TGS Approves 2020 Financials

Oslo, Norway (23 March 2021) – The Board of Directors of TGS-NOPEC Geophysical Company ASA has today approved the financial statements for 2020. The financial statements were prepared in accordance with IFRS. For a summary of changes from the preliminary annual accounts announced on 11 February 2021, please see the attached.

About TGS

TGS provides scientific data and intelligence to companies active in the energy sector. In addition to a global, extensive and diverse energy data library, TGS offers specialized services such as advanced processing and analytics alongside cloud-based data applications and solutions.

Forward Looking Statement

All statements in this press release 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 TGS' reliance on a cyclical industry and principal customers, TGS' ability to continue to expand markets for licensing of data, and TGS' ability to acquire and process data product at costs commensurate with profitability, as well as volatile market conditions, which have been exacerbated by the COVID-19 pandemic and the severe drop in oil prices. 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.

For more information contact:

Fredrik Amundsen

Chief Financial Officer

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