Slide 1: Q1 2025 Results
9 MAY 2025 Q1 2025 Results Oslo, Norway KRISTIAN JOHANSEN, CEO SVEN BØRRE LARSEN, CFO
Slide 2: Forward-Looking Statements
Forward-Looking Statements All statements in this presentation other than statements of operational challenges, and reliance on a cyclical industry and historical fact are forward-looking statements, which are subject principal customers. Actual results may differ materially from to a number of risk
Slide 3: TGS Q1 Highlights
SUMMARY TGS Q1 Highlights¹ • Strong multi-client performance driven by high interest in frontier areas • Significant year-over-year improvement in asset utilization • Total revenues² of USD 451 million compared to USD 433 million³ in Q1 2024 • EBITDA² of USD 258 million compared to USD 239 million³
Slide 4: Business Update
Business Update
Slide 5: Data Acquisition Activity
OBN operations NES operations MC OBN/onshore projects OBN operations MC vessel NESoperations operations Contract MC vessel operationsprojects OBN/onshore MC vessel operations Contract vessel operations Data Acquisition ActivityActivity Data Acquisition in Q2 2025 in Q1 2025
Slide 6: Multi-Client Update
Multi-Client Update Strong multi-client performance in Q1 2025 • High client commitment to ongoing surveys • Strong sales of vintage library data in frontier areas Multi-client investment of USD 129.7 million Key Projects: New multi-client project in the Barents Sea • Scheduled to start early August
Slide 7: Strong Multi-Client Financial Performance
Strong Multi-Client Financial Performance TGS multi-client performance 300 3.0 Multi-client investment market shares since 2018 250 2.5 Sales and investments in MUSD 200 2.0 Sales / Investments 150 1.5 63% 100 1.0 50 0.5 TGS Company A Company B Company C Others 0 0.0 Q1 2023 Q2 2023 Q3 2023 Q4 2023
Slide 8: Contract Update
Contract Update Q1 2025 Contract revenues driven by significant Y/Y improvement in asset utilization • Solid OBN activity in a seasonally low quarter • 51% of active vessel time used for streamer contract acquisition Contract Awards: 4D campaigns offshore Norway • Awarded seven 4D contracts for summ
Slide 9: New Energy Solutions Update
New Energy Solutions Update • Lower data acquisition activity in Q1 2025 explains lower revenues • Launched Measurement Data Ecosystem • Tackles critical inefficiencies in offshore wind data management • Expands CO2 storage assessment across the Gulf-Coast and West-Midwest Contract awards: Ground co
Slide 10: Imaging & Technology Update
Imaging & Technology Update Imaging delivered healthy performance • Increasing external revenues and order inflow • Positive EBIT of USD 1.6 million Announced Mega 3D Reprocessing project in India’s Krishna-Godavari basin • Spanning 16,900 sq.km. • Final seismic product by April 2026 Completed repro
Slide 11: Financials
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Slide 12: Group Financials
Group Financials Net revenue Net operating expenses¹ 600 230 500 220 225 501 492 221 400 433 451 210 381 206 MUSD MUSD 300 200 200 190 193 193 100 180 0 170 Q1 24 Q2 24 Q3 24 Q4 24 Q1 25 Q1 24 Q2 24 Q3 24 Q4 24 Q1 25 Depreciation and amortization Group EBIT and margin 250 120 25% 200 100 21% 20% 134
Slide 13: Profit & Loss
Profit & Loss Produced Q1 2025 Q1 2024 Q1 2024 (MUSD) As reported Pro forma Multi-client revenues 267.6 149.5 232.2 Contract revenues 183.1 77.5 200.4 Total revenues 450.7 227.0 432.6 Cost of sales 108.9 35.0 92.2 Personnel cost 61.3 32.5 79.5 Other operational costs 22.9 16.8 21.6 EBITDA 257.7 142.
Slide 14: Cash Flow
Cash Flow¹ Produced (MUSD) Q1 2025 Q1 2024 YTD 2025 YTD 2024 Produced EBITDA 257.7 137.3 257.7 137.3 Paid tax (28.0) (4.7) (28.0) (4.7) Change in balance sheet items 31.0 (39.2) 31.0 (39.2) Cash flow operations 260.8 93.4 260.8 93.4 Capitalized multi-client investments (129.7) (70.6) (129.7) (70.6)
Slide 15: Balance Sheet
Balance Sheet¹ IFRS Change from (MUSD) 31-Mar-25 31-Dec-24 31-Dec-24 31-Mar-24 Goodwill 560.1 560.1 0% 384.6 Multi-client library 1,139.4 1,196.8 -5% 772.8 Deferred tax asset 256.6 249.7 3% 73.2 Right-of-use-asset 182.1 150.2 21% 135.6 Other non-current assets 1,054.0 1,052.0 0% 241.9 Total non-curr
Slide 16: Dividends
Dividends Dividend Per Share1 Dividend Yield2 1.6 8.0% 1.4 7.0% 1.2 6.0% NOK 8.5 1.0 5.0% NOK USD per share 8.0 NOK 0.8 8.5 4.0% NOK 7.4% NOK 6.0 0.6 3.0% 5.0 USD USD 5.2% 5.3% NOK 4.9% 4.0 USD 1.08 0.75 4.5% 4.6% 4.3% USD USD 2.0% 4.0% 3.9% 3.7% 4.0% 3.8% 0.4 0.8 USD USD USD USD 3.5% 3.6% 0.6 0.6 0
Slide 17: Outlook
Outlook
Slide 18: Declining Reserve Life and Reserve Replacement Ratios
Declining Reserve Life and Reserve Replacement Ratios Reserve life ratio major IOCs¹ Reserve replacement ratio major IOCs¹ 15 200% 14 150% 13 100% 12 Years 11 50% 10 0% 9 -50% 8 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 Reserve life
Slide 19: 3D Streamer Contract Tenders
3D Streamer Contract Tenders Active streamer tenders¹ • Significant awards and seasonality reduce total 800 value of outstanding streamer bids • Higher tendering activity in Asia Pacific drives 600 tender values in March • Streamer pricing development • Upswing during summer seasons MUSD 400 • Margi
Slide 20: Likely Lower Industry OBN Revenues in 2025
Likely Lower Industry OBN Revenues in 2025 Acquisition revenues OBN mid & deepwater market For 2025, the industry has secured more than 1400 70% of 2024 revenues • Mid to deepwater acquisition market likely to decline ~5% in 2025 • Some large proprietary projects delayed to 2026 – partly offset by i
Slide 21: Competitive OBN Market
Competitive OBN Market Commercial OBN bid values¹ • 133% difference from low to high bid 600 • Some players bid aggressively to gain market share and improve asset utilization +133% vs. low • TGS in the upper half of the bid range MUSD 0 Sum low bids¹ Sum high bids¹ ¹Sum of low and high OBN bids for
Slide 22: Response to Macro Uncertainty
Response to Macro Uncertainty 85 Brent blend oil price YTD Multi-client • Strengthening sales force and business development sales • Enhancing customer relationships • High scrutiny for all capital expenditures 75 CAPEX • Defer non-critical investments USD Optimize • Leveraging integrated model asse
Slide 23: 2025 Guidance
2025 Guidance MULTI-CLIENT INVESTMENT CAPITAL EXPENDITURES GROSS OPERATING COST UTILIZATION • Investment of • ~USD 135 million, down from • Target ~USD 1,000 million,* • Improving utilization of 3D USD 425-475 million ~USD 150 million down from ~USD 1,050 million streamer fleet (unchanged) (unchange
Slide 24: Order Backlog & Inflow
Order Backlog & Inflow Order Inflow Expected timing of contract backlog revenue recognition 600 500 400 MUSD 300 489 200 423 360 355 368 283 302 275 240 100 196 174 117 140 0 Q1-22 Q2-22 Q3-22 Q4-22 Q1-23 Q2-23 Q3-23 Q4-23 Q1-24 Q2-24 Q3-24 Q4-24 Q1-25 Total Backlog 800 700 600 Q2 2025 Q3 2025 Q4 20
Slide 25: Summary
Q1 2025 Summary • Strong Q1 2025 results • Healthy multi-client performance driven by high interest in frontier areas • Significant year-over-year improvement in asset utilization • Reducing capital expenditures and gross operating cost • Solid balance sheet allows for stable dividend of USD 0.155 p
Slide 26: Thank you
Thank you Questions? Energy Starts With Us
Slide 27: Appendix
Appendix
Slide 28: IFRS Backlog & Inflow
IFRS Backlog & Inflow Order Inflow Timing of expected recognition of Early 600 Sales contract backlog 500 400 MUSD 300 489 200 423 360 355 368 283 302 276 240 100 198 174 117 140 0 Q1 2022 Q2 2022 Q3 2022 Q4 2022 Q1 2023 Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Total Backlog 1
Slide 29: IFRS – Profit & Loss
IFRS – Profit & Loss¹ (MUSD) Q1 2025 Q1 2024 Change YTD 2025 YTD 2024 Change Total revenues 496.1 152.1 226% 496.1 152.1 226% Cost of sales 108.9 35.0 211% 108.9 35.0 211% Personnel cost 61.3 32.5 89% 61.3 32.5 89% Other operational costs 22.9 16.8 36% 22.9 16.8 36% EBITDA 303.1 67.9 347% 303.1 67.9
Slide 30: IFRS – Cash Flow
IFRS – Cash Flow (MUSD) Q1 2025 Q1 2024 Change YTD 2025 YTD 2024 Change Operating activities: Profit before taxes 39.2 -20.9 -287% 39.2 -20.9 -287% Depreciation/amortization/impairment 244.6 77.3 216% 244.6 77.3 216% Changes in accounts receivable and accrued revenues 137.0 -34.8 -494% 137.0 -34.8 -
Slide 31: Segment Financials
Segment Financials Q1 2025 New Energy Shared (All amounts in USD millions) Multi-client Acquisition Solutions Imaging services Elimination Q1 2025 Revenues 266.8 219.5 6.3 24.0 0.2 (65.9) 450.7 Costs 10.5 168.1 5.2 17.6 42.5 (50.9) 193.0 EBITDA 256.3 51.3 1.1 6.3 (42.3) (15.0) 257.7 Depreciation 57.
Slide 32: Multi-Client
Multi-Client Revenue EBITDA 300 300 250 277 250 259 267 259 256 242 231 200 200 218 191 MUSD MUSD 150 150 177 100 100 50 50 0 0 Q1 24 Q2 24 Q3 24 Q4 24 Q1 25 Q1 24 Q2 24 Q3 24 Q4 24 Q1 25 Multi-client investments Sales / Investment LTM 140 2.5x 120 129 130 2.0x 100 106 100 80 92 1.5x MUSD MUSD 60 2.
Slide 33: Acquisition Utilization
Acquisition Revenue EBITDA 350 60% 90 80 300 50% 50% 97 47% 70 77 250 42% 54 41% 40% 60 67 OBN share 200 56 59 56 58 50 MUSD MUSD 31% 209 30% 194 51 150 172 40 48 162 164 20% 30 100 10% 20 50 10 0 0% Q1 24 Q2 24 Q3 24 Q4 24 Q1 25 0 External revenue Internal revenue OBN share Q1 24 Q2 24 Q3 24 Q4 24
Slide 34: Imaging and NES
Imaging and NES IMG Revenue NES revenue 35 25 30 20 15 25 20 19 16 18 15 10 20 15 15 MUSD MUSD 15 15 10 14 10 9 10 10 5 9 5 6 0 Q1 24 Q2 24 Q3 24 Q4 24 Q1 25 0 External revenue Internal revenue Q1 24 Q2 24 Q3 24 Q4 24 Q1 25 IMG EBITDA and EBITDA and margin NES EBITDA and margin 7.0 30% 5 40% 6.0 25%
Slide 35: License Round Activity
License Round Activity NORTH AMERICA AFRICA / EAST MED Canada – Labrador & Jeanne d’Arc: • Call for Nominations Open Angola: • Expect Call for Bids – Nov 2025 (close) • 2025 round – 10 blocks • Permanent Offer Blocks available for US GOA: direct negotiation • Expect Proposed Notice of Sale – June •