TGS Q2 2026 Operational and Financial Update

08 Jul 2026 07:00 CEST

OSLO, Norway (8 July 2026) - TGS, a leading global provider of energy data and
intelligence, routinely publishes a quarterly operational update six working
days after quarter-end.

The table below shows TGS' normalized Ocean Bottom Node (OBN) crew count¹:

+---------------------------------------+---------+---------+
|   | Q2 2026 | Q2 2025 |
+---------------------------------------+---------+---------+
| Normalized crew count Contract(1) | 1.1 | 1.7 |
+---------------------------------------+---------+---------+
| Normalized crew count Multi-client(1) | 0.6 | 1.1 |
+---------------------------------------+---------+---------+

(1) The table shows the average number of crews in operation when assuming a
normalized crew size. )

The table below shows TGS' allocation of active seismic streamer 3D vessel
capacity(2).

+-------------------+---------+---------+
|   | Q2 2026 | Q2 2025 |
+-------------------+---------+---------+
| Contract | 19% | 55% |
+-------------------+---------+---------+
| Multi-client | 75% | 23% |
+-------------------+---------+---------+
| Steaming | 0% | 9% |
+-------------------+---------+---------+
| Yard | 3% | 7% |
+-------------------+---------+---------+
| Standby | 3% | 6% |
+-------------------+---------+---------+
| Number of vessels | 6 | 6 |
+-------------------+---------+---------+

(2) The statistics include active seismic 3D streamer vessels (capacity working
on site characterization projects is excluded). )

Based on preliminary reporting from operating units, Management of TGS expects
Produced revenues³ to be approximately USD 400 million in Q2 2026, versus a
company collected consensus estimate of USD 359 million. Produced revenues in Q2
2025 were USD 308 million. Multi-client investment is expected to be
approximately USD 168 million in Q2 2026, compared to USD 114 million in Q2
2025.

Kristian Johansen, CEO of TGS commented: "I am very pleased to report strong Q2
revenues with a Y/Y growth of 30%, driven primarily by solid multi-client
performance in Latin America and Africa. Asset utilization during the quarter
was slightly above our expectations, with 3D streamer utilization reaching 94%
and an average normalized OBN crew count of 1.7. While the de-escalation of the
conflict in the Middle East has resulted in lower oil prices, the oil companies
are gradually becoming more focused on replenishing reserves through
exploration. Supported by increasing energy security requirements and the need
to sustain long-term production, we remain confident that exploration activity
is set to grow over the coming years."

TGS will release its Q2 2026 results at 07:00 a.m. CEST on 23 July 2026. CEO
Kristian Johansen and CFO Sven Børre Larsen will present the results at 09:00
a.m. CEST, webcasted live.

The webcast can be followed live via this link:
https://qcnl.tv/p/7MIl_mYRi7KUNOIIsaj01w

For more information, visit TGS.com (http://www.tgs.com) or contact:
Bård Stenberg, VP IR & Business Intelligence
Tel.: +47 992 45 235
E-mail: investor@tgs.com

(³ )(For the purpose of Produced revenues, multi-client revenues committed prior
to completion of projects are recognized on a percentage of completion basis.
This differs from IFRS reporting, where revenues committed prior to completion
are recognized when the customers receive access to the finished data.
Management )(of TGS expects IFRS revenues to be approximately USD 373 million in
Q2 2026, compared to USD 334.2 million in Q2 2025.)

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.

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