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Q3 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 O C T O B E R 2 3 , 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 Q3 Highlights¹ • Q3 Revenues of USD 388 million vs. USD 308 million in Q2 2025 • Q3 EBITDA of USD 242 million (62% margin) driven by strong cost focus • Q3 EBIT of USD 105 million (27% margin) • Order inflow of USD 436 million – total order backlog of USD 473 million • Strong cash flow - net debt reduced to USD 432 million vs. USD 479 million in Q2 2025 • Maintaining dividend of USD 0.155 per share • 2025 capex guidance² reduced to USD 110 million vs. USD 135 million earlier ¹Financial numbers based on percentage of completion (produced) for ongoing multi-client projects. ²Excluding approximately USD 10 million of integration related capex
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Business Update
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5 Q3 2025 Data Acquisition Activity¹ OBN contract NES operations MC OBN/onshore projects MC vessel operations Contract vessel operations ¹Vessel operations are based on six streamer vessels. The Ramform Tethys started the quarter offshore Norway and moved to Brazil during August to commence a multi-client program, hence seven vessel icons on the map.
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6 Multi-Client Update Awards & Key Projects • PAMA Phase II offshore Brazil • Streamer survey in Equatorial Margin area • Megabar Extension Phase I • Joint venture streamer survey in Equatorial Margin area offshore Brazil • Amendment West-1 in the Gulf of America • Ultra-long offset OBN survey over legacy streamer data ¹Financials are based on revenues measured by applying the percentage-of-completion method to early sales and accelerated amortization. ²Multi-client business unit revenues include joint venture revenue on certain projects. Financials in millions USD1 Q3 2025 Q3 2024 Multi-client sales² 226 277 Multi-client investment 86 129 Sales-to-investment LTM 2.1 2.1
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7 Historical Multi-Client Performance • Last Twelve Months sales/investment 2.1x in Q3 2025 • In line with average performance since Q1 2023 • Strong Q3 sales from multi- client library TGS sales-to-investment 0.00 0.50 1.00 1.50 2.00 2.50 0 200 400 600 800 1000 1200 Q1 2023 Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Sales / Investment Sales and investments in MUSD LTM Sales LTM Investment LTM Sales/Investment r.h.s.
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8 Marine Data Acquisition Update Financials in million USD¹ Q3 2025 Q3 2024 OBN contract revenues 87 127 Streamer contract revenues 127 164 Total gross revenues 215 291 EBITDA margin 36% 26% ¹Financials are based on revenues measured by applying the percentage-of-completion method to early sales and accelerated amortization. Awards & Key Projects • Awarded streamer contract in the Mediterranean • Commenced acquisition in Q3 • Secured large streamer contract offshore Indonesia • Scheduled to commence in Q4 • Duration of ~8 months • Mostly 3D, with last month dedicated to 4D • Awarded streamer acquisition contract in Africa • Q4 start with ~50 days duration • Secured OBN contract in Gulf of America • Commence in Q4 2025 • Duration of ~4.5 months
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9 New Energy Solutions Update Financials in million USD Q3 2025 Q3 2024 NES contract revenues 18 16 NES multi-client revenues 5 3 Total NES revenues 23 19 EBITDA margin 27% 22% Awards & Key Projects • Awarded UHR-3D contract offshore Norway • Commenced acquisition early July • Duration of ~25 days • Acquired CCS contract offshore Norway • Continues collaboration with Equinor by providing Prediktor Data Gateway Solution to their Empire Wind project
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10 Imaging & Technology Update Financials in million USD Q3 2025 Q3 2024 Gross imaging revenues 32 26 External Imaging revenues 20 10 EBITDA margin 29% -3% Awards & Key Projects • Enhanced strategic focus on external imaging market has resulted in significant revenue growth and increasing market share • Significant reduction of HPC cost from added scale • Expect continued growth in external imaging revenues • Substantial margin improvement
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Financials
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12 Group Financials ¹Not adjusted for non-recurring merger costs of USD 16.4 million in Q3 2024 and 1.3 million in Q4 2024 501 492 451 308 388 0 100 200 300 400 500 600 Q3 24 Q4 24 Q1 25 Q2 25 Q3 25 MUSD Net revenue 221 225 193 155 147 0 50 100 150 200 250 Q3 24 Q4 24 Q1 25 Q2 25 Q3 25 MUSD Net operating expenses¹ 59 63 57 65 61 116 113 134 109 76 0 50 100 150 200 250 Q3 24 Q4 24 Q1 25 Q2 25 Q3 25 MUSD Depreciation & Amortization Depreciation Amortization 104 92 67 -22 105 21% 19% 15% -7% 27% -10% -5% 0% 5% 10% 15% 20% 25% 30% -40 -20 0 20 40 60 80 100 120 Q3 24 Q4 24 Q1 25 Q2 25 Q3 25 MUSD Group EBIT and margin
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13 162 107 95 87 31 26 68 289 221 Gross Capitalization Net 99 50 83 69 36 28 70 217 147 0 50 100 150 200 250 300 Gross Capitalization Net MUSD Cost of sales Personnel costs Other operating expenses Q3 2025 Q3 2024 Continued Focus on Cost Optimization 1,051 1,098 1,085 1,054 982 0 200 400 600 800 1,000 1,200 Q3 24 Q4 24 Q1 25 Q2 25 Q3 25 2025 guidance MUSD Net personnel costs Net cost of sales Net other operating expenses Capitalized costs July update ~950 (current) May update ~1,000 Original ~1,050 • Continued focus on cost efficiency and asset optimization has resulted in substantial cost reductions • 2025 guidance for gross operating expenses reduced USD 100 million from originally ~USD 1,050 million to USD 950 million currently Operating expenses Q3 Operating expenses LTM
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14 Profit & Loss Produced (MUSD) Q3 2025 Q3 2024 Change YTD 2025 Pro forma YTD 2024 Change Multi-client revenues 216.8 280.2 -23% 403.5 708.9 -43% Contract revenues 171.4 220.7 -22% 743.3 605.4 23% Total revenues 388.1 500.9 -23% 1,146.8 1,314.3 -13% Cost of sales 50.0 107.3 -53% 235.3 293.0 -20% Personnel cost 69.0 87.5 -21% 187.1 250.7 -25% Other operational costs 27.5 26.1 5% 72.6 76.7 -5% EBITDA 241.6 280.0 -14% 651.8 693.9 -6% Straight-line amortization 60.5 65.3 -7% 182.8 214.0 -15% Accelerated amortization 13.3 49.5 -73% 133.5 138.6 -4% Impairments 2.3 1.3 83% 2.3 1.3 83% Depreciation 61.0 59.5 2% 183.6 165.4 11% Operating profit (EBIT) 104.5 104.4 0% 149.6 174.6 -14% Financial income 4.3 4.3 0% 9.9 14.1 -30% Financial expenses -19.4 -17.9 8% -68.8 -75.3 -9% Exchange gains/losses -4.0 6.0 -166% -6.0 -12.9 -53% Result before taxes 85.4 96.7 -12% 84.7 100.5 -16%
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15 Cash Flow Produced (MUSD) Q3 2025 Q3 2024 YTD 2025 YTD 2024 Produced EBITDA 241.6 280.0 651.8 544.1 Paid tax (11.1) (3.2) (61.6) (16.5) Change in balance sheet items 11.5 (11.9) 91.5 (80.2) Cash flow operations 242.0 264.9 681.7 447.4 Capitalized multi-client investments (85.9) (129.4) (330.1) (248.2) Non-cash capitalization of multi-client investments 9.1 9.2 29.7 12.9 Paid multi-client investments capitalized in other periods 0.1 (2.1) 0.5 (10.9) Paid multi-client investments (76.8) (122.3) (299.9) (246.2) Capex (21.8) (23.8) (73.7) (65.5) Investments through M&A - - - (58.2) Interest received 4.2 0.4 8.9 3.2 Cash flow from investment activities (94.4) (58.9) (364.7) (279.9) Net change in interest-bearing debt and leasing (32.7) (41.5) (83.4) (23.7) Interest paid (34.3) (35.6) (47.2) (41.7) Dividend payments (30.4) (27.5) (91.3) (64.1) Other changes in equity and buybacks 0.0 (18.8) 0.0 (18.8) Cash flow from financing activities (97.4) (123.4) (221.8) (148.3) Net change in cash and cash equivalents 50.2 82.6 95.2 19.2 Cash and cash equivalents at the beginning of period 166.5 125.0 122.8 196.7 Net realized currency gains/(losses) (4.0) 6.1 (5.3) (2.2) Cash and cash equivalents at the end of the period 212.7 213.8 212.7 213.8
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16 Net Debt Development – Targeted Capital Structure 500 453 479 432 350 250 78 30 5 30 77 30 200 250 300 350 400 450 500 550 Net debt Q4 24 FCFE Dividend Net debt Q1 25 FCFE Dividend Net debt Q2 25 FCFE Dividend Net debt Q3 25 High net debt target Low net debt target Net debt target of USD 250-350 million Increase shareholder return in the targeted interval Decreasing net debt towards targeted range (MUSD)
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17 Balance Sheet IFRS Change from (MUSD) 30-Sep-25 30-Jun-25 30-Jun-25 31-Dec-24 Goodwill 555.9 560.1 -1% 560.1 Multi-client library 1,106.3 1,122.0 -1% 1,196.8 Deferred tax asset 256.8 256.1 0% 249.7 Right-of-use-asset 199.9 203.1 -2% 150.2 Other non-current assets 1,019.9 1,027.1 -1% 1,052.0 Total non-current assets 3,138.9 3,168.4 -1% 3,208.8 Cash and cash equivalents 212.7 166.5 28% 166.5 Accounts receivable and accrued revenues 334.2 345.4 -3% 513.4 Other current assets 162.9 188.4 -14% 149.2 Total current assets 709.8 700.2 1% 829.0 TOTAL ASSETS 3,848.7 3,868.7 -1% 4,037.8 Total equity 1,999.8 1,967.3 2% 2,075.6 Deferred taxes 39.2 35.9 9% 45.8 Lease liability 129.8 123.1 5% 61.4 Non-current liabilities 636.0 641.7 -1% 590.1 Total non-current liabilities 805.0 800.7 1% 697.2 Taxes payable, withheld payroll tax, social security and VAT 155.6 160.2 -3% 121.6 Lease liability 91.1 101.5 -10% 109.5 Deferred revenue 445.1 470.4 -5% 532.2 Other current liabilities 352.2 368.7 -4% 501.6 Total current liabilities 1,043.9 1,100.7 -5% 1,265.0 TOTAL EQUITY AND LIABILITIES 3,848.7 3,868.7 -1% 4,037.8
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18 The Board has resolved to maintain the quarterly dividend of USD 0.155 per share • Ex date 30 October 2025 – payment date 13 November 2025 TGS has returned more than USD 1.6 bn to shareholders through dividends and buybacks since 2010 ¹Quarterly 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. ²Dividend yield annualized based on the weighted yield at the time of announcement of quarterly dividends. Dividends Dividend Per Share1 Dividend Yield2 0.155 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% 7.5% 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 0.155 0.155 0.155 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
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Outlook
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20 Steeper Decline Curves Requires Increased Investment • 90% of upstream oil and gas investment is used to offset production declines – not meet demand growth • Absent investment in new or existing projects from 2025 oil production would decline 8% p.a. according to IEA • Equivalent to loosing more than current production from Brazil and Norway every year for the next 10 years • Steeper decline rates requires higher investments to offset them 200 400 600 800 1 000 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025e Exploration New conventional fields Existing conventional fields US tight oil and shale gas Other Oil and gas decline rate in mboe/d Global upstream oil and gas capex in USD billion Source both graphs and text: IEA’s report “The implications of Oil and Gas Fields Decline Rates”. 0 40 80 120 160 200 2025 2035 2050 USD 0 billion USD 150 billion USD 300 billion USD 450 billion USD 600 billion USD 750 billion
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21 CEOs Recently Highlighting the Exploration Challenge “Oil market oversupply is likely to be a short-term issue, with demand from emerging economies set to make meeting global energy demand more challenging in the medium-longer term.” Darren Woods, CEO ExxonMobil “We had a decade... where people didn’t explore. It’s going to have an impact. If it doesn’t happen, there will be a supply crunch.” Amin Naser, CEO Saudi Aramco “This non-OPEC supply, which today is impacting the market, from Brazil, Guyana and shale oil will plateau, there is a limit to this growth.” Patrick Pouyanne, CEO TotalEnergies “Discoveries have gone way down, investment in exploration has gone way down but it’s not just investment that’s the problem, we just aren’t finding big reservoirs anymore.” Vicki Hollub, CEO Occidental
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22 3D Streamer Contract Tenders • Seasonally low value of outstanding streamer tenders • Integrated business model enables TGS to establish long-term agreements and bid selectively • Recent uptick in multi-client activity and pre-funding level (not reflected in chart) ¹Active streamer tenders are the dollar value of outstanding bids. The graph includes September 2025. Value of active contract streamer tenders (USDm) 0 200 400 600 800
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23 OBN Market Development • 2025 OBN mid to deepwater market revenues expected to be slightly higher than in 2023 • 2025 market revenues decline 10-12% vs. 2024 • Commenced tendering process for 2026 summer season • More fragmented supply side – variable degree of discipline Acquisition revenues OBN mid to deepwater market OBN acquisition revenues (USDm) mid to deepwater segment 0 300 600 900 1200 2022 2023 2024 2025 secured work
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24 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 • ~USD 110 million, down from ~USD 135 million • Excluding approximately 10 million of integration related capex • Target ~USD 950 million (unchanged)* • Expect improved utilization of 3D streamer fleet (unchanged) • Lower OBN acquisition activity compared to 2024 (unchanged) 2025 Guidance *Before merger related costs
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Order Backlog & Inflow Total backlog as reported and including PGS from 1 July 2024. 360 283 240 196 355 275 140 368 423 489 302 133 436 0 100 200 300 400 500 600 Q3-22 Q4-22 Q1-23 Q2-23 Q3-23 Q4-23 Q1-24 Q2-24 Q3-24 Q4-24 Q1-25 Q2-25 Q3-25 398 451 458 417 475 545 459 612 750 749 600 425 473 0 100 200 300 400 500 600 700 800 Q3-22 Q4-22 Q1-23 Q2-23 Q3-23 Q4-23 Q1-24 Q2-24 Q3-24 Q4-24 Q1-25 Q2-25 Q3-25 MUSD Q4 2025 Q1 2026 Q2 2026 H2 2026+ Total Backlog in MUSD Order Inflow in MUSD Expected timing of Marine Data Acquisition backlog revenue recognition
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26 TGS Booked Positions¹ • Q4 streamer geo-markets: • Contract work in Africa and Asia • Multi-client in Brazil • Q4 OBN geo-markets: • Contract work in GoA • Multi-client in GoA • Expect multi-client investment of ~USD 120 million in Q4 2025 • Utilization expectations Q4 2025 • Vessel utilization ~in line with Q3 • Normalized OBN crew count of ~1.8 ¹As of 21 October 2025. ²Booked positions are for six active 3D streamer vessels and include contracts, planned steaming and yard time, as well as multi-client programs TGS has firm plans to do and vessel capacity is allocated, but where all pre-funding is not necessarily secured. Streamer and OBN plans are subject to changes depending on project execution and other external factors TGS is not in control of. Booked streamer work in vessel months Booked OBN work – Normalized crew count 0 2 4 6 8 10 12 14 16 18 Q4 25E Q1 26E Streamer contract Streamer multi-client Planned steaming and yard 0.0 0.5 1.0 1.5 2.0 2.5 3.0 3.5 4.0 Q4 25E Q1 26E OBN contract OBN multi-client
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Summary Q3 2025 • Solid performance on financial key figures • Net debt reduced to USD 432 million • Scrutinizing cash outflow – reducing 2025 capex by ~USD 25 million • Short-term market development sensitive to oil price, long-term market outlook remains positive • Maintaining 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 Q3 2022 contract inflow and contract backlog figures are proforma assuming TGS ownership of Magseis, not updated proforma assuming ownership of PGS IFRS - Early Sales backlog accounts for USD 630 million of the total backlog Q4 2025 Q1 2026 Q2 2026 H2 2026+ 360 283 240 196 355 275 140 368 423 489 302 133 436 0 100 200 300 400 500 600 Q3-22 Q4-22 Q1-23 Q2-23 Q3-23 Q4-23 Q1-24 Q2-24 Q3-24 Q4-24 Q1-25 Q2-25 Q3-25 506 567 633 623 752 839 827 970 1302 1301 1138 937 965 0 200 400 600 800 1000 1200 1400 Q3-22 Q4-22 Q1-23 Q2-23 Q3-23 Q4-23 Q1-24 Q2-24 Q3-24 Q4-24 Q1-25 Q2-25 Q3-25 Total Backlog in MUSD Order Inflow in MUSD Timing of expected recognition of Early Sales contract backlog
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31 IFRS – Profit & Loss¹ ¹Produced revenues is USD 388.1 million in Q3 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. ²Produced accelerated amortization is USD 13.3 million in Q3 2025. Produced Accelerated amortization of multi-client library is calculated on percentage of completion basis. (MUSD) Q3 2025 Q3 2024 Change YTD 2025 YTD 2024 Change Total revenues 424.4 451.1 -6% 1,254.7 827.5 52% Cost of sales 50.0 107.3 -53% 235.3 184.2 28% Personnel cost 69.0 87.5 -21% 187.1 152.0 23% Other operational costs 27.5 26.1 5% 72.6 62.6 16% EBITDA 277.9 230.2 21% 759.7 428.8 77% Straight-line amortization 60.5 65.3 -7% 182.8 145.0 26% Accelerated amortization 38.9 44.2 -12% 235.5 54.9 329% Impairments 2.3 1.3 83% 2.3 1.3 83% Depreciation 61.0 59.5 2% 183.6 122.5 50% Operating result 115.2 59.9 92% 155.5 105.1 48% Financial income 4.2 4.3 -2% 8.9 6.8 31% Financial expenses -19.4 -17.9 8% -68.8 -26.1 164% Exchange gains/losses -4.0 6.0 -166% -6.0 -5.8 4% Gains/(losses) from JV 0.1 0.0 n/a 1.0 0.0 n/a Result before taxes 96.1 52.3 84% 90.6 80.1 13% Tax cost 34.1 14.8 131% 79.2 23.9 232% Net income 62.0 37.5 65% 11.4 56.2 -80% EPS (USD) 0.32 0.19 0.06 0.33 EPS fully diluted (USD) 0.31 0.19 0.06 0.33
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32 IFRS – Cash Flow (MUSD) Q3 2025 Q3 2024 Change YTD 2025 YTD 2024 Change Operating activities: Profit before taxes 96.1 52.3 84% 90.6 80.1 13% Depreciation/amortization/impairment 162.6 170.3 -4% 604.2 323.6 87% Changes in accounts receivable and accrued revenues 11.2 6.3 77% 179.1 -31.7 -665% Changes in other receivables 14.5 32.8 -56% -15.6 35.0 -144% Changes in other balance sheet items -31.4 6.4 -594% -115.1 56.9 -302% Paid taxes -11.1 -3.2 251% -61.6 -16.5 273% Net cash flows from operating activities 242.0 264.9 -9% 681.7 447.4 52% Investing activities: Investments in tangible and intangible assets -21.8 -23.8 -8% -73.7 -65.5 13% Investments in multi-client library -76.8 -122.3 -37% -299.9 -246.2 22% Investments through mergers and acquisitions 0.0 86.8 -100% 0.0 86.8 -100% Interest received 4.2 0.4 1055% 8.9 3.2 178% Net change in interest bearing receivables 0.0 0.0 n/a 0.0 -58.2 -100% Net cash flows from investing activities -94.4 -58.9 60% -364.7 -279.9 30% Financing activities: Loan proceeds 0.0 72.0 -100% 70.0 130.2 -46% Loan repayment 0.0 -84.0 -100% -53.1 -84.0 -37% Interest paid -34.3 -35.6 -4% -47.2 -41.7 13% Dividend payments -30.4 -27.5 11% -91.3 -64.1 42% Repayment of lease liabilities -32.7 -29.5 11% -100.3 -70.0 43% Paid in equity 0.0 -0.3 -100% 0.0 -0.3 -100% Purchase of own shares 0.0 -18.5 -100% 0.0 -18.5 -100% Net cash flows from financing activities -97.4 -123.4 -21% -221.8 -148.3 50% Net change in cash and cash equivalents 50.2 82.6 -39% 95.2 19.2 397% Cash and cash equivalents at the beginning of period 166.5 125.0 33% 122.8 196.7 -38% Net unrealized currency gains/(losses) -4.0 6.1 -166% -5.3 -2.2 144% Cash and cash equivalents at the end of period 212.7 213.8 0% 212.7 213.8 0%
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33 Segment Financials
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34 Multi-Client 277 259 267 137 226 0 50 100 150 200 250 300 Q3 24 Q4 24 Q1 25 Q2 25 Q3 25 MUSD Revenue 259 242 256 126 203 0 50 100 150 200 250 300 Q3 24 Q4 24 Q1 25 Q2 25 Q3 25 MUSD EBITDA 129 100 130 114 86 0 20 40 60 80 100 120 140 Q3 24 Q4 24 Q1 25 Q2 25 Q3 25 MUSD Multi-client investments 2.1x 2.2x 2.2x 2.0x 2.1x 1.8x 1.9x 2.0x 2.1x 2.2x 2.3x Q3 24 Q4 24 Q1 25 Q2 25 Q3 25 MUSD Sales / Investment LTM
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35 Marine Data Acquisition 194 209 164 133 119 97 54 56 70 96 47% 50% 41% 44% 41% 0% 10% 20% 30% 40% 50% 60% 0 50 100 150 200 250 300 350 Q3 24 Q4 24 Q1 25 Q2 25 Q3 25 OBN share MUSD Revenue External revenue Internal revenue OBN share 77 67 51 50 78 0 10 20 30 40 50 60 70 80 90 Q3 24 Q4 24 Q1 25 Q2 25 Q3 25 MUSD EBITDA 3.8 3.5 2.8 1.7 1.8 0.2 1.1 1.0 0.0 0.5 1.0 1.5 2.0 2.5 3.0 3.5 4.0 Q3 24 Q4 24 Q1 25 Q2 25 Q3 25 Crew count Normalized OBN crew count Contract Multi-client 20% 35% 37% 55% 45%¹ 57% 31% 36% 23% 28% 6% 6% 11% 9% 10% 2% 6% 3% 7% 8%15% 22% 13% 6% 9% 0 2 4 6 8 10 0% 20% 40% 60% 80% 100% Q3 24 Q4 24 Q1 25 Q2 25 Q3 25 No. of vessels Utilization Utilization 3D vessels Contract Multi-client Steaming Yard Stacked/Standby Number of vessels ¹Wherof approximately eight percentage points were used for NES.
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36 Imaging and NES 10 15 14 19 20 16 15 10 12 12 0 5 10 15 20 25 30 35 Q3 24 Q4 24 Q1 25 Q2 25 Q3 25 MUSD IMG Revenue External revenue Internal revenue -1 6 6 13 9 -5% 0% 5% 10% 15% 20% 25% 30% 35% 40% 45% -2 0 2 4 6 8 10 12 14 Q3 24 Q4 24 Q1 25 Q2 25 Q3 25 MUSD IMG EBITDA and EBITDA and margin 4 2 1 6 6 0% 5% 10% 15% 20% 25% 30% 35% 0 1 2 3 4 5 6 7 Q3 24 Q4 24 Q1 25 Q2 25 Q3 25 MUSD NES EBITDA and margin 19 9 6 18 23 0 5 10 15 20 25 Q3 24 Q4 24 Q1 25 Q2 25 Q3 25 MUSD NES revenue
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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: • 2025 APA Round – Q3 2025 (deadline) • 26th Round – Q4 2025 (nominations) 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: • Lease Sale planned for 10 December 2025 US Onshore: • Alaska North Slope Lease Sale – Close Nov 2025 • BLM lease sales in MT, NM, WY in Q4 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) Trinidad: • Deep Water Round – Q4 2024 (open) Argentina: • Offshore Round 2 – 2024 (open) A S I A - P A C I F I C India: • Open Acreage Licensing Policy OALP launched in February (25 blocks offered in total, of which 19 are offshore) 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: • 2025 License round planned Madagascar • 2025 license round planned Tanzania • 2025 license round Somalia: • Direct awards Togo • 2025 license round planned