TGS Hosts Capital Markets Day in Oslo Today and Increases Investment Guidance for 2023

07 Mar 2023 07:00 CET

Oslo, Norway (7 March 2023) - Today, TGS hosts a Capital Markets Day in Oslo. In
connection with the event, the following announcements are made:

* Based on the continued strong contract inflow and a growing pipeline of
opportunities, TGS management now expects multi-client investments of more
than USD 350 million, up from a range of USD 320 to 350 million guided
previously. The early sales rate is still expected to be a minimum of 70%.

* TGS has signed a strategic collaboration agreement with SLB, providing the
JV access to both companies' US Gulf of Mexico data for sparse OBN
acquisition and processing. The combined database, which covers all of the
prospective areas of the US GoM, will allow the JV to pursue multi-year
campaigns offering the industry superior data quality over both producing
and exploration assets.

* TGS has signed a multi-year vessel agreement with COSL. The agreement
secures TGS access to modern 2D, 3D and source vessel capacity at stable and
predictable costs.

* TGS has secured prefunding for a new multi-client 3D seismic survey in a key
emerging basin in West Africa. This project is due to commence in Q2 2023
and will be the first 3D project to be performed under the multi-year vessel
agreement with COSL.

* TGS has secured an award for an extension to an ongoing proprietary OBN
campaign in South America. The OBN program will now extend through Q4 2023.

* Following the success of the first multi-client wind measurement campaign in
the New York Bight, TGS will deploy four additional floating LiDAR buoys in
the coming weeks, all in lease areas offshore the US East Coast and
supported by industry funding.

"TGS has built a strong strategic position over the past years, allowing us to
capitalize fully on the continued market recovery. With leading business
development capabilities combined with an unmatched data library and a robust
balance sheet, we are seeing strong growth in the pipeline of opportunities in
all our segments. This means that we can deploy more capital at attractive
returns to our shareholders," says Kristian Johansen, CEO of TGS. "I'm excited
about the important strategic collaboration with SLB in the Gulf of Mexico.
Together with SLB, we have had great success in offering our clients long-offset
OBN data through the multi-client model, and with this JV agreement, we increase
our ambitions further. Moreover, we are pleased to enter into a long-term
partnership with COSL. Increased investment activity combined with the
acquisition of Magseis Fairfield ASA means that TGS has a growing need for
vessel capacity going forward. This agreement provides TGS with visibility on
vessel availability and costs, both for the multi-client business and for our
OBN activities."

The Capital Markets Day presentations will last from CET 1300 to approximately
CET 1600 and will be streamed live at tgs.com. The presentation material will be
published at CET 1230 at newsweb.no and tgs.com.

The event will take place at Felix Konferansesenter, Bryggetorget 3, Oslo,
Norway, and afterward, we invite attendees to join us for a reception.

Please register for TGS Capital Markets Day by emailing investor@tgs.com or view
on demand by copying and pasting this link into your browser:
https://channel.royalcast.com/hegnarmedia/#!/hegnarmedia/20230307_1.

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)

More information:
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