Slides
Page 1
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. Q3 2026 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 2 , 2 0 2 6
Page 2
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.
Page 3
Right click on the image to insert a new photo. Adjust the color of the text (from White to Dark Silver #48525B) to help with readability, if necessary. Please DO NOT place the TGS logo on top of a photo. Q3 2026 Highlights¹ • Q3 revenues of USD 397 million (up 2% Y/Y) • Q3 EBITDA of USD 222 million – including USD 41 million in gain from sale of well data business • Q3 EBIT of USD 86 million – including USD 41 million in gain from sale of well data business • Operating cost in the quarter impacted by operational challenges • Robust order inflow of USD 357 million – total order backlog of USD 679 million • Maintaining quarterly dividend of USD 0.155 per share ¹Financial numbers based on percentage of completion (produced) for ongoing multi-client projects.
Page 4
Business Update
Page 5
5 Note: A range of paragraph styles are available for presenting your content. Body copy should be Arial Nova Light and can be sized at 12pt, 14pt or 16pt depending on the amount of content on the slide. See usage instructions on slide 2 for more information on formatting text styles. CTRL + SHIFT + C copies properties of characters, paragraphs, shapes or text frames. To apply these properties, use CTRL + SHIFT + V Q3 2026 Data Acquisition Activity OBN contract MC OBN/onshore projects Other operations – SC and LiDAR MC vessel operations Contract vessel operations
Page 6
6 Multi-Client Update Activity Summary • Completed Pelotas Sul Phase 1 and Pelotas Norte offshore Brazil • Commenced Åsta Graben multi-client 3D streamer survey in the North Sea • Halted due to operational challenges Announcements • Sarawak Phase 4 offshore Malaysia • Orphan 3D PSDM Phase 2 reprocessing offshore Newfoundland and Labrador • Atlantic Margin South reprocessing in the Norwegian Sea ¹Financials are based on revenues measured by applying the percentage-of-completion method to multi-client sales and accelerated amortization. ²Multi-client business unit revenues include joint venture revenues on certain projects. ³Excluding joint-venture (contract) revenues. ⁴Q3 2025 revenues are presented on a pro forma basis, excluding revenues from well data products. Financials in millions USD1 Q3 2026 Q3 2025⁴ External revenues² 195 219 Multi-client investment 64 86 Sales-to-investment LTM³ 1.7 2.0 The Sarawak Phase 4 multi-client program offshore Malaysia, covering approximately 1,020 square kilometers. The Sarawak Phase 4 multi-client program offshore Malaysia covers approximately 1,020 square kilometers. Ramform Sovereign is scheduled to mobilize for the survey in Q4.
Page 7
7 Marine Data Acquisition Update Financials in million USD Q3 2026 Q3 2025 External revenues 180 135 Internal production 39 96 Total revenues 219 231 EBITDA margin 18% 35% Activity Summary Streamer • Two 4D contracts in the North Sea • 3D contracts in Angola, Indonesia and the Mediterranean OBN • Completed a large contract in Gulf of America • Completed a node-on-a-rope contract in the North Sea Contract awards • 4D streamer contract offshore Australia • Streamer contract in the Mediterranean • One month extension to a contract in Indonesia • OBN contract in the AMME region
Page 8
8 Imaging & Technology Update Financials in million USD Q3 2026 Q3 2025 External revenues 18 20 Internal production 23 12 Total revenues 41 32 EBITDA margin 26% 29% Activity Summary • Strong capacity utilization at all imaging centers • Expect activity growth in 2026 Technology developments • Multi-year contract for development and delivery of AI-powered seismic foundation model • Launched Gemini X – operational combination of Gemini source and Apparition technology
Page 9
Financials
Page 10
10 Note: A range of paragraph styles are available for presenting your content. Body copy should be Arial Nova Light and can be sized at 12pt, 14pt or 16pt depending on the amount of content on the slide. See usage instructions on slide 2 for more information on formatting text styles. CTRL + SHIFT + C copies properties of characters, paragraphs, shapes or text frames. To apply these properties, use CTRL + SHIFT + V Q3 2026 Net Revenues 1Revenues measured by applying the percentage-of-completion method ongoing multi -client projects. 2Contract revenues in the Multi-client Business Unit (MC) relates to partner participation in ongoing multi -client projects, where TGS is providing the data acquisition or imaging services. Multi-client revenues¹ Net contract revenues² 184 1852 0 50 100 150 200 250 MC MDA Imaging Other Total MUSD 11 211 180 18 3 0 50 100 150 200 250 MC MDA Imaging Other Total MUSD
Page 11
11 Q3 2026 Produced Segment Summary ¹Financials are based on revenues measured by applying the percentage -of-completion method to multi-client sales and accelerated amortization. ²JV revenues (Contract revenue) in the Multi-client Business Unit (MC) relates to partner participation in ongoing multi -client projects, where TGS is providing the data acquisition or imaging services 86 117 178 168 64 0 40 80 120 160 200 Q3 25 Q4 25 Q1 26 Q2 26 Q3 26 MUSD Multi-client investments 206 253 200 235 184 14 11 33 37 11203 254 208 253 175 226 270 240 284 195 0 50 100 150 200 250 300 Q3 25 Q4 25 Q1 26 Q2 26 Q3 26 MUSD Multi-client revenues and EBITDA MC licensing Contract sales (JV) EBITDA 135 68 58 98 180 96 89 137 142 39 81 54 38 50 40 0 50 100 150 200 250 Q3 25 Q4 25 Q1 26 Q2 26 Q3 26 MUSD MDA revenues and EBITDA External revenue Internal production EBITDA 20 18 15 14 18 12 13 17 18 23 9 9 6 8 10 0 10 20 30 40 50 Q3 25 Q4 25 Q1 26 Q2 26 Q3 26 MUSD IMG revenues and EBITDA External revenue Internal production EBITDA
Page 12
12 Note: A range of paragraph styles are available for presenting your content. Body copy should be Arial Nova Light and can be sized at 12pt, 14pt or 16pt depending on the amount of content on the slide. See usage instructions on slide 2 for more information on formatting text styles. CTRL + SHIFT + C copies properties of characters, paragraphs, shapes or text frames. To apply these properties, use CTRL + SHIFT + V Group Financials 217 263 213 250 185 171 100 108 151 211 388 363 321 400 397 0 100 200 300 400 500 Q3 25 Q4 25 Q1 26 Q2 26 Q3 26 MUSD Net revenue Multi-client Contract 147 136 130 156 21570 53 132 111 58217 189 262 267 274 0 50 100 150 200 250 300 Q3 25 Q4 25 Q1 26 Q2 26 Q3 26 MUSD Operating expenses Net operating expenses Eliminations 1 Q3 24 to Q2 26 figures have been restated. Refer to note 12 of the interim financial statements for more details. 94 61 54 101 46 -8 9 41 24% 17% 17% 25% 11% 0% 5% 10% 15% 20% 25% 30% -20 0 20 40 60 80 100 120 Q3 25 Q4 25 Q1 26 Q2 26 Q3 26 MUSD Group EBIT and margin¹ EBIT excluding extraordinary items Extraordinary items EBIT margin 61 36 36 36 49 71 68 66 64 48 16 62 43 34 39 0 40 80 120 160 200 Q3 25 Q4 25 Q1 26 Q2 26 Q3 26 MUSD Depreciation & Amortization¹ Depreciation Straight-line amortization Accelerated amortization & impairment
Page 13
13 2026 Gross Operating Cost Development • High asset utilization drives activity related cost, fuel and geo-uplifts • Operational challenges and inflated fuel prices drive extraordinary cost increases, particularly impacting Q3 Gross operating cost 950 1050 ~50 ~50 700 800 900 1000 1100 2026 cost base Higher activity Project cost increases 2026 forecast MUSD
Page 14
14 Produced – Profit & Loss (MUSD) Q3 2026 Q3 2025 Restated¹ Change YTD 2026 YTD 2025 Restated¹ Change Multi-client revenues 185.3 216.8 -14% 647.8 620.2 4% Contract revenues 211.2 171.4 23% 469.5 526.5 -11% Total revenues 396.5 388.1 2% 1,117.3 1,146.8 -3% Other income 40.6 - n/a 40.6 - n/a Cost of sales 125.2 50.0 150% 234.2 235.3 0% Personnel cost 60.0 69.0 -13% 182.6 187.1 -2% Other operational costs 29.9 27.5 8% 84.6 72.6 17% EBITDA 222.0 241.6 -8% 656.5 651.8 1% Straight-line amortization 47.5 70.6 -33% 177.7 213.2 -17% Accelerated amortization 38.9 13.3 192% 114.2 133.5 -15% Impairments - 2.3 n/a 1.8 2.3 -20% Depreciation 49.4 61.0 -19% 120.9 183.6 -34% Operating profit (EBIT) 86.1 94.4 -9% 242.0 119.2 103% Financial income 6.9 4.3 63% 12.9 9.9 31% Financial expenses (17.4) (19.4) -11% (50.4) (68.8) -27% Exchange gains/losses 1.4 (4.0) n/a 3.3 (6.0) n/a Result before taxes 77.2 75.3 3% 207.9 54.3 283% 1 Q3 2025 and YTD 2025 figures have been restated. Refer to note 12 of the interim financial statements for more details.
Page 15
15 Produced – Cash Flow (MUSD) Q3 2026 Q3 2025 YTD 2026 YTD 2025 Produced EBITDA 222.0 241.6 656.5 651.8 Paid tax (16.5) (11.1) (49.8) (61.6) Gain on sale of assets and businesses (40.6) - (40.6) - Change in balance sheet items (40.1) 11.5 (38.0) 91.5 Cash flow from operations 124.8 242.0 528.1 681.7 Capitalized multi-client investments (63.9) (85.9) (410.3) (330.1) Non-cash capitalization of multi-client investments 8.1 9.1 60.2 29.7 Paid multi-client investments capitalized in other periods (8.5) 0.1 (0.9) 0.5 Paid multi-client investments (64.3) (76.8) (351.0) (299.9) Capex (27.6) (21.8) (83.7) (73.7) Investments through M&A 96.3 - 92.4 - Interest received 2.6 4.2 7.7 8.9 Cash flow from investment activities 6.9 (94.4) (334.6) (364.7) Net change in interest-bearing debt and leasing (51.9) (32.7) (107.5) (83.4) Interest paid (28.0) (34.3) (61.6) (47.2) Dividend payments (30.5) (30.4) (91.4) (91.3) Cash flow from financing activities (110.4) (97.4) (260.5) (221.9) Net change in cash and cash equivalents 21.4 50.2 (67.1) 95.2 Cash and cash equivalents at the beginning of period 125.2 166.5 212.3 122.8 Net realized currency gains/(losses) 1.8 (4.0) 3.1 (5.3) Cash and cash equivalents at the end of the period 148.4 212.7 148.4 212.7
Page 16
16 IFRS – Balance Sheet Change from (MUSD) 30-Sep-26 30-Jun-26 Restated 30-Jun-26 30-Sep-25 Restated Goodwill 533.1 533.1 0% 560.1 Multi-client library 1,190.5 1,237.8 -4% 1,122.0 Deferred tax asset 216.7 239.1 -9% 256.1 Right-of-use-asset 123.2 143.3 -14% 203.1 Other non-current assets 1,007.6 1,014.3 -1% 997.6 Total non-current assets 3,071.1 3,167.6 -3% 3,138.9 Cash and cash equivalents 148.4 125.2 19% 125.2 Accounts receivable and accrued revenues 403.4 304.3 33% 345.4 Other current assets 199.5 265.9 -25% 239.2 Total current assets 751.3 695.4 8% 709.8 TOTAL ASSETS 3,822.4 3,863.0 -1% 3,848.7 Total equity 1,975.9 1,950.8 1% 1,999.8 Deferred taxes 20.1 22.6 -11% 35.9 Lease liability 74.5 84.2 -12% 123.1 Non-current liabilities 578.3 608.7 -5% 646.0 Total non-current liabilities 672.8 715.5 -6% 805.0 Taxes payable, withheld payroll tax, social security and VAT 166.2 169.2 -2% 160.2 Lease liability 67.1 78.5 -15% 101.5 Deferred revenue 566.4 542.2 4% 470.4 Other current liabilities 374.1 406.9 -8% 311.8 Total current liabilities 1,173.7 1,196.8 -2% 1,043.9 TOTAL EQUITY AND LIABILITIES 3,822.4 3,863.0 -1% 3,848.7 1 Q3 24 to Q2 26 figures have been restated. Refer to note 12 of the interim financial statements for more details.
Page 17
17 The Board has resolved to maintain the quarterly dividend of USD 0.155 per share • Ex date 29 October 2026 – payment date 12 November 2026 TGS has returned more than USD 1.7 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% 4.5% 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 2026 Year of payment 0.61 0.93 0.98 1.37 1.42 1.15 0.60 0.60 0.80 1.08 0.75 0.56 0.56 0.56 0.56 0.62 0.155 0.155 0.155 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 2026 USD per share Year of payment
Page 18
Outlook
Page 19
19 Oil & Gas Equally Important in 2050 as Today 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100% 0 100 200 300 400 500 600 700 800 2010 2020 2025 2030 2035 2040 2050 Oil & gas in % of total Quadrillion BTUs Oil & Gas Other energy sources Oil & Gas in % of total World Energy Demand Source graph: ExxonMobil’s Energy Outlook 2026 ~2% growth In oil demand from 2025 to 2050 ~19% growth In gas demand from 2025 to 2050 ~55% of total Energy demand in 2050 will be oil & gas, same as in 2026
Page 20
20 Smaller and Fewer Oil & Gas Offshore Discoveries ¹Annualized, based on actuals as of mid October. Source both graphs: S&P Global Edin. 64% reduction In discovered recoverable resources 2026¹ vs. 2022 36% fewer Discoveries made in 2026¹ vs. 2022 NOCs Account for ~60% of discoveries in 2026 Annual volumes and number of offshore discoveries Offshore discoveries by oil company category 0% 20% 40% 60% 80% 100% 2021 2022 2023 2024 2025 2026 YTD Oct. NOC IOC Other 0 20 40 60 80 100 120 0 2,000 4,000 6,000 8,000 10,000 12,000 14,000 16,000 18,000 2021 2022 2023 2024 2025 2026 YTD Oct. Number of discoveries per year Total Recoverable MMboe Sum of Total Recoverable Mmboe Number of discoveries per year
Page 21
21 E&P Spending Expected to Increase in 2027 ~1% decline In 2026 E&P spending vs. 2025 ~6% increase In E&P spending forecasted in 2027 vs. 2026 E&P spending development and forecast¹ ¹Average projections and forecasts from Barclays, Goldman Sachs, ABG Sundal Collier, SEB and SB1 Markets. 5% -0.4% -1% ~6% -2% 0% 2% 4% 6% 8% 2024 2025 2026 E 2027 FC Y-o-Y change
Page 22
22 Oil Companies’ Cash Flow Improves Significantly “We increased our acreage by 35% over the last year or so. We closed on 10 million net acres just this year in South America, in the Mediterranean, in the Gulf of America primarily.” Mike Wirth, CEO Chevron “We've been saying repeatedly that there is no future for an oil company without exploration and without the replacement of reserves.” Magda Chambriard, CEO Petrobras ¹Accmulated for ExxonMobil, Chevron, TotalEnergies, Shell, bp, Equinor, ENI, Petrobras. Source: Bloomberg. Last Twelve Months in Q3 2026 is calculated by assuming Q3 financials to be equal to Q2, but LTM is rolled one quarter forward. Cash flow generation vs. capital allocation selected IOCs¹ High oil price Drives cash flow generation ~45% higher Oil price so far 2H 2026 vs. 2H 2025 0 50 100 150 200 250 300 350 400 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 LTM Q3 26 E USD bn Dividends¹ Share buy-backs¹ Capex¹ CFFO¹
Page 23
23 Strong Booking – Signs of Improving Streamer Market Q4 2026 Q1 2027 OCT NOV DEC JAN FEB MAR Ramform Titan Ramform Atlas Ramform Tethys Ramform Hyperion Ramform Sovereign Ramform Victory Contract work Multi-client projects Multi-client South America Multi-client West Africa Contract AMME Multi-client West Africa Multi-client AP Contract AP Contract West Africa Contract AMME Contract AP Q4 2026 OBN work in Mediterranean and West Africa
Page 24
24 Strong OBN Opportunity Pipeline Development in global OBN crew months 0 20 40 60 80 100 120 140 2020 2021 2022 2023 2024 2025 2026E 2027 FC secured work and visible opport. Global OBN crew months Normalized crew months Visible opportunities 2027 Strong opportunity pipeline South Atlantic Margin West Africa, Gulf of America and Brazil most active regions Supporting macro E&P spending expected to increase in 2027
Page 25
Order Backlog¹ & Inflow ¹The backlog is proforma adjusted for sale of the Well Log Data Business concluded in Q3 2026. Total Backlog in MUSD Order Inflow in MUSD Expected timing of Marine Data Acquisition backlog revenue recognition of USD 414 million by end Q3 ‘26 722 721 573 398 446 676 744 718 679 0 100 200 300 400 500 600 700 800 Q3-24 Q4-24 Q1-25 Q2-25 Q3-25 Q4-25 Q1-26 Q2-26 Q3-26 MUSD 423 489 302 133 436 598 392 377 357 0 100 200 300 400 500 600 700 Q3-24 Q4-24 Q1-25 Q2-25 Q3-25 Q4-25 Q1-26 Q2-26 Q3-26 MUSD Q4 2026 Q1 2027 Q2 2027 H2 2027+
Page 26
26 Booked Positions¹ • Expected utilization Q4 2026 • Streamer vessel utilization above 80% • Normalized OBN crew count of ~1.3 • Expected Q4 2026 multi-client investment to be close to USD 100 million • Additional upside subject to ongoing negotiations • Q4 2026 gross operating cost expected to be approximately USD 250 million • Q4 2026 capex of approximately USD 30 million ¹As of 16 October 2026. 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 months² Booked OBN work – Normalized crew count 0 2 4 6 8 10 12 14 16 18 Q4 26E Q1 27E Vessel months 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 26E Q1 27E Normalized OBN crew count OBN Contract OBN multi-client
Page 27
Right click on the image to insert a new photo. Adjust the color of the text (from White to Dark Silver #48525B) to help with readability, if necessary. Please DO NOT place the TGS logo on top of a photo. Summary Q3 2026 • Higher revenues Y-o-Y • Robust order backlog – strong booked positions • Strengthening acquisition technology portfolio • Completed sale of North American well data business • Early signs of a recovering energy data market • Maintaining quarterly dividend of USD 0.155 per share
Page 28
Thank you Energy Starts With Us Questions?
Page 29
Appendix
Page 30
30 Produced – Segment Revenues 1 Q3 2025 and YTD Q3 2025 figures have been restated. Refer to note 12 of the interim financial statements for more details.
Page 31
IFRS Backlog & Inflow IFRS – multi-client sales backlog accounts for USD 750 million of the total backlog Total Backlog in MUSD Order Inflow in MUSD Timing of expected recognition of multi -client sales contract backlog 423 489 302 133 436 598 392 377 357 0 100 200 300 400 500 600 700 Q3-24 Q4-24 Q1-25 Q2-25 Q3-25 Q4-25 Q1-26 Q2-26 Q3-26 MUSD 447 416 342 203 226 372 475 513 414 303 333 258 222 248 334 304 243 265 552 552 538 512 492 585 618 646 614 0 200 400 600 800 1000 1200 1400 1600 Q3-24 Q4-24 Q1-25 Q2-25 Q3-25 Q4-25 Q1-26 Q2-26 Q3-26 MUSD MDA Backlog Produced Backlog Delayed IFRS Recognition Q4 2026 Q1 2027 Q2 2027 H2 2027+ The backlog is proforma adjusted for sale of the Well Log Data Business concluded in Q3 2026.
Page 32
32 IFRS – Profit & Loss (MUSD) Q3 2026 Q3 2025 Restated¹ Change YTD 2026 YTD 2025 Restated¹ Change Total revenues 428.3 424.4 1% 1,088.2 1,254.7 -13% Other income 40.6 0.0 n/a 40.6 0.0 n/a Cost of sales 125.2 50.0 150% 234.2 235.3 0% Personnel cost 60.0 69.0 -13% 182.6 187.1 -2% Other operational costs 29.9 27.5 8% 84.6 72.6 17% EBITDA 253.8 277.9 -9% 627.4 759.7 -23% Straight-line amortization 47.5 70.6 -33% 177.7 213.2 -14% Accelerated amortization 63.7 38.9 64% 174.5 235.5 -26% Impairments - 2.3 -100% 1.8 2.3 -20% Depreciation 49.4 61.0 -19% 120.9 183.6 -34% Operating result 93.1 105.1 -11% 152.4 125.1 -15% Financial income 6.9 4.2 65% 12.3 8.9 38% Financial expenses (17.4) (19.4) -11% (50.4) (68.8) -27% Exchange gains/losses 1.4 (4.0) n/a 3.3 (6.0) n/a Gains/(losses) from JV 0.1 0.1 -34% 0.6 1.0 -37% Result before taxes 84.1 86.0 -2% 118.3 60.2 53% Tax cost 31.8 31.6 1% 52.4 71.6 -27% Net income 52.3 54.4 -4% 65.9 (11.4) n/a EPS (USD) 0.27 0.28 0.34 (0.06) EPS fully diluted (USD) 0.26 0.27 0.33 (0.06) 1 Q3 2025 and YTD Q3 2025 figures have been restated. Refer to note 12 of the interim financial statements for more details.
Page 33
33 IFRS – Cash Flow (MUSD) Q3 2026 Q3 2025 Restated¹ Change YTD 2026 YTD 2025 Restated¹ Change Operating activities: Profit before taxes 84.1 86.0 -2% 118.4 60.2 97% Depreciation/amortization/impairment 160.7 172.7 -7% 474.9 634.6 -25% Changes in accounts receivable and accrued revenues (99.1) 11.2 -982% (29.0) 179.1 -116% Changes in other receivables (11.6) 14.5 -180% (29.2) (15.6) 87% Gain on sale of assets and businesses (40.6) 0.0 n/a (40.6) 0.0 n/a Changes in other balance sheet items 47.9 (31.4) -252% 83.3 (115.1) -172% Paid taxes (16.5) (11.1) 48% (49.8) (61.6) -19% Net cash flows from operating activities 124.8 242.0 -48% 528.1 681.7 -23% Investing activities: Investments in tangible and intangible assets (27.6) (21.8) 27% (83.7) (73.7) 14% Investments in multi-client library (64.3) (76.8) -16% (351.0) (299.9) 17% Investments through mergers and acquisitions 0.0 0.0 n/a (3.9) 0.0 n/a Divestments through mergers and acquisitions 96.3 0.0 n/a 96.3 0.0 n/a Interest received 2.6 4.2 -38% 7.7 8.9 -14% Net cash flows from investing activities 6.9 (94.4) -107% (334.6) (364.7) -8% Financing activities: Loan proceeds 0.0 0.0 n/a 50.0 70.0 -29% Loan repayment (30.6) 0.0 n/a (91.9) (53.1) 73% Interest paid (28.0) (34.3) -18% (61.6) (47.2) 31% Dividend payments (30.5) (30.4) 0% (91.4) (91.3) 0% Repayment of lease liabilities (21.2) (32.7) -35% (65.6) (100.3) -35% Net cash flows from financing activities (110.4) (97.4) 13% (260.5) (221.9) 17% Net change in cash and cash equivalents 21.4 50.2 -57% (67.1) 95.2 -170% Cash and cash equivalents at the beginning of period 125.2 166.5 -25% 212.3 122.8 73% Net unrealized currency gains/(losses) 1.8 (4.0) -145% 3.1 (5.3) -159% Cash and cash equivalents at the end of period 148.4 212.7 -30% 148.4 212.7 -30% 1 Q3 2025 and YTD Q3 2025 figures have been restated. Refer to note 12 of the interim financial statements for more details.
Page 34
34 Note: A range of paragraph styles are available for presenting your content. Body copy should be Arial Nova Light and can be sized at 12pt, 14pt or 16pt depending on the amount of content on the slide. See usage instructions on slide 2 for more information on formatting text styles. CTRL + SHIFT + C copies properties of characters, paragraphs, shapes or text frames. To apply these properties, use CTRL + SHIFT + V Multi-Client 203 254 208 253 175 0 50 100 150 200 250 300 Q3 25 Q4 25 Q1 26 Q2 26 Q3 26 MUSD EBITDA 2.0x 2.0x 1.7x 1.7x 1.7x 0.0x 0.5x 1.0x 1.5x 2.0x 2.5x Q3 25 Q4 25 Q1 26 Q2 26 Q3 26 MUSD Sales / Investment LTM 206 253 200 235 184 6 7 7 11 14 11 33 37 11 0 50 100 150 200 250 300 Q3 25 Q4 25 Q1 26 Q2 26 Q3 26 MUSD Revenues MC licensing Well data licensing Contract sales (JV) 86 117 178 168 64 0 40 80 120 160 200 Q3 25 Q4 25 Q1 26 Q2 26 Q3 26 MUSD Multi-client investments
Page 35
35 Note: A range of paragraph styles are available for presenting your content. Body copy should be Arial Nova Light and can be sized at 12pt, 14pt or 16pt depending on the amount of content on the slide. See usage instructions on slide 2 for more information on formatting text styles. CTRL + SHIFT + C copies properties of characters, paragraphs, shapes or text frames. To apply these properties, use CTRL + SHIFT + V Marine Data Acquisition 135 68 58 98 180 96 89 137 142 39 38% 30% 31% 35% 33% 0% 5% 10% 15% 20% 25% 30% 35% 40% 0 50 100 150 200 250 300 Q3 25 Q4 25 Q1 26 Q2 26 Q3 26 OBN share MUSD Revenue External revenue Internal production OBN share 81 54 38 50 40 0 10 20 30 40 50 60 70 80 90 Q3 25 Q4 25 Q1 26 Q2 26 Q3 26 MUSD EBITDA 45% 31% 26% 19% 53% 28% 48% 65% 75% 22% 10% 15% 6% 18%8% 5% 1% 3% 7%9% 1% 2% 3% 0 2 4 6 8 10 0% 20% 40% 60% 80% 100% Q3 25 Q4 25 Q1 26 Q2 26 Q3 26 No. of vessels Utilization Utilization 3D vessels Contract Multi-client Steaming Yard Stacked/Standby Number of vessels 1.8 0.7 0.4 1.1 2.2 1.0 1.0 1.5 0.6 0.0 0.5 1.0 1.5 2.0 2.5 3.0 Q3 25 Q4 25 Q1 26 Q2 26 Q3 26 Crew count Normalized OBN crew count Contract Multi-client
Page 36
36 Note: A range of paragraph styles are available for presenting your content. Body copy should be Arial Nova Light and can be sized at 12pt, 14pt or 16pt depending on the amount of content on the slide. See usage instructions on slide 2 for more information on formatting text styles. CTRL + SHIFT + C copies properties of characters, paragraphs, shapes or text frames. To apply these properties, use CTRL + SHIFT + V Imaging and Other¹ ¹Other business segment consist of Prediktor, 4C and Wind Metocean activities, excluding shared services costs 20 18 15 14 18 12 13 17 18 23 0 10 20 30 40 50 Q3 25 Q4 25 Q1 26 Q2 26 Q3 26 MUSD IMG Revenue External revenue Internal production 6 6 8 5 4 0 2 4 6 8 10 12 Q3 25 Q4 25 Q1 26 Q2 26 Q3 26 MUSD Other revenue 9 9 6 8 8 0% 10% 20% 30% 40% 50% -2 0 2 4 6 8 10 12 14 Q3 25 Q4 25 Q1 26 Q2 26 Q3 26 MUSD IMG EBITDA and EBITDA and margin 3 1 4 2 0 -10% 0% 10% 20% 30% 40% 50% -1 0 1 2 3 4 5 6 7 8 Q3 25 Q4 25 Q1 26 Q2 26 Q3 26 MUSD Other EBITDA and margin
Page 37
Overview is showing an overview 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: • 2026 APA Round closed Q3 2026 with awards expected Q1 2027 License Round Activity N O R T H A M E R I C A Canada: • Newfoundland & Labrador: Call for Bids closes November 4th, 2026. US GOA: • BBG4 announced for March 2027 US Onshore: • 2026 BLM lease sales in October (NM, TX, NV,UT,MT-ND, CA, ), November (WY,AK DNR, NM, ID,MT, CA, CO, NV) C A R R I B E A N & S O U T H A M E R I C A Barbados: • Blocks available for direct negotiations Brazil: • Open Acreage of Production Sharing (OPP) 4th & Permanent Concession Offer (OPC) 6th Rounds: Bidding held 7 Oct. 2026; awards, qualification and contract signing underway Colombia • License round planned for 2027 Ecuador • License round planned for 2027 Grenada • License round planned for 2027 Peru • Blocks available for direct negotiation A S I A - P A C I F I C India: • OALP-X ongoing, closes 17 Sep 2026 Bangladesh: • Bid round ongoing, closes 30 Nov 2026 Sri Lanka • Bid round ongoing, cloxes Feb 2027 Indonesia: • Blocks under Regular Tender closes Jul to Sep • Open door policy (via JSA mechanism) Malaysia: • 2026 MBR closes 30 Sep 2026 Brunei: • CA3 block, closes end H1 2027 Timor-Leste: • Bid round planned Q1 2027 Australia: • 2025/2026 round closes Jun 2026 A F R I C A / E A S T M E D Angola: • Permanent Offer Blocks available for direct negotiation Congo-Brazzaville: • 2026 License Round planned Cote d’Ivoire: • Open door Gabon: • Open Door Liberia: • Open offshore License Round for 29 blocks in the Liberia and harper basins Madagascar: • License Round planned for 2027 Nigeria: • New 2026 License Round announced Tanzania: • License Round planned for 2027 Egypt: • Open blocks licensing program • Red Sea offshore round with deadline in May 2026 Lebanon: • Ongoing License Round Libya: • 2025 License Round ongoing • Planning for 2026/27 license round