TGS

Robert Hobbs Kristian K. JohansenChief Executive Officer Chief Financial Officer

Q1 2013 Earnings Release

2

All statements in this presentation other than statements of historical fact, areforward-looking statements, which are subject to a number of risks, uncertainties,and assumptions that are difficult to predict and are based upon assumptions as tofuture events that may not prove accurate. These factors include TGS’ reliance ona cyclical industry and principal customers, TGS’ ability to continue to expandmarkets for licensing of data, and TGS’ ability to acquire and process dataproducts at costs commensurate with profitability. Actual results may differmaterially from those expected or projected in the forward-looking statements.TGS undertakes no responsibility or obligation to update or alter forward-lookingstatements for any reason.

Forward-Looking Statements

3

Q1 2013 Highlights

Record high Q1 revenues of 211 MUSD, up 10% from Q1 2012 Continued strong profitability with operating profit (EBIT) of 89 MUSD,

corresponding to an EBIT margin of 42% High Q1 investment activity with new multi-client investments of 126

MUSD, up 24% from Q1 2012 Cash flow from operations before multi-client investments was

179 MUSD, up 22% from Q1 2012 Commercial agreement signed to broker Fugro’s 2D multi-client library

on a global basis Full year 2013 guidance maintained

4

Net Revenue Breakdown

2D25%

3D68%

GPS7%

Q1 2013

2D16%

3D74%

GPS10%

Q1 2012

Pre-funding

26%

Late sales60%

Proprietary14%

Q1 2013

Pre-funding

39%

Late sales59%

Proprietary2%

Q1 2012

5

NSA38%

Europe11%

AMEAP39%

Other12%

Q1 2012

Net Revenue Breakdown

NSA64%

Europe13%

AMEAP13%

Other10%

Q1 2013

6

FinancialsKristian K. Johansen

Chief Financial Officer

7

Key Financials

27 54 3075 100 99

65 56

9891 146

113109 139 204

12711

155 4

67

13

29

0

50

100

150

200

250

300

Q22011

Q32011

Q42011

Q12012

Q22012

Q32012

Q42012

Q12013

Prefunding Late sales Proprietary

160181

191215

245

281

211

58 61

8289 94 101 118

89

0%5%10%15%20%25%30%35%40%45%50%

0

20

40

60

80

100

120

Q22011

Q32011

Q42011

Q12012

Q22012

Q32012

Q42012

Q12013

EBIT EBIT Margin

9366

189147 144 129

243

179

0

50

100

150

200

250

Q22011

Q32011

Q42011

Q12012

Q22012

Q32012

Q42012

Q12013

62111

61101

162138

95126

0

100

200

300

400

500

600

700

800

020406080

100120140160180

Q22011

Q32011

Q42011

Q12012

Q22012

Q32012

Q42012

Q12013

Clo

sing

NB

V

Inve

stm

ent

Investments NBV

Net Revenues EBIT before non-recurring items

Cash Flow from Operations Multi-client NBV and Investments (operational)

136

8

Q1 2013 Income Statement

USD million, except EPS

Net operating revenues

Cost of goods sold - proprietary and other

Amortization of multi-client library

Gross margin

Other operating expenses

Cost of stock options

Depreciation

Operating profit

Net financial items

Profit before taxes

Tax expense

Net income

EPS, Undiluted

EPS, Fully Diluted

-4%

Q1 2013 Q1 2012Change

in %10%211

0.7

191

0.4

74

117

16 3750%

-5%

7%

23%

61%

70

125

38%

42%

25

3

41%

31

(2) (1)

2

1

89

87

89

0.61

63

26

60 29%

88

25

0.59 0.62

74%

93%

-1%

0%

7%

-4%

-5%0.58

9

Q1 2013 Cash Flow Statement

USD million

Received payments

Payments for operational expenses

Paid taxes

Operational cash flow

Investments in tangible and intangible assets

Investments in multi-client library

Proceeds from sale of short-term investments

Interest received

Interest paid

Proceeds from share offerings

Change in cash balance

2 1

74 86

-

Change in %

(36)

(96)

(16)

-

179

(63)

(11) (5)

147

(0.1)

0.6

3.9

1.0

Q1 2013 Q1 2012

(48)

262 186

(23)

-31%

41%

106%

122%

22%

121%

54%

-100%

65%

-14%

10

Balance Sheet

Milestones for earn-out payment for the acquisition of Stingray in April 2011 have not been met

Contingent consideration set to zero

Goodwill adjustment of 25 MUSD charged in 2012 Annual Accounts

No cash or P/L effect

TGS has no interest bearing debt

USD million

AssetsCash equivalents

Financial investments available for saleOther current assets

Total current assetsIntangible assets and deferred tax asset

Other non-current assetsMulti-client library

Fixed assets

Total assetsLiabilitiesCurrent liabilities

Non-current liabilitiesDeferred tax liability

Total liabilitiesEquityTotal liabilities and equity

452 492

-13%

-2%8%

-8%

1,681 1,661

36

0%-24%

-5%-2%

0%9%

13%

1%

412

4 4 458

4

1,681

764 157

707

801 160

32

651

1,661

348

375

17 17

123 113 4

1,168

324

5%1%

Q1 2013 Q4 2012

339

Change in %

22%

1,230

11

Investments per Vintage

132

299

153

270

679

0

100

200

300

400

500

600

700

2009 2010 2011 2012 WIPOriginal investments Maximum allowed NBV (year-end) Net Book Value

20 %

20% 40%

60%

100%

3 %

23%

61%

37%

18%0%4%

12

Net Revenues vs. Net Book Value per Vintage

17%

3%

12%

6%

18%

44%

0% 1%

9%6%

17%

68%

0%

10%

20%

30%

40%

50%

60%

70%

80%

pre-2009 2009 2010 2011 2012 WIP

Net revenues Net book value

13

Operational HighlightsRobert Hobbs

Chief Executive OfficerRobert Hobbs

Chief Executive Officer

14

License Round Activity and TGS Positioning

Announced

Expected

Norway22nd Concession Round closed with awards expected Q2 2013Next Concession Round expected 2014

2013 APA announced for Sep 2013

United Kingdom28th round expected 2014

IndonesiaFeb 2013 Petroleum round closed with direct awards announced and regular awards in May 2013

Next Petroleum Round expected September 2013

BrazilRound 11 announced 14-15 May 2013Pre-Salt round expected Nov 2013

Canada – OnshoreAlberta (bi- weekly), British Columbia (monthly), Saskatchewan (bi-monthly)Canada – Newfoundland/LabradorLicense round expected 2014Canada – Nova ScotiaNS13-1 Round announced for Oct 2013Rounds also expected in 2014 & 2015

Northeast GreenlandPre-round for Kanumas Consortium closed with awards expected Q2 2013

Ordinary Round expected in Q4 2013

AustraliaAcreage Release planned May 201331 blocks proposed spanning 6 basins

Gulf of Mexico 5 Year Plan 2012-2017Western GOM: H2 2013Central GOM: H1 2014

Sierra LeoneLicense round expected 2014LiberiaUltra Deep round expected in 2013

15

Q1 2013 – Operations

Geco Eagle 3D

Geo Caribbean 3D

Polarcus Asima 3D

Kansas Crew

Ohio Crew

Alberta Crew

British Columbia Crew

Geo Arctic 2D

Geo Barents 3D

Akademik Shatskiy 2D

16

Sunfish 6,200 km2 3D survey commenced January 2013 with data available Q3 2013 prior to expected 2013 Liberia Bid Round

TGS library in Liberia already includes 24,750 km 2D data and 18,350 km2 3D data

Continued commitment by TGS to highly prospective West Africa Transform Margin

Liberia

17

SL-13 Infill 9,191 km 2D survey commenced March 2013 with data available Q4 2013

TGS library in Sierra Leone already includes 5,750 km 2D data and 6,268 km2 3D data

Further extension of TGS data library in highly prospective West Africa Transform Margin

Sierra Leone

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Original 3D survey 12,500 km2

Conjugate margin pre-salt basins, similar to hydrocarbon rich basins offshore Brazil

Acquisition completed in late November 2012

Extension 4,064 km2 3D completed in April Data processing performed by TGS Preliminary data will be available

Q4 2013

Angola 3D Extension

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March 2013 Central Lease Sale 52 companies submitted 407 bids on

320 tracts Good alignment between areas of

interest and TGS data

Amerigo - 7,500 km2

Acquisition commenced December 2012 with preliminary data available Q3 2013

Leverages adjacent TGS 3D data Broadband Clari-Fi™ processing

Wide Azimuth Over 42,000 km2 in the most active

and prolific area of the deep water Gulf of Mexico

Central Gulf of Mexico

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3,500 km2 3D survey commenced March 2013 with data available Q3 2013

Data processing will be performed by TGS using Clari-FiTM

Operational adjustments to survey associated with fish spawning Following communication with the NPD, TGS

halted its permitted activities in certain areas associated with fish spawning

TGS is continuing with other parts of the survey and will return to the affected areas when the spawning season has ended

Some minor operational inefficiencies but no impact on project scope or pre-funding

Barents Sea - Finnmark Platform

21

Commercial Agreement with Fugro to Broker Data

Exclusive right to license and market the majority of Fugro’s multi-client 2D library and receive commission fees on the sales of this data

The agreement covers more than 1,000,000 km of seismic data in areas of great strategic interest for TGS Significant data coverage in existing focus areas

such as Northwest Europe Access to a broad range of new client contacts Exposure to seven new countries/areas where

TGS is not active today Reprocessing opportunities and planning tool for new

3D surveys

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United States Firestone 3D* - expanded to 658 km2 in liquid rich

Utica play

Bucklin 3D - 421 km2 of 3D data in Mississippi Lime Oil Play

Wellington 3D* - 510 km2 of 3D data in the Mississippi Lime Oil Play

*completed in Q1, below cost-budget

Strong Position in Onshore Market

Canada Neptune South - 218 km2 of 3D data in the Bakken Oil play

Unity North - 130 km2 of 3D data in the Birdbear play of Western Saskatchewan

Cameron River* - 461 km2 of 3D data in the liquids rich Triassic Montney and Doig unconventional fairways

Ille Lake* – 180 km2 of 3D data in the deep basin of Central Alberta

Legacy 3D Data - 12,689 km2

Ille Lake 3D

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Largest 2D library in Brazil (in partnership with WesternGeco)

Approximately 25,000 km of 2D data in Santos Basin reprocessed (originally acquired in 1999-2000)

Significant additional improvement in data quality achieved though the use of advanced imaging techniques

Reprocessing on data in the Campos Basin has commenced

Pre-salt license round expected in November 2013

Reprocessing of Multi-client Library – Brazil

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Clari-FiTM

Processing methodology that increases bandwidth and improves imaging

May be applied to conventionally acquired pre- or post-stack data

Addresses ghost and filtering effects

Gulf of Mexico Hernando 11,400 km2 of 3D data reprocessed

using Clari-FiTM

Benefits include improved subsalt imaging and imaging above the karstlayer with better fault definition

Re-processing of other parts of the Gulf of Mexico library (eMC project) underway

Reprocessing of Multi-client Library Using Clari-FiTM

25

OutlookRobert Hobbs

Chief Executive OfficerRobert Hobbs

Chief Executive Officer

26

Recent discoveries in mature markets in North Sea triggers increased optimism and demand for modern seismic

Exploration success in the Barents Sea attracts new entrants to a region where TGS is developing a dominant position

Strong industry interest for 22nd Norwegian License round triggers potential uplifts on awards and new investments for further license rounds

BOEM 5 year plan 2012-2017 provides visibility of GOM lease sales 2013 GOM Central Lease Sale had good alignment between areas of

interest and TGS data Technology developments generate new opportunities in mature areas May license round announced in Brazil with subsalt round expected

later in 2013 fuels further industry interest Exciting opportunities in Latin America (e.g. Colombia 2D survey)

Strong industry interest in the West African transform margin with proven potential

Increasing industry interest in Australia and changed regulations facilitate for new multi-client projects

South Atlantic pre-salt plays in Africa could prove potential similar to Brazil

Key Drivers for Continued Seismic Outperformance

Geographic region Share of Q1 2013 revenues Key drivers for future investments and growth

EUR

NSA

AMEAP

NSA

AMEAP

EUR

27

Acquisition Capacity SecuredEURAMEAP

NSAOption

3D Vessel Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec

Geco Eagle

Geo Caribbean

Polarcus Asima

Geo Barents

Oceanic Challenger

Sanco Swift

AngolaAngola

NW EuropeNW Europe

OptionOption

OptionOption

3D Vessels committed per 31 Mar 2013

2D Vessels committed per 31 Mar 2013

LiberiaLiberia

2D Vessel Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec

Akademik Shatskiy

Geo Arctic

Sanco Spirit

NW EuropeNW Europe

Land Crews committed per 31 Mar 2013

Crew Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec

Kansas Crew

Ohio crew

Canada Crew 1

Canada Crew 2

CanadaCanada

OptionOption

BarentsBarents

Gulf of MexicoGulf of Mexico

BarentsBarents

Sierra LeoneSierra Leone

ColombiaColombia

Wellington

FirestoneFirestone

Cameron RiverCameron River

Ille LakeIlle Lake

28

-

50.0

100.0

150.0

200.0

250.0

Q22009

Q32009

Q42009

Q12010

Q22010

Q32010

Q42010

Q12011

Q22011

Q32011

Q42011

Q12012

Q22012

Q32012

Q42012

Q12013

125.6 131.8 152.8

107.6 98.1 106.4

116.8 109.9 124.4

134.3

210.9

241.7

188.0

152.6 142.7 146.4

Historical Backlog (MUSD) 2009 – 2013

Backlog

29

Summary

Record high Q1 revenues of 211 MUSD, up 10% from Q1 2012 Continued strong profitability with operating profit (EBIT) of 89 MUSD,

corresponding to an EBIT margin of 42% Cash flow from operations of 179 MUSD, up 22% from Q1 2012 Commercial agreement signed with Fugro to broker 2D multi-client

library on a global basis Full year 2013 guidance remains unchanged

Multi-client investments 530 – 600 MUSD

Average pre-funding 50 – 60%

Average multi-client amortization rate 40 – 46%

Net revenues 970 – 1050 MUSD

Contract revenues approximately 5% of total revenues

30

TGS Performs in all Cycles

Average EBIT margin above 40%

Stable EBIT – performance through the cycles

-100%

-80%

-60%

-40%

-20%

0%

20%

40%

60%

80%

1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

EBIT Margins vs. Seismic Peers*

TGS Peer Range Peer Average

*Peer group includes CGG, Fugro, Geokinetics, ION Geophysical, PGS, Western Geco, GGSSource Platou Markets and TGS

2012 peer results are unaudited

Thank you

©2013 TGS-NOPEC Geophysical Company ASA. All rights reserved.