CFO structurally bullish at ABG presentation

Research evidence excerpt

CFO structurally bullish at ABG presentation

Equity Research - 28 May 2026 10:41 CEST

Fast commentTGS

CFO structurally bullish at ABG presentation BUY

• CFO presented to ABG Oslo sales this morning Oil & Oil Services

• Highlights five reasons why "Exploration Is Back", but most effect TGS-NO/TGS NO from 2027

• We hope for some positive effect also in 2026 - and like what we see Share price (NOK) 27/5/2026 146.30 Target price 200.00

CFO highlighted five reasons to be structurally bullish

Sven Børre Larsen (TGS CFO) will move from Oslo to Houston with his MCap (NOKm) 28,763

family this summer in order to get closer to the top-management team in MCap (EURm) 2,665

TGS. This morning, he presented to ABG's Oslo sales. He highlighted five No. of shares (m) 196.6

reasons why TGS thinks exploration is back on oil companies agenda: 1.

Free float (%) 99.7

Consensus peak-oil-demand has been pushed from late 2020s to 2040s,

Av. daily volume (k) 5912. Oil companies' reserve life continues to decline, 3. The situation in the

Middle East has put focus on energy security, 4. Investors sentiment has

changes - investors want oil companies with a longer production profile, 5. Next event Q2 report 23 July 2026

A lot of discoveries continuous to be made on TGS data.

Analyst:

He expects 2026 to be a transition year, but possibly late-sales john.olaisen@abgsc.no, +47 22 01 61 87

improvement in Q4 - 2027 is likely to be the first bull year

Sven Børre commented that despite the five bullet points above, he

thinks most of the positive impact for TGS will take place from 2027 as

oil companies' set their 2026 budgets when the oil price was rather low in

Q4'25. That said, he also commented that he hopes 2026 will be better

than 2025 - in particular, Q2'26 will have a very easy YoY comparison as