	43.9	30.5	44%	38.3
Deferred revenue	276.1	279.6	-1%	126.5
Other current liabilities	183.6	282.5	-35%	263.0
Total current liabilities	581.9	664.5	-12%	505.0
TOTAL EQUITY AND LIABILITIES	1,956.4	2,064.1	-5%	1,838.9

IFRS – Cash Flow

(MUSD)	Q4 2023	Q4 2022	Change	YTD 2023	YTD 2022	Change
Cash flow from operating activities:
Profit before taxes	15.6	69.4	-78%	51.9	128.9	-60%
Depreciation/amortization/impairment	109.8	77.6	41%	330.6	406.8	-19%
Changes in accounts receivable and accrued
revenues	99.5	-27.7	-459%	83.4	-45.5	-283%
Changes in other receivables	6.2	-5.6	-212%	-9.1	33.1	-128%
Changes in other balance sheet items	-74.2	7.6	-1083%	160.2	-165.1	-197%
Paid taxes	-9.2	-2.0	351%	-32.2	-15.0	114%
Net cash flow from operating activities	147.6	119.2	24%	584.8	343.2	70%
Cash flow from investing activities:
Investments in tangible and intangible assets	-10.8	-8.9	21%	-47.9	-23.7	102%
Investments in multi-client library	-102.0	-77.9	31%	-390.3	-200.9	94%
Investments through mergers and acquisitions	2.2	-13.4	-117%	2.2	-54.6	-104%
Interest received	3.4	4.6	-26%	7.9	6.4	23%
Net cash flow from investing activities	-107.2	-95.5	12%	-428.1	-272.7	57%
Cash flow from financing activities activities:
Net change in short term loans	0.0	0.0	n/a	-44.7	0.0	n/a
Interest paid	-2.4	-3.2	-25%	-7.8	-5.6	40%
Dividend payments	-18.3	-17.4	5%	-70.8	-66.1	7%
Repayment of lease liabilities	-27.3	-11.7	133%	-61.0	-20.6	196%
Acquisition of shares	0.0	0.0	n/a	-54.4	0.0	n/a
Paid in equity	0.0	0.0	n/a	86.6	0.0	n/a
Repurchase of shares	0.0	0.0	n/a	0.0	-7.0	-100%
Net cash flow from financing activities	-48.0	-32.3	49%	-152.1	-99.4	53%
Net change in cash and cash equivalents	-7.6	-8.7	-13%	4.6	-28.9	-116%
Cash and cash equivalents at the beginning of period	200.2	192.3	4%	188.5	215.3	-12%
Net unrealized currency gains/(losses)	4.1	4.8	-16%	3.7	2.0	81%
Cash and cash equivalents at the end of period	196.7	188.5	4%	196.7	188.5	4%

Dividends

The Board has resolved to maintain the dividend of USD 0.14 per share for Q1 2024

• Ex date 22 February 2024 – payment date 7 March 2024

TGS has returned more than USD 1.4 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. 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

Q4 2023

Positive 2024 Outlook

• Continued tight oil market
• Optimistic signals from customers
• E&P spending guidance indicating continued growth in 2024
• Due to cost increases in the E&P value chain, seismic spending has made up a lower-than-normal portion of overall spending in 2023

Petrobras, RD Shell, TotalEnergies

Strong growth expected for mid- and deepwater OBN market

Acquisition activity plan

Late sales affected by lack of year-end spending and low "inventory"

• Lack of year-end deals from large IOCs
• E&P capex budgets consumed by cost inflation earlier in the year, leaving limited room for discretionary year-end spending

• Vintage library (i.e. "late sales inventory") at low level in historical perspective, caused by low investments in 2020-2022
• Should increase when projects commenced in 2023 gradually comes to completion in 2024 and 2025

More of MC sales committed up-front

0 100 200 300 400 500 600 700 800 900 1,000 Q4 13 Q2 14 Q4 14 Q2 15 Q4 15 Q2 16 Q4 16 Q2 17 Q4 17 Q2 18 Q4 18 Q2 19 Q4 19 Q2 20 Q4 20 Q2 21 Q4 21 Q2 22 Q4 22 Q2 23 Q4 23 MUSD Last 12 months

Multi-client revenues

Pre-funding* Late sales + late pre-funding*

*Pre-funding: Revenues committed prior to start of project Late sales: Revenues committed after completion of a project Late pre-funding: Revenues committed during Work-in-Progress phase Pre-funding rate: Pre-funding divided by multi-client investments

28

Pre-funding rate* Last 12 Months

POC contract backlog & inflow

Contract Backlog

Acquisition Backlog POC Backlog

Timing of expected recognition of Acquisition backlog

Q1 2024 Q2 2024 Q3 2024 Q4 2024+

Acquisition backlog accounts for USD 322 million of the total backlog

Financial Guidance 2024

• Focus on optimizing the sales-to-investment ratio, cash flow and return on capital
• 2024 multi-client investments expected to be approximately USD 300-350 million
• 2024 Early sales rate expected to be above 85%

30

Q 4 2 0 2 3

Summary

Total POC revenues of USD 206 million compared to USD 227 million in Q4 2022 POC EBITDA of USD 137 million compared to USD 151 million in Q4 2022 Strong development in proprietary sales and early sales, offset by weak late sales Solid contract inflow of USD 275 million – total backlog of USD 545 million (POC) Continued growth in exploration spending expected TGS well positioned to benefit with leading position in all segments

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

Q4 2023

IFRS contract backlog & inflow

Contract Backlog

Timing of expected recognition of Early Sales contract backlog

Q1 2024 Q2 2024 Q3 2024 Q4 2024+

Early Sales backlog accounts for USD 471 million of the total backlog

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

Canada:

• Newfoundland Q4 2024 (close) • NW Orphan and Jeanne d'Arc

US GOM:

• Lease Sale 261 (closed Q4 '23)
  • Awards pending

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

Brazil:

• Permanent Offer 4 Q4 2023 (closed; awards pending signature expected May 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)

Uruguay:

• All acreage awarded; pending PSC signatures

Argentina:

• Offshore Round 2 – 2024 (open)

A F R I C A

Angola:

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

Egypt:

• Ganope Round - Feb 2024 (close)

Libya

• Licensing round schedule being planned

Gabon:

• Open Door

Ghana:

• Open Door for available blocks and farm-in

Liberia:

• Open Door – indefinite end

Nigeria: • Licensing round being planned for 2024

Mauritania

• Licensing round schedule being planned

Mozambique:

• Unawarded Blocks available for direct award

Senegal:

• Open Door – LR after elections - Feb 2024 (now delayed)

Sierra Leone:

• Open Door

Somalia:

• Announced but now rescinded – LR in 2024.

License Round Activity

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

Australia:

• 2023 CCS Acreage Release (closed; award H1 2024)
• 2021 & 2022 Acreage Release (to be announced)

India:

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

Bangladesh:

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

Indonesia:

• Open door policy (JSA mechanism)
• 2024 round to be announced around May 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 (award)
• 2024 APA Round Q2 2024 (open)

• 33rd UK Offshore Round – Q4 2023 / Q1 2024 (award)

UK: