TGS Q1 2025 Operational Update

OSLO, Norway (8 April 2025) – TGS ASA ("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 count:  

	Q1 2025	Q1 2024
Normalized crew count Contract1	2.8	1.9
Normalized crew count Multi-client1	0.2	0.0

^{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 capacity²: 

	Q1 2025	Q1 2024
Contract	37%	36%
Multi-client	36%	30%
Steaming	11%	7%
Yard	3%	6%
Stacked/Standby	13%	21%
Number of vessels	6	7

^{2) The statistics include only active seismic 3D streamer vessels (capacity working on New Energy Solutions projects are excluded). The Ramform Vanguard was converted into a dual-purpose seismic and offshore wind vessel in Q2 2024. Cold -stacked vessels are excluded from the statistics.}

Based on a preliminary financial review, TGS expects Q1 2025 multi-client investment to be approximately USD 130 million.

Kristian Johansen, CEO at TGS, commented: "We are pleased with the Q1 2025 asset utilization, showing significant year-on-year improvement. Additionally, we saw healthy multi-client activity levels, particularly in frontier areas, and higher-than-expected investments in new data this quarter. Despite short term uncertainty in geopolitics, TGS is well positioned to help our clients realize exploration ambitions from a combination of a strong balance sheet, leading assets and technologies and the world’s largest multi-client data library.” 

 TGS will release its Q1 2025 results at 07:00 a.m. CEST on 9 May 2025. CEO Kristian Johansen and CFO Sven Børre Larsen will present the results at 09:00 a.m. CEST during a live presentation and webcast. The presentation will take place at House of Oslo, Ruseløkkveien 34, 0251 Oslo and is open to the public.

The webcast can be followed live via this link:
https://channel.royalcast.com/landingpage/hegnarmedia/20250509_2/

For more information, visit TGS.com (http://www.tgs.com) or contact:

Bård Stenberg, VP IR & Communication
Tel.: +47 992 45 235
E-mail: investor@tgs.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/).

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.