TGS ASA

Regulatory Filings • Feb 5, 2024

TGS and SLB Announce Engagement Phase 5 in the U.S. Gulf of Mexico

TGS and SLB Announce Engagement Phase 5 in the U.S. Gulf of Mexico

OSLO, Norway (5 February 2024) - TGS, a global provider of energy data and

intelligence, in a strategic collaboration with SLB, today announced the

Engagement 5 Ocean Bottom Node (OBN) multi-client acquisition in the U.S. Gulf

of Mexico.

Commencing in Q1 2024, the initiation of the seventh program within the seismic

joint venture involves the acquisition of 157 OCS blocks [3,650 square

kilometers] through a long offset, sparse OBN survey. The expansion of data

coverage in the eastern region of Green Canyon will adjoin with prior phases,

establishing a continuous coverage area spanning over 23,000 square kilometers

from the Mississippi Canyon in the east to Garden Banks in the west.

The industry recently participated in the Gulf of Mexico Lease Sale 261, where

blocks within the survey area attracted 16 winning bids and a total bid value of

more than $40 million USD. The Engagement 5 dataset will support existing and

new leaseholders as well as regional explorers with the most technically

advanced subsurface imaging. This is achieved through the utilization of long

offset data combined with the application of elastic full-waveform inversion

(eFWI). Initial data results will be available in H2 2024.

Kristian Johansen, CEO at TGS, commented: "Once again, we are pleased to

announce alongside our project partner, SLB, the expansion of our multi-client

OBN data portfolio in the US Gulf of Mexico. Engagement 5 represents a key

milestone, enabling contiguous coverage between prior phases of an ongoing

initiative that continues to deliver game-changing subsurface imaging for our

clients."

The project is supported by industry funding.

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 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 (http://www.tgs.com) or contact:

Sven Børre Larsen

Chief Financial Officer

investor@tgs.com (mailto:investor@tgs.com)