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Q1 2025 Results Oslo, Norway K R I S T I A N J O H A N S E N , C E O S V E N B Ø R R E L A R S E N , C F O 9 M A Y 2 0 2 5
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Forward-Looking Statements All statements in this presentation 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. All financial numbers in this presentation are based on pro-forma unless stated otherwise.
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TGS Q1 Highlights¹ SUMMARY • 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 in Q1 2024 • Net cash flow⁴ of USD 78 million • Solid balance sheet allows for stable dividend of USD 0.155 per share ¹ TGS-PGS merger completed 1 July 2024. All financial numbers in this presentation are based on pro-forma unless stated otherwise. ² Financial numbers based on percentage of completion (produced) for ongoing multi-client projects. ³ Proforma Q1 2024 numbers. ⁴Cash flow before dividend payment.
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Business Update
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Data Acquisition Activity in Q1 2025 OBN operations NES operations MC OBN/onshore projects MC vessel operations Contract vessel operations
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6 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 Pama Ph1 equatorial margin of Brazil • Covers more than 20,000 sq.km. of 3D seismic data • Ramform Atlas started acquisition in July 2024; Ramform Titan to complete in mid-May Malvinas Ph3 offshore Argentina • Phase 3 covers ~7,500 sq.km. of 3D seismic data • Acquisition to complete in Q2; TGS’ multi-client library spans ~25,000 sq.km. in the Malvinas basin ¹Financials are based on revenues measured by applying the percentage-of-completion method to early sales and accelerated amortization. Financials in millions USD1 Q1 2025 Q1 2024 Multi-client sales 267 231 Multi-client investment 130 106 Sales-to-investment LTM 2.2 1.6
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7 Strong Multi-Client Financial Performance TGS multi-client performance 63% TGS Company A Company B Company C Others 0.0 0.5 1.0 1.5 2.0 2.5 3.0 0 50 100 150 200 250 300 Q1 2023 Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Sales / Investments Sales and investments in MUSD Sales Investment Sales/Investment Multi-client investment market shares since 2018
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8 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 summer 2025 • Total duration of ~280 acquisition days OBN contract award offshore Trinidad • Scheduled to commence early Q3 • Duration of ~80 days Financials in million USD¹ Q1 2025 Q1 2024 OBN contract revenues 90 70 Streamer contract revenues 130 158 Total gross revenues 220 228 EBITDA margin 23% 25%
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9 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: • Site characterization contract offshore UK for a repeat customer commenced in Q1 • Site characterization contract offshore UK scheduled for Q2 Ground conditions have a serious impact on wind-farm economics. Early access to a reliable ground model is key. High Resolution 3D seismic data is essential to assess which parts of a lease area are suitable for installations. Financials in million USD Q1 2025 Q1 2024 NES contract revenues 3 17 NES multi-client revenues 3 3 Total NES revenues 6 20 EBITDA margin 17% 20%
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10 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 reprocessing of multi-client 3D GeoStreamer data offshore lower Congo basin Financials in million USD Q1 2025 Q1 2024 Gross imaging revenues 24 24 External Imaging revenues 14 9 EBITDA margin 26% -4%
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Financials
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12 Group Financials ¹Not adjusted for non-recurring merger costs of USD 1.3 million in Q4 2024, 16.4 million in Q3 2024, USD 21.0 million in Q2 2024 and USD 2.8 million in Q1 2024. 433 381 501 492 451 0 100 200 300 400 500 600 Q1 24 Q2 24 Q3 24 Q4 24 Q1 25 MUSD Net revenue 193 206 221 225 193 170 180 190 200 210 220 230 Q1 24 Q2 24 Q3 24 Q4 24 Q1 25 MUSD Net operating expenses¹ 62 8 104 92 67 14% 2% 21% 19% 15% 0% 5% 10% 15% 20% 25% 0 20 40 60 80 100 120 Q1 24 Q2 24 Q3 24 Q4 24 Q1 25 MUSD Group EBIT and margin 54 52 59 63 57 123 115 116 113 134 0 50 100 150 200 250 Q1 24 Q2 24 Q3 24 Q4 24 Q1 25 MUSD Depreciation and amortization Depreciation Amortization
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13 Profit & Loss Produced (MUSD) Q1 2025 Q1 2024 As reported Q1 2024 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 257.7 142.8 239.3 Straight-line amortization 58.8 40.7 73.8 Accelerated amortization 74.8 32.4 49.1 Impairments - - - Depreciation 57.5 30.1 54.1 Operating profit (EBIT) 66.6 39.6 62.2
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14 Cash Flow¹ Produced ¹As reported, i.e not pro-forma for Q1 and YTD 2024 (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) Non-cash capitalization of multi-client investments 11.1 2.7 11.1 2.7 Paid multi-client investments capitalized in other periods (0.1) 6.4 (0.1) 6.4 Paid multi-client investments (118.7) (61.5) (118.7) (61.5) Capex (28.3) (23.2) (28.3) (23.2) Investments through M&A - (58.2) - (58.2) Interest received 2.5 1.4 2.5 1.4 Cash flow from investment activities (144.5) (141.4) (144.5) (141.4) Net change in interest-bearing debt and leasing (40.4) 38.0 (40.4) 38.0 Interest paid (6.1) (3.7) (6.1) (3.7) Dividend payments (30.4) (18.3) (30.4) (18.3) Cash flow from financing activities (77.0) 16.0 (77.0) 16.0 Net change in cash and cash equivalents 39.3 (32.1) 39.3 (32.1) Cash and cash equivalents at the beginning of period 122.8 196.7 122.8 196.7 Net realized currency gains/(losses) 5.3 (4.9) 5.3 (4.9) Cash and cash equivalents at the end of the period 167.4 159.8 167.4 159.8
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15 Balance Sheet¹ IFRS ¹As reported, i.e not pro-forma for Q1 2024 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-current assets 3,192.1 3,208.8 -1% 1,608.1 Cash and cash equivalents 167.4 160.6 4% 159.8 Accounts receivable and accrued revenues 376.4 513.4 -27% 191.7 Other current assets 145.4 155.1 -6% 157.4 Total current assets 689.2 829.0 -17% 508.9 TOTAL ASSETS 3,881.4 4,037.8 -4% 2,117.0 Total equity 2,055.4 2,075.6 -1% 1,242.0 Deferred taxes 44.1 45.8 -4% 16.2 Lease liability 91.6 61.4 49% 59.9 Non-current liabilities 623.9 590.1 6% 100.0 Total non-current liabilities 759.7 697.2 9% 176.1 Taxes payable, withheld payroll tax, social security and VAT 145.0 121.6 19% 75.6 Lease liability 109.8 109.5 0% 83.1 Deferred revenue 446.0 532.2 -16% 343.9 Other current liabilities 365.5 501.6 -27% 196.4 Total current liabilities 1,066.2 1,265.0 -16% 698.9 TOTAL EQUITY AND LIABILITIES 3,881.4 4,037.8 -4% 2,117.0
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16 The Board has resolved to maintain the quarterly dividend of USD 0.155 per share • Ex date 16 May 2025 – payment date 2 June 2025 TGS has returned more than USD 1.5 bn to shareholders through dividends and buybacks since 2010 1. Quarterly dividends defined in USD from 2016. Annual dividends defined in NOK prior to 2016, converted to USD with the FX rate at ex-dividend dates 2. Dividend yield annualized based on the weighted yield at the time of announcement of quarterly dividends Dividends Dividend Per Share1 Dividend Yield2 3.5% 3.6% 4.0% 3.9% 4.9% 5.2% 3.7% 2.8% 2.6% 4.0% 4.5% 4.6% 4.3% 3.8% 5.3% 7.4% 0.0% 1.0% 2.0% 3.0% 4.0% 5.0% 6.0% 7.0% 8.0% 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Year of payment NOK 4.0 NOK 5.0 NOK 6.0 NOK 8.0 NOK 8.5 NOK 8.5 USD 0.6 USD 0.6 USD 0.8 USD 1.08 USD 0.75 USD 0.56 USD 0.56 USD 0.56 USD 0.56 0.155 0.0 0.2 0.4 0.6 0.8 1.0 1.2 1.4 1.6 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 USD per share Year of payment 0.155
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Outlook
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18 Declining Reserve Life and Reserve Replacement Ratios -50% 0% 50% 100% 150% 200% 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 RRR incl. acquisitions: 3-year rolling average RRR Reserve life ratio major IOCs¹ Reserve replacement ratio major IOCs¹ ¹Exxon, Chevron, Total, Shell, bp, ENI, Repsol, ConocoPhillips and Equinor. Source both graphs: DNB Carnegie. 8 9 10 11 12 13 14 15 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 Years Reserve life oil Reserve life gas
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19 3D Streamer Contract Tenders • Significant awards and seasonality reduce total value of outstanding streamer bids • Higher tendering activity in Asia Pacific drives tender values in March • Streamer pricing development • Upswing during summer seasons • Margins have remained steady last 24 months • TGS remains disciplined ¹Active tenders are the dollar value of outstanding bids as of end March 2025. Active streamer tenders¹ 0 200 400 600 800 MUSD
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20 Likely Lower Industry OBN Revenues in 2025 For 2025, the industry has secured more than 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 increasing adoption of OBN for MC TGS with same OBN capacity in 2025 vs. 2023 and 2024 • Stable OBN data acquisition activity • More multi-client activity with own capacity Acquisition revenues OBN mid & deepwater market 0 1400 2023 2024 2025 secured + pending work USD million
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21 Competitive OBN Market • 133% difference from low to high bid • Some players bid aggressively to gain market share and improve asset utilization • TGS in the upper half of the bid range Commercial OBN bid values¹ ¹Sum of low and high OBN bids for the last three OBN tender processes in Brazil. 0 600 Sum low bids¹ Sum high bids¹ MUSD +133% vs. low
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22 Response to Macro Uncertainty • Strengthening sales force and business development • Enhancing customer relationships Multi-client sales CAPEX R&D and technology • High scrutiny for all capital expenditures • Defer non-critical investments • Leveraging integrated model • Ensure strong project delivery Optimize asset utilization • Business case validation (criticality) • Partnership strategy (cheaper – faster – better) 55 65 75 85 31-Dec 28-Feb 30-Apr USD Brent blend oil price YTD
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23 MULTI-CLIENT INVESTMENT CAPITAL EXPENDITURES GROSS OPERATING COST UTILIZATION • Investment of USD 425-475 million (unchanged) • Approximately 70% of the investment is expected to be acquired with TGS’ own capacity (unchanged) • ~USD 135 million, down from ~USD 150 million • Excluding approximately 10 million of integration related capex • Target ~USD 1,000 million,* down from ~USD 1,050 million • Improving utilization of 3D streamer fleet (unchanged) • Stable OBN data acquisition activity relative to 2024 (unchanged) 2025 Guidance *Before merger related costs
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Order Backlog & Inflow Order Inflow Total Backlog Total backlog as reported and including PGS from 1 July 2024. Expected timing of contract backlog revenue recognition Expectations for Q2 2025: • Normalized OBN crew count ~2.5-3.0 • Streamer 3D fleet utilization in line with Q1 2025 • Multi-client investments of USD ~100 million 300 238 398 451 458 417 475 545 459 612 750 749 600 0 100 200 300 400 500 600 700 800 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 MUSD 117 174 360 283 240 196 355 275 140 368 423 489 302 0 100 200 300 400 500 600 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 MUSD Q2 2025 Q3 2025 Q4 2025 2026+
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Summary Q1 2025 • 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 per share
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Thank you Energy Starts With Us Questions?
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Appendix
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IFRS Backlog & Inflow Order Inflow Total Backlog Q3 2021 – Q3 2022 backlog inflow and backlog figures are proforma assuming TGS ownership of Magseis. IFRS - Early Sales backlog accounts for USD 778 million of the total backlog 117 174 360 283 240 198 355 276 140 368 423 489 302 0 100 200 300 400 500 600 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 MUSD 293 220 225 567 641 624 752 839 827 970 1,302 1,301 1,138 0 200 400 600 800 1,000 1,200 1,400 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 MUSD Timing of expected recognition of Early Sales contract backlog Q2 2025 Q3 2025 Q4 2025 2026 +
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29 IFRS – Profit & Loss¹ ¹As reported, i.e not pro-forma for Q1 and YTD 2024. ²Produced revenues is USD 450.7 million in Q1 2025. Produced revenue is calculated measuring the part of multi-client sales committed prior to completion of a project on a percentage of completion basis. ³Produced accelerated amortization is USD 74.8 million in Q1 2025. Produced Accelerated amortization of multi-client library is calculated on percentage of completion basis. (MUSD) Q1 2025 Q1 2024 Change YTD 2025 YTD 2024 Change Early Sales 184.3 2.7 6664% 184.3 2.7 6664% Late Sales 128.7 71.9 79% 128.7 71.9 79% Proprietary Sales 183.1 77.5 136% 183.1 77.5 136% 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 67.9 347% Straight-line amortization 58.8 40.7 44% 58.8 40.7 44% Accelerated amortization 128.3 6.5 1869% 128.3 6.5 1869% Impairments 0.0 0.0 n/a 0.0 0.0 n/a Depreciation 57.5 30.1 91% 57.5 30.1 91% Operating result 58.5 -9.4 -720% 58.5 -9.4 -720% Financial income 2.3 1.2 91% 2.3 1.2 91% Financial expenses -26.7 -4.3 516% -26.7 4.3 516% Exchange gains/losses 5.0 -8.3 -160% 5.0 -8.3 -160% Gains/(losses) from JV 0.1 0.0 n/a 0.1 0.0 n/a Result before taxes 39.2 -20.9 -287% 39.2 -20.9 -287% Tax cost 29.7 -4.4 -776% 29.7 -4.4 -776% Net income 9.5 -16.5 -157% 9.5 -16.5 -157% EPS (USD) 0.05 -0.13 0.05 -0.12 EPS fully diluted (USD) 0.05 -0.13 0.05 -0.12
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30 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 -494% Changes in other receivables -2.7 -9.4 -72% -2.7 -9.4 -72% Changes in other balance sheet items -129.3 85.9 -251% -129.3 85.9 -251% Paid taxes -28.0 -4.7 496% -28.0 -4.7 496% Net cash flows from operating activities 260.8 93.4 179% 260.8 93.4 179% Investing activities: Investments in tangible and intangible assets -28.3 -23.2 22% -28.3 -23.2 22% Investments in multi-client library -118.7 -61.5 93% -118.7 -61.5 93% Investments through mergers and acquisitions 0.0 0.0 n/a 0.0 0.0 n/a Interest received 2.5 1.4 74% 2.5 1.4 74% Net change in interest bearing receivables 0.0 -58.2 -100% 0.0 -58.2 -100% Net cash flows from investing activities -144.5 -141.4 2% -144.5 -141.4 2% Financing activities: Loan proceeds 45.0 58.2 -23% 45.0 58.2 -23% Loan repayment -53.1 0.0 n/a -53.1 0.0 n/a Interest paid -6.1 -3.7 66% -6.1 -3.7 66% Dividend payments -30.4 -18.3 66% -30.4 -18.3 66% Repayment of lease liabilities -32.3 -20.2 60% -32.3 -20.2 60% Net cash flows from financing activities -77.0 16.0 -582% -77.0 16.0 -582% Net change in cash and cash equivalents 39.3 -32.1 -222% 39.3 -32.1 -222% Cash and cash equivalents at the beginning of period 122.8 196.7 -38% 122.8 196.7 -38% Net unrealized currency gains/(losses) 5.3 -4.9 -210% 5.3 -4.9 -210% Cash and cash equivalents at the end of period 167.4 159.8 5% 167.4 159.8 5%
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31 Segment Financials Q1 2025 Q1 2024 Segment financials are based on revenues measured by applying the percentage-of-completion method to multi-client revenues and accelerated amortization. (All amounts in USD millions) Multi-client Acquisition New Energy Solutions Imaging Shared services Elimination Q1 2024 Revenues 231.4 228.1 20.1 23.4 0.2 (70.7) 432.6 Costs 13.7 170.2 16.1 24.3 32.4 (63.5) 193.3 EBITDA 217.8 57.9 4.0 (0.9) (32.2) (7.2) 239.3 Depreciation 54.1 Amortization 123.0 Operating profit (EBIT) 62.2 Organic multi-client investments 106.1 (All amounts in USD millions) Multi-client Acquisition New Energy Solutions Imaging Shared 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 57.5 Amortization 133.6 Operating profit (EBIT) 66.6 Organic multi-client investments 129.7
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32 Multi-Client 231 191 277 259 267 0 50 100 150 200 250 300 Q1 24 Q2 24 Q3 24 Q4 24 Q1 25 MUSD Revenue 218 177 259 242 256 0 50 100 150 200 250 300 Q1 24 Q2 24 Q3 24 Q4 24 Q1 25 MUSD EBITDA 106 92 129 100 130 0 20 40 60 80 100 120 140 Q1 24 Q2 24 Q3 24 Q4 24 Q1 25 MUSD Multi-client investments 1.6x 1.9x 2.1x 2.2x 2.2x 0.0x 0.5x 1.0x 1.5x 2.0x 2.5x Q1 24 Q2 24 Q3 24 Q4 24 Q1 25 MUSD Sales / Investment LTM
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33 Acquisition 172 162 194 209 164 56 59 97 54 5631% 42% 47% 50% 41% 0% 10% 20% 30% 40% 50% 60% 0 50 100 150 200 250 300 350 Q1 24 Q2 24 Q3 24 Q4 24 Q1 25 OBN share MUSD Revenue External revenue Internal revenue OBN share 58 48 77 67 51 0 10 20 30 40 50 60 70 80 90 Q1 24 Q2 24 Q3 24 Q4 24 Q1 25 MUSD EBITDA 36% 28% 20% 35% 37% 30% 36% 57% 31% 36% 7% 14% 6% 6% 11%6% 6% 2% 6% 3%21% 16% 15% 22% 13% 0 2 4 6 8 10 0% 20% 40% 60% 80% 100% Q1 24 Q2 24 Q3 24 Q4 24 Q1 25 No. of vessels Utilization Utilization 3D vessels Contract Multi-client Steaming Yard Stacked/Standby Number of vessels 1.9 2.7 3.8 3.5 2.8 0.2 0.0 0.5 1.0 1.5 2.0 2.5 3.0 3.5 4.0 Q1 24 Q2 24 Q3 24 Q4 24 Q1 25 Crew count Normalized OBN crew count Contract Multi-client
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34 Imaging and NES 9 10 10 15 14 15 15 16 15 10 0 5 10 15 20 25 30 35 Q1 24 Q2 24 Q3 24 Q4 24 Q1 25 MUSD IMG Revenue External revenue Internal revenue 20 18 19 9 6 0 5 10 15 20 25 Q1 24 Q2 24 Q3 24 Q4 24 Q1 25 MUSD NES revenue -1 -2 -1 6 6 -10% -5% 0% 5% 10% 15% 20% 25% 30% -3.0 -2.0 -1.0 0.0 1.0 2.0 3.0 4.0 5.0 6.0 7.0 Q1 24 Q2 24 Q3 24 Q4 24 Q1 25 MUSD IMG EBITDA and EBITDA and margin 4 4 4 2 1 0% 5% 10% 15% 20% 25% 30% 35% 40% 0 1 1 2 2 3 3 4 4 5 Q1 24 Q2 24 Q3 24 Q4 24 Q1 25 MUSD NES EBITDA and margin
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Overview is showing scheduled rounds only and is not exhaustive. Several countries, particularly in Africa and Latin America, are planning rounds over the next couple of years E U R O P E Norway: • 2024 APA Round – Q1 2025 (awarded) • 2025 APA Round – Q3 2025 (deadline) License Round Activity N O R T H A M E R I C A Canada – Labrador & Jeanne d’Arc: • Call for Nominations Open • Expect Call for Bids – Nov 2025 (close) US GOA: • Expect Proposed Notice of Sale – June 2025 • Expect Lease Sale - H2 2025 L A T I N A M E R I C A Brazil: • Permanent Offer 5 – 2024 (closed) • Permanent Offer 6 – 2025 (open round) Guyana: • Offshore - Q3 2023 (closed) Suriname: • 2nd Shallow Water – H1 2024 (closed) Trinidad: • Shallow Water Round – Q2 2024 (closed) • Deep Water Round – Q4 2024 (open) Argentina: • Offshore Round 2 – 2024 (open) A S I A - P A C I F I C Australia: • 2023 CCS Acreage Release – (closed) • 2021 & 2022 Acreage Release (to be announced) India: • Bid Round X (25 blocks offered in total) Bangladesh: • Offshore round – 2024 (closed) Indonesia: • Open door policy (JSA mechanism) Malaysia: • 2025 MBR – Feb 2025 (open) to Sep 2025 (close) A F R I C A / E A S T M E D Angola: • 2025 round – 10 blocks • Permanent Offer Blocks available for direct negotiation • MOU exclusive study available pre- negotiated Congo-Brazzaville • 2025 license round planned Cote d’Ivoire • Open door Egypt: • EGAS 2024 International Bid Round Gabon: • Open Door Ghana: • Open Door for available blocks Lebanon: • Ongoing license round Liberia: • 2nd time-limited license round Q4 2025 Libya: • Licensing round announced Q1 2025 Nigeria: • 2023 License Round awards imminent • 2025 License round planned Madagascar • 2025 license round planned Tanzania • 2025 license round Somalia: • Direct awards Togo • 2025 license round planned