TGS and PGS Expand Multi-client Coverage Offshore Brazil

07 Dec 2022 07:00 CET

OSLO, Norway (7 December 2022) - TGS, a global provider of energy data and
intelligence, today announced, in partnership with PGS, that it has secured pre-
funding for the Santos Sul Multi-client 3D project in the southwest Santos Basin
offshore Brazil. The TGS/PGS collaboration combines the operational and
technical strengths of both companies to provide high-quality multi-client data
and timely delivery, which are critical to the exploration efforts in this area.

The survey will cover more than 15,000 square kilometers of both open acreage
made available by ANP via the new Permanent Offer mechanism ("POR") and the
exploration blocks recently awarded in the 17(th) Concession bid round and
3(rd) Cycle of the POR.

The Ramform Tethys will mobilize for the survey in January 2023, and acquisition
is scheduled to complete in August 2023.

"We are pleased to announce this joint venture with PGS, further strengthening
our 3D data library and position in Brazil. The Santos Sul 3D project will be
instrumental in providing invaluable data and actionable insights into new and
emerging plays outside the Pre-Salt, allowing our clients to de-risk their
exploration activities in the region for active and future licensing rounds,"
says CEO of TGS, Kristian Johansen.

 "We experience continued exploration interest offshore Brazil where the
combination of the Ramform designed vessels and GeoStreamer technology is in
strong demand. The Santos Sul Multi-client survey expands PGS and TGS 3D data
coverage in Brazil and will provide high quality data essential for the
exploration of these newly awarded blocks. The PGS/TGS collaboration in this
portion of the Santos basin also provides coverage over a wider area available
through the permanent offer licensing round," says President & CEO of PGS, Rune
Olav Pedersen.

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
Chief Financial Officer
investor@tgs.com (mailto:investor@tgs.com)

More information:
Access the news on Oslo Bors NewsWeb site

577510_Map_TGS-Santos-Sul-3D.pdf