TGS Signs LOA for Proprietary 4D OBN Survey in the U.S. Gulf of Mexico

OSLO, Norway (6 February 2023) – TGS, a global provider of energy data and intelligence, today announced that it signed an LOA to conduct a proprietary 4D OBN survey in Walker Ridge canyon in the U.S. Gulf of Mexico. The survey is planned to mobilize in Q3 2023 with a duration of approximately 100 days.

Kristian Johansen, CEO at TGS, commented: “In January, TGS acquired Magseis Fairfield with the ambition to create a unique offering of robust data processing and imaging quality, best-in-class OBN technology, and a leading multi-client business. We are excited at the opportunity to enhance our capabilities to create a stronger, more competitive, and commercially successful organization. In good collaboration with one of our key clients, we are pleased to announce this OBN survey over a key asset in a strategically important region. Our first contract announcement since the acquisition further strengthens our OBN backlog for 2023 and positions TGS well for further 4D activities in the U.S. Gulf of Mexico.”

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 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.

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Sven Børre Larsen

Chief Financial Officer