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TGS TGS EARNINGS RELEASE 1st QUARTER 2021 RESULTS 1st QUARTER 2021 FINANCIAL HIGHLIGHTS Energy starts with us . IFRS ( all amounts in USD 1,000 unless specified otherwise ) Operating revenues Operating profit ( EBIT ) Operating profit margin Net income EPS ( fully diluted ) ( USD ) Organic multi - client investments in new projects Inorganic multi - client investments Amortization and impairment of multi - client library Multi - client library net book value Free cash flow ( after multi - client investments ) Cash balance Return on average capital employed¹ Segment reporting² ( all amounts in USD 1,000 unless specified otherwise ) Q1 2021 185,741 68,602 37 % Q1 2020 3 52,168 -57,916 -111 % 42,568 -30,308 0.36 -0.26 36,566 138,306 0 15,000 89,122 80,832 893,707 83,890 253,531 1,163,768 1,142 248,370 -15 % 7 % Operating revenues Pre - funding revenues Late sales - Proprietary revenues EBITDA Operating profit Operating profit margin Amortization and impairment of multi - client library Multi - client library net book value Pre - funding rate Return on average capital employed¹ Q1 2021 Q1 2020 3 74,836 152,060 25,332 83,278 44,750 62,944 4,754 51,257 5,838 125,538 -20,035 -19,415 -27 % -13 % 66,855 593,564 142,224 841,884 69 % 60 % -16 % 17 % " Despite a substantial increase in the oil price over the past six months , exploration spending remains muted . Our clients are indicating that their strong cash flow will mainly be directed at dividends , share buybacks and deleveraging balance sheets . While we remain cautiously optimistic for a pick - up in activity towards the end of the year , we expect our near - term organic multi - client investments to be lower , partly due to use of supplier risk - sharing and JVs . As a result , we continue to add high volumes of data to our library and generate strong cash flow , " says TGS ' CEO Kristian Johansen . " Our New Energy Solutions initiative is progressing rapidly , and we are excited to announce 4C Offshore as the first acquisition in the renewable area . The acquisition fits perfectly with our ambition to become the leading global provider of energy data and insights to support decision - making processes across the energy value chain . " 1 12 months trailing . 2 Revenues of projects in progress recognized on a Percentage of Completion basis . Please refer to note 4 of the interim financial statements for more details . 3 Foreign exchange gains / losses Q1 2020 have been adjusted with USD 26.2 million . Please refer to note 2 of the interim financial statements for more details . TGS | Q1 2021 EARNINGS RELEASE 1