TGS Sells North American Well Data Products Business to Enverus

08 Jul 2026 17:39 CEST

OSLO, Norway (8 July 2026) - TGS, a leading provider of energy data and
intelligence, today announced that it has closed the sale of its North American
well data products business to Enverus, Inc. for a purchase price in excess of
USD 100 million. The transaction consists of USD 100 million payable at closing,
with an additional USD 15 million earn-out conditioned on milestones agreed
between the parties.

A2D, a subsidiary of TGS acquired in 2002, operates TGS' well data products
business, including the North American well log library and associated data
products. The business has formed part of the company's North American onshore
data offering and had revenues of USD 27 million in 2025, representing 2.9% of
TGS' reported multi-client revenues.

The divestment reflects TGS' continued focus on portfolio optimization and
capital discipline. With acquisitions of PGS, Magseis and ION Geophysical during
2022-2024, TGS has successfully built a strong market position in offshore
basins around the world, with an integrated offering of leading offshore OBN and
streamer technologies, the world's leading multi-client library and advanced
data processing. As a result, the company's North American onshore geological
business has become less strategic to TGS' long-term priorities.

The sale enables the A2D well data products business to transition to an owner
appropriately positioned to support its next phase of growth, including through
a gradual evolution toward software-as-a-service offerings. TGS retains a
license to use the A2D North American well log library for internal purposes,
allowing for the continued enhancement of its seismic data products.

"This transaction represents an important step in sharpening TGS' strategic
focus and strengthening our balance sheet," said Kristian Johansen, CEO of TGS.
"We built the A2D well data products business into something the industry
depends on, and we are pleased that it will be a good fit with Enverus' business
offerings and allow it to grow further. The transaction provides TGS a solid
commercial valuation for this business, allowing us to enhance our focus on our
integrated offshore geophysical service offering and improve our strong balance
sheet, further supporting shareholder capital allocation strategies."

Manuj Nikhanj, CEO of Enverus, commented: "A2D is the subsurface dataset the
industry has relied on for 30 years. It now sits alongside the deepest
operational, economic and commercial data in energy - including exchange
networks through which an estimated 80% of U.S. production volumes are shared
and more than $500 billion in annual transaction activity flows. Every major
decision in energy touches the subsurface. Now that data connects to everything
else we do."

TGS intends to use the proceeds from the transaction to reduce net debt,
providing increased flexibility to pursue higher capital returns to shareholders
over time, in line with the company's financial priorities and capital
allocation strategy.

TPH&Co., the energy business of Perella Weinberg Partners, acted as financial
advisor to TGS, and Gibson, Dunn & Crutcher LLP acted as legal counsel to TGS.

For more information, contact:

TGS - Bård Stenberg
VP IR & Business Intelligence
Mobile: +47 992 45 235
investor@tgs.com (mailto:investor@tgs.com)

Enverus - Jon Haubert
Director of Communications
Phone: +1 303.396.5996
jon.haubert@enverus.com (mailto:jon.haubert@enverus.com)

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/).

About Enverus
Enverus is the energy industry's AI and data platform, serving more than 8,000
energy companies across 50 countries. Built on 25+ years of proprietary
intelligence, 2.7 petabytes of continuously updated data, 350 million+
courthouse records and $500 billion+ in annual transaction value across the full
energy value chain - upstream, midstream, power, renewables, utilities and
capital markets. Enverus is 100% dedicated to energy. Learn more at Enverus.com
(http://www.enverus.com/overivew/).

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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