TGS ASA - M&A Activity 2021 | FinancialReports.eu

TGS Announces Acquisition of Three Polcarus 3D Multi-Client Surveys

OSLO, Norway (23 June 2021) - TGS ASA ('TGS'), a global provider of energy data

and intelligence, today announced that it has acquired three 3D multi-client

seismic surveys of Polarcus Plc. ('Polarcus') covering a total of 12,200 square

kilometers offshore Australia. In addition, Polarcus has permanently waived the

revenue share rights associated with the multi-client library that TGS acquired

in 2015. Polarcus has been eligible to 50% revenue share from the relevant

datasets after accumulated revenues reached TGS' minimum return requirements.

Kristian Johansen, CEO at TGS, stated, "The transaction further enhances TGS'

position in certain prospective basins in Australia where many of our customers

are actively exploring. Over the past six years, TGS has taken advantage of its

strong financial position to acquire several multi-client libraries and single

assets that have formed the basis for further development of the relevant

basins, creating significant value both for our customers and our shareholders."

About TGS

TGS provides scientific data and intelligence to companies active in the energy

sector. In addition to a global, extensive and diverse energy data library, TGS

offers specialized services such as advanced processing and analytics alongside

cloud-based data applications and solutions.

Forward Looking Statement

All statements in this press release 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 product at costs commensurate with profitability, as

well as volatile market conditions, which have been exacerbated by the COVID-19

pandemic and the severe drop in oil prices. 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.

For more information, visit TGS.com (http://www.tgs.com) or contact:

Sven Børre Larsen

SVP Strategy

+47 90 94 36 73

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