Slides
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Note: A TGS title slide should always be used as the cover slide, no matter the division being represented. It’s best to limit the title of the presentation to no more than two (preferably) or three lines. If more space is needed, utilizing the subhead is ideal to include more description. Barclays Energy – Power Conference K R I S T I A N J O H A N S E N , C E O S E P T E M B E R 9 , 2 0 2 6
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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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3 TGS – The Fully Integrated Subsurface Data Company Notes: 1)TGS market share based on 2025 revenues, sources: company filings/ABGSC. 2)Last Twelve Months end Q2 2026 POC EBITDA. 3)TGS is listed on the Oslo Stock Exchange, market cap as of 7 September 2026. 4) Based on quarterly dividend of USD 0.155 annualized and share price as of disclosures in Q2 2026 report. $2.9bn market capitalization³ 4.6% Dividend yield4 ~40% seismic market share¹ $903m EBITDA² LTM Q2 2026 0.6x June 30 2026 leverage-ratio 6 core seismic streamer vessels ~30,000 ocean bottom nodes (OBN) ~1,600 employees across the globe
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4 TGS Is Built for the Exploration Upcycle • Fully integrated seismic platform — capturing value across the entire value chain • Counter-cyclical investment creates powerful earnings leverage to the upcycle • The industry’s leading data library is positioned in the basins driving the next wave of exploration • AI-based foundation models turn unmatched data scale into faster decisions and new revenue streams • Financial strength provides firepower to invest, grow and accelerate shareholder returns SEISMIC MARKET SHARE ~40% Share of global market¹ MULTI-CLIENT INVESTMENT ~55% Share of global investment since Q1 2023 ¹Based on 2025 revenues; company filings and ABG Sundal Collier estimates.
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5 The Case for Renewed Exploration Spending Is Strengthening 1 GROWING OIL DEMAND +13% IEA current-policies outlook shows oil demand growing by approximately 13% from 2024 to 2050 with expected oil demand in 2050 of 113mb/d 2 TIGHTER RESERVE BASE 12.9 → 9.4 years Major IOC reserve life has declined by 27% from its 2014 high, while 2025 reserve replacement remained below 1.0x 3 ENERGY SECURITY Strategic priority Geopolitical disruption is increasing the strategic value of reliable, diversified supply 4 INVESTOR SENTIMENT >26 pp Higher Capex/CFO companies have materially outperformed lower- investment peers last 12 months 5 TGS DATA POSITIONING Discovery hotspots Recent exploration successes overlap TGS data across several basins BUILDING EXPLORATION INVENTORY More than 2x offshore acreage awarded in 2025 vs. the prior five-year annual average¹ Implication Acreage expansion, declining # of offshore exploration wells and weak reserve replacement increase the need for modern seismic and high-impact drilling ¹ Source: S&P Global EDIN.
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Morpho Discovery Highlights Brazil’s Equatorial Margin Potential MORPHO WELL | FZA-M-59 14 AUG 2026 Hydrocarbons identified 175 km off Amapá coast 2,886 m water depth 100% Petrobras interest • Hydrocarbon-bearing interval indicated by electrical logs and rock evidence • Drilling continued to evaluate the discovery • First discovery announced offshore Amapá in the Foz do Amazonas Basin “Our optimism regarding the Brazilian Equatorial Margin is confirmed today” Magda Chambriard, President of Petrobras MRPHO RECENT TGS EQUATORIAL MARGIN MULTI-CLIENT ACQUISITION PROGRAMS PAMA Phase I 19,343 km² across more than 25 future exploration blocks in Pará-Maranhão basin PAMA Phase II ~11,500 km² extension including blocks nominated for upcoming license rounds Megabar Extension I 5,300 km² in Barreirinhas basin, acquired by Ramform Tethys
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7 Strengthening the TGS Investment Case 01 Revenue increased 1.7x while market declined ~60% from 2010- 2025 as TGS consolidated a larger portion of the value chain 02 More than USD 1.7 bn in dividend since 2010; robust shareholder distribution through the cycle while portfolio optimization accelerate deleveraging 03 61% EBITDA margin, 94% streamer utilization and USD 756m backlog in Q2 2026 04 NEW GROWTH OPPORTUNITIES Multi-year contract for TGS Seismic Foundation Model moves it from development into commercial deployment Commercializing next generation acquisition technology – Gemini X SHAREHOLDER RETURNS INTEGRATION DRIVES SCALE OPERATING MOMENTUM Greater earnings power with integrated approach – differentiated upside as exploration activity increases
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8 01 Clear Market Leader Through Countercyclical Investments Seismic industry revenues and TGS’ share Source graph: ABG Sundal Collier/TGS. ~60% Decline in seismic industry revenues 2010–2025 Countercyclical Organic investment, consolidation and a strong balance sheet have enabled TGS to grow while market has contracted – positioned to capture a larger part of E&P capex ~1.7x Increase in TGS revenues 2010–2025 0 1,000 2,000 3,000 4,000 5,000 6,000 7,000 8,000 9,000 10,000 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 MUSD TGS Industry ex. TGS
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9 02 Robust Shareholder Distribution Through the Cycle >$1.7bn returned through dividends and buybacks since 2010 $60.9m dividends paid in H1 2026 $250 - 350m long-term net debt target – positioned to increase shareholder distribution Growing dividend per share… …supported by solid free cash flow (cash flow pro -forma¹) ¹2024 Cash flow excluding total costs of USD 52 million related to PGS merger and subsequent refinancing. 0 0.2 0.4 0.6 0.8 1 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 -50 0 50 100 150 200 250 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 MUSD A2D sale proceeds of >USD 100m sharpen the portfolio and accelerate balance-sheet capacity
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10 03 H1 2026 Demonstrates Earnings Power from Integrated Business Model 410 435 360 380 400 420 440 1H 2025 1H 2026 MUSD 45 176 0 40 80 120 160 200 1H 2025 1H 2026 MUSD 76% 93% 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100% 1H 2025 1H 2026 EBITDA EBIT Streamer 3D vessel utilization +6% +291% EBITDA margin 60% and EBIT margin 24% in 1H 2026 – vessel streamer utilization improved 23%
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11 04 01 02 03 04 Commercializing TGS’ Seismic Foundation Model GLOBAL DATA LIBRARY TGS multi-client library provides a unique training platform FOUNDATION MODEL Large scale 3D AI model learns geological patterns directly from data FASTER INTERPRETATION Structural and stratigraphic workflows become faster and more consistent MULTI-YEAR CONTRACT Commercial deployment across selected exploration and development workflows AI contract validates the advantage created by combining multi-client data, domain expertise and cloud compute
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12 REGION AWARD DURATION Angola Large 4D streamer award ~8 months Gulf of America Multi-year OBN extension Long-term visibility Australia 4D streamer contract ~50 days; starts Dec. Mediterranean Streamer acquisition contract ~110 days; into Q1 2027 Indonesia Extension to large contract +1 month Malaysia Sarawak Phase 4 MC project <30 days; starts Q4 2026 Middle East 3D streamer contract ~55 days Recent Contract Wins Extend Visibility Into 2027 $756m Q2 order backlog $377m Q2 order inflow ~2x Better visibility for streamer vessels vs. Q2 25
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13 BRAZIL PAMA; Pelotas Norte + Sul: three major 3D programs GULF OF AMERICA APEX 1: dense-grid, long-offset OBN WEST AFRICA Nigeria Laide 3D; Angola Ultra Profundo 2D EUROPE Åsta Graben $346m H1 2026 multi-client investment ~$550m FY 2026 guidance ASIA PACIFIC Sarawak Phase 4; Brunei (exclusive rights for MC projects) Pelotas Norte Phase 1 Strong Multi-client Momentum — Target Next Exploration Hotspots
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14 Summary: Scale, Resilience and Differentiated Upside 01 MARKETSHARE 02 RETURNS 03 MOMENTUM 04 OPPORTUNITIES Positioned to create significant shareholder value as exploration activity increases A materially larger share of seismic spend than in 2010 A proven capital distribution model through the cycle Strong profitability, utilization and backlog Commercial AI and next-generation acquisition technology
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