TGS ASA

Regulatory Filings • Aug 29, 2024

TGS Capital Markets Day Highlights and Presentation Material

TGS Capital Markets Day Highlights and Presentation Material

Norway (29 August 2024) - TGS is adapting to a changing energy market and the

company now has a fully integrated offering across the energy data value chain.

The multi-client library has unparalleled data coverage across mature, emerging

and frontier basins worldwide. Leading data acquisition capabilities with eight

fully equipped high-quality GeoStreamer vessels. Advanced OBN technology with

leading operational track record. Scalable imaging capabilities for streamer and

nodes with on-prem and in the cloud compute capacity. A strong position in the

offshore wind site characterization market and well positioned for extensive

growth in the carbon storage and solar markets.

In the Capital Markets Day presentation, TGS announces:

* The Company's strategic priorities of Value, Resilience and Knowledge.

* To create more Value TGS intends to enhance the company's leading

position in key basins, capitalize on the integrated structure to build

strategic relationships with clients and governments, and become the

clients' preferred Imaging partner.

* TGS is building Resilience by strengthening diversification into new

energy markets, sets new standards for HSE and maintains a strong

balance sheet, cost efficiency and scalability.

* TGS is accelerating Knowledge by technology development across the value

chain, extracting incremental information from AI applications, and

being the preferred employer in the energy data industry.

* Integration synergies are increased from original target of USD 90-110

million to USD 110-130 million.

* Capital allocation priorities include disciplined organic investments,

maintaining a strong balance sheet and aiming at net interest-bearing debt

in the range of USD 250-350 million. TGS has an ambition of growing

distribution to shareholders by maintaining a healthy dividend and plans for

additional distribution through share buybacks while keeping net debt within

the indicated range.

* TGS's future reporting structure will focus on produced (POC) in segment

reporting. Multi-client, Contract, Imaging and New Energy Solutions (NES)

will be the segments reported on.

* TGS's updated 2024 guidance is multi-client investments in the range of USD

450-500 million, in line with previous guidance from TGS and PGS after

aligning accounting principles.

"By adapting to the evolving energy data market trends, TGS has established a

strong strategic position. With leading-edge technology and acquisition

solutions spanning the entire energy data value chain, we offer a comprehensive

range of insights to help our clients make better decisions. We have a strong

foundation to grow our revenues and improve our cash flow by successfully

executing our strategic priorities of Value, Knowledge and Resilience," says

Kristian Johansen, CEO of TGS. "I'm excited about the TGS-PGS merger and the

ongoing integration process, which is progressing according to plan. Already by

the end of this year, we expect a synergy run rate of approximately USD 60

million, and we have increased our total synergy target from USD 90-110 million

to USD 110-130 million by the end of 2025."

The Capital Markets Day presentation starts at 14:00 CEST and takes place at

House of Oslo Conference Center, Ruseløkkveien 34, Oslo, Norway,

After management's concluding remarks at approximately 16:00 CEST, we invite

attendees to join us for refreshments at House of Oslo conference center.

Please register your physical attendance by emailing investor@tgs.com, or view a

live webcast by copying and pasting the link below into your browser, a replay

will be available shortly after:

https://channel.royalcast.com/landingpage/hegnarmedia/20240829_11/

About TGS

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

sector. With leading-edge technology and solutions spanning the entire energy

value chain, TGS offers a comprehensive range of insights to help clients make

better decisions. Our broad range of products and advanced data technologies,

coupled with a global, extensive and diverse energy data library, make TGS a

trusted partner in supporting the exploration and production of energy resources

worldwide. For further information, please visit www.tgs.com

(https://www.tgs.com/).

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 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.

For more information, visit TGS.com or contact:

Bård Stenberg

IR & Communication

Mobile: 992 42 235

investor@tgs.com