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"pp-value-7-1": {
"value": "TGS ASA and its subsidiaries (\u201cTGS\u201d or \u201cthe Group\u201d) provide energy data and intelligence to companies and investors across energy markets. TGS has the world\u2019s largest global energy data library, including seismic data, magnetic and gravity data, multi-beam and coring, digital well log and production data, wind energy data, data to identify CCS opportunities, and other types of renewable data. And, with the recent acquisition of Magseis FairfieldASA, TGS is now the world\u2019s leading OBN provider. In addition, TGS offer services such as advanced processing and analytics, data management and cloud-based data application and solutions. The Consolidated Financial ",
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"value": "Statements of TGS were authorized by the Board of Directors and are to be approved at the Annual General Meeting.BASIS OF PREPARATION The Consolidated Financial Statements of TGS have been prepared in accordance with IFRS\u00ae Accounting Standardsas adopted by the European Union (EU) in effect as of 31 December 2023 and consist of the Consolidated Statement of Comprehensive Income, the Consolidated Balance Sheet, the Consolidated Statement of Cash Flows, the Consolidated Statement of Changes in Equity and notes to the Consolidated Financial Statements. The Consolidated Financial Statements have been prepared on a historical cost basis. Foreign currency Transactions in foreign currency are translated to the functional currency using the exchange rates prevailing at the dates of the transactions. Monetary assets and liabilities in foreign currencies are translated into functionalcurrency using the spot rates at the date of the balance sheet. Foreign exchange gains and losses are recognizedas net exchange gains/(losses) in the profit and loss account. Presentation currency TGS presents its Consolidated Financial Statements in USD. The majority of TGS revenues and expenses aredenominated in USD, and USD is the functional currency for all material entities in the Group.SUMMARY OF MATERIAL ACCOUNTING POLICIES REVENUE FROM CONTRACTS WITH CUSTOMERS Revenue from contracts with customers is recognized when control of the goods or services is transferred to the customers at an amount which reflects the consideration to which the Group expects to be entitled in exchange for those goods or services. Early sales Multi-client pre-funding contracts (i.e., contracts signed prior to commencement of a survey) and sales of unfinisheddata (i.e., contracts entered into after commencement of a survey, but prior to data being ready for delivery) are considered to be \u201cright to use licenses\u201d under IFRS 15, meaning that all revenue related to these contracts is recognized at the point in time when the license is transferred to the customer, which would typically be upon completion of processing of the survey and granting of access to the finished survey or delivery of the finished data, independent of services delivered to clients during the project phase. The Group has generally concluded thatit is the principal in its revenue arrangements, as it typically controls the goods or services before transferring them to the customer. Late salesRevenue for sale of finished data is recognized at a point in time, generally upon delivery of the final processed data (i.e., when the client has gained access to the data under a binding agreement). Through the binding agreement the customer is granted a non-exclusive license to use the finished data. Sales of finished data are presented as part of late sales revenue. Revenue sharing arrangements From time to time, TGS enters into contracts where revenue is shared with governments or other parties (see Joint Arrangements below). Such revenue is recognized on a net basis in accordance with applicable recognition principles. COST OF SALES \u2013 PROPRIETARY CONTRACTS AND OTHER Cost of sales consists of direct costs related to proprietary contract work in which revenue is recognized over timeCost of sales also consists of costs related to delivery of geoscientific data. MULTI-CLIENT LIBRARY The multi-client library includes completed and in-progress geophysical and geological data, as well as certain otherdata types, to be licensed on a non-exclusive basis mainly to oil and gas companies. The costs directly attributable to data acquisition and processing are capitalized and included in the library value. These costs include mainly costs related to vessels, equipment, payroll and hardware/software. Data acquisition costs include mobilization costs incurred when relocating vessels, equipment and crews to the survey areas. The library also includes the cost of data purchased from third parties. The library of finished data is presented at cost, reduced by accumulated amortization and impairment. Straight-line amortizationAfter a project is completed, it is amortized on a straight-line. The straight-line amortization is assigned over the expected useful life, which for most marine projects is four years. For most onshore projects, the expected useful life after completion of a project is seven years.Accelerated amortization of seismic data No revenue is recognized until the point in time when the license is transferred to the customer, which would typically be upon completion of processing of the survey and granting of access to the finished survey or delivery of the finished data. When a project is completed and after early sales are recognized, an impairment charge may be necessary in the event recoverable value (present value of expected late sales) is lower than net book value of the survey (capitalized cost of the survey). This type of impairment is referred to as \u201caccelerated amortization,\u201d as opposed to impairments caused by reduced cash flow forecasts, which is referred to as \u201cimpairments\u201d in TGS accounts.Following the adoption of the straight-line amortization policy for completed surveys, recognition of accelerated amortization of a library may be necessary in the event that sales for a survey are realized disproportionately soonerthan implied by the straight-line profile over the survey\u2019s useful life.Amortization policy on seismic data purchased from third parties When purchasing seismic data from third parties, straight-line amortization over the remaining useful life of the data is recognized. The straight-line amortization is based on the cost of the seismic data recognized on the date of the purchase. As with organic surveys, accelerated amortization of the in-organic library may be necessary in the event that sales on a survey are realized disproportionately sooner within that survey\u2019s useful life.Amortization policy on well data products The library of multi-client well logs and other types of geological data is presented at cost, reduced by accumulatedamortization. Amortization is recorded as a straight-line amortization over seven years.Proprietary contracts Revenue from proprietary contracts, where TGS delivers services for the exclusive benefit of the customer, is recognized over time, normally on a percentage of completion basis, measured according to the acquiredand processed volume of data in relation to the total size of the project.JOINT ARRANGEMENTS For certain multi-client library projects, TGS invests in the project together with other parties and has cooperationagreements whereby revenues and costs will be shared with other companies. These agreements are initiated andagreed as joint operations where both parties have rights to the assets and share in the liabilities. TGS recognizes its share of the investment in the multi-client library, its share of revenues from the sale of the multi-client survey, related amortization and expenses. When TGS has the right to market and sell the surveys, TGS enters into the license contracts with customers, and invoices and collects payments from the customers. Accounts receivables under these arrangements are presented on a net basis. Similarly, when a partner holds the right to market and selthe project and is the party responsible for invoicing and collection from the customers, TGS only recognizes its share of the related accounts receivables. BUSINESS COMBINATIONS AND GOODWILL When TGS acquires a business, it assesses the financial assets and liabilities assumed for appropriate classificationand designation in accordance with the contractual terms, economic circumstances and pertinent conditions at theacquisition date. This involves recognizing identifiable assets (including previously unrecognized intangible assets) and liabilities (including contingent liabilities but excluding future restructuring) of the purchased business at fair value. This includes the separation of embedded derivatives in host contracts by the acquiree. Any contingent consideration to be transferred by the acquirer will be recognized at fair value at the acquisition date. Subsequent changes to fair value of the contingent consideration, which is deemed to be an asset or liability, will be recognized in the profit and loss account. If the contingent consideration is classified as equity, it will not be remeasured. Subsequent settlement is accounted for in equity. In instances where the contingent consideration does not fall within the scope of IFRS 9, it is measured at fair value at each reporting date and changes in fair value will be recognized in the profit and loss account. Goodwill is initially measured at cost and is only allocated to the majority\u2019s share, being the excess of the aggregateof the consideration transferred and the amount recognized for non-controlling interest over the net identifiable assets acquired and liabilities assumed. If this consideration is lower than the fair value of the net assets of the subsidiary acquired, the difference is recognized as a bargain purchase gain in the profit and loss account. After initial recognition, goodwill is measured at cost, less any accumulated impairment charges. For the purpose of impairment testing, goodwill from a business combination is, from the acquisition date, allocated to each of the TGS cash generating units (CGUs) that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of TGS are assigned to those units. Each unit, or group of units to which the goodwill is allocated, represents the lowest level within TGS at which the goodwill is monitored for internal management purposes. Should part of an operation carrying goodwill be disposed of, goodwill associated with the disposed operation is then included in book value of the operation when determining the gain or loss on the disposal. The goodwill disposed of in this circumstance is measured based on the relative values of the operation disposed of and the portion of the CGU retained. Goodwill is reviewed for impairment annually or more frequently if events or changes in circumstances indicate that the carrying value may be reduced. Impairment is determined for goodwill by assessing the recoverable amount of the CGU, or group of CGUs, to whichthe goodwill relates. Where the recoverable amount of the CGU (or group of CGUs) is less than the book value of theCGU (or group of CGUs) to which goodwill has been allocated, an impairment loss is recognized. Impairment losses relating to goodwill cannot be reversed in future periods.IMPAIRMENT OF NON-FINANCIAL ASSETS In assessing value in use, the estimated future cash flows calculated in USD are discounted to their present value using a post-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset. TGS bases its impairment calculation on detailed budgets and forecast calculations, which are prepared separatelyfor each of the TGS CGUs to which the individual assets are allocated. These budgets and forecast calculations generally cover a period of five years. For longer periods, a long-term growth rate is calculated and applied to project future cash flows after the fifth year.TANGIBLE NON-CURRENT ASSETS Tangible non-current assets are presented at historical cost, less accumulated depreciation and accumulated impairment charges. Purchases which are expected to have a technical and economic life of more than one yearare capitalized as tangible non-current assets. Depreciation begins when the assets are available for use. VARIABLE PAYMENT ARRANGEMENTSFor certain multi-client library projects, TGS may enter into arrangements whereby the supplier of goods or servicesis paid on a variable basis, often linked to future license revenue on that project. In such cases, the supplier has no rights or obligations to the multi-client library and therefore has no control over it. After the underlying project is completed, TGS recognizes the fair value of the variable payments in the initial cost of the asset at the date of acquisition and recognizes a corresponding accrued project cost. The accrual will be made in the currency in which the supplier payments will eventually be made and will be re-assessed periodically.Impairment losses are recognized in the statement of profit and loss in expense categories consistent with the function of the impaired asset. For assets excluding goodwill, an assessment is made at each reporting date to determine whether there is an indication that previously recognized impairment losses no longer exist or have decreased. If such indication exists,TGS estimates the assets or the CGU\u2019s recoverable amount. A previously recognized impairment loss is reversed only if there has been a change in the assumptions used to determine the asset\u2019s recoverable amount since the lastimpairment charge was recognized. The reversal is limited so that the carrying amount of the asset does not exceedits recoverable amount, or the carrying amount that would have been determined, net of depreciation, had no impairment loss been recognized for the asset in prior years. Such reversal is recognized in the statement of profit and loss. Goodwill is reviewed for impairment annually or more frequently if events or changes in circumstances indicate that the carrying value may be impaired. INCOME TAXES Current income taxCurrent income tax assets and liabilities for the current and prior periods are measured at the amount expected to be recovered from or paid to the tax authorities. The tax rates and tax laws used to compute the amount are thosethat are enacted or substantively enacted at the reporting date in the countries where TGS operates and generates taxable income. Deferred tax Deferred tax is provided using the liability method on temporary differences at the balance sheet date between the tax bases of assets and liabilities and their respective carrying amounts for financial reporting purposes at the reporting date. Deferred tax liabilities have been recognized for all taxable temporary differences. Deferred tax assets are recognized for all deductible temporary differences, the carryforward of unused tax credits and unused tax losses, to the extent that it is probable that taxable profit will be available against which the deductible temporary differences, and the carryforward of unused tax credits and unused tax losses can be utilized.The carrying amount of deferred tax assets is reviewed at each reporting date and reduced to the extent that it is no longer probable that sufficient taxable profit will be available to allow all or part of the deferred tax asset to be utilized. Unrecognized deferred tax assets are re-assessed at each reporting date and are recognized to the extent that it has become probable that future taxable profits will allow the deferred tax asset to be recovered. Deferred tax assets and deferred tax liabilities are offset, if a legally enforceable right exists to offset current incometax assets against current income tax liabilities and the deferred taxes relate to the same taxable company and the same taxation authority. Deferred tax assets and liabilities are measured at the tax rates that are expected to apply to the year when the asset is realized, or the liability is settled, based on tax rates (and tax laws) that have been enacted or substantively enacted at the balance sheet date. PROVISIONS AND CONTINGENCIES Provisions are made when TGS has a current obligation (legal or constructive) as a result of a past event. It is probable that an outflow of resources embodying economic benefits will be required to settle the obligation and a reliable estimate can be made of the amount of the obligation. Contingent liabilities are possible obligations caused by a past event where the existence of the liability depends on the occurrence, or not, of a future event. An existing obligation, in which it is not likely that the entity will have to dispose economic benefits, or where the obligation cannot be measured with sufficient reliability, is considered a contingent liability. Contingent liabilities are not recognized in the financial statements but are disclosed unless thepossibility of outflows is remote. A contingent asset is not recognized in the financial statement but disclosed if it is probable that it will be an inflow of economic benefits for TGS. PENSIONS TGS operates defined contribution plans in Norway, UK, USA (401k) and Australia where the Group covers thesuperannuation. Contributions are expensed to the income statement as they become payable. FINANCIAL ASSETSThe Group\u2019s financial assets are accounts receivables, other receivables, and cash and cash equivalents. On initial recognition, the financial assets are classified at fair value. Based on the nature of these assets and how they are managed, the Group has evaluated that these qualify for the criteria in IFRS 9 for classification as measured at amortized cost. Cash and cash equivalents in the balance sheet comprise cash in bank accounts, on hand and short-term depositswith an original maturity of three months or less.FINANCIAL LIABILITIES The Group has financial liabilities measured at amortized cost. Financial liabilities at amortized cost consist largelyof accounts payable and debt to partners. These obligations are initially recognized at fair value less transaction cost, and subsequently measured at amortized cost by using the effective interest method. The Group has no financial liabilities at fair value through profit and loss (FVTPL). Deferred tax relating to items recognized outside of the profit and loss account are correspondingly recognized outside of the profit and loss account. Deferred tax items are recognized in parallel to the underlying transaction either in OCI or directly in equity. The Parent Company and other Norwegian subsidiaries pay their tax obligation in NOK. Fluctuations between the NOK and the USD thus impact the USD denominated financial statements. Also, other legal entities that do not havetheir tax base in USD are exposed to changes in the USD versus the tax base-currency rates. Effects within the current year are classified as tax expense. Tax positions subject to uncertainty are identified and assessed either individually or in groups based on estimates of the probabilities that the tax authorities will accept or reject a certain treatment. Where it is assessed that it is not probable, the tax authorities will accept an uncertain tax treatment, and the effect of the uncertainty is reflectedin the calculation of the taxable profit, tax bases, unused tax losses or credits, or tax rates. The effect of the uncertainty is calculated by applying the most appropriate method (most likely amount or expected value). Changesin circumstances are assessed and reflected at each reporting date.LEASES As a lessee:The Group mainly leases offices, vessels and data centers. At the lease commencement date, the Group recognizesa lease liability and corresponding right-of-use asset for all lease agreements in which it is the lessee, except for short-term leases (defined as 12 months or less) and low value assets, for which the Group recognizes the lease payments as other operating expenses in the statement of profit and loss when they incur.The Group measures the lease liability at the present value of the lease payments for the right to use the underlyingasset during the lease term that is not paid at the commencement date, by using the Group\u2019s incremental borrowingrate. The lease term represents the non-cancelable period of the lease, together with periods covered by an option either to extend or to terminate the lease when the Group is reasonably certain to exercise this option.SHARE-BASED PAYMENTS Key employees of TGS receive remuneration in the form of share-based payments pursuant to which employees render services as consideration for Performance Share Units (PSUs) and Restricted Share Units (RSUs). The cost of the equity-settled transactions (PSUs and RSUs) is measured by reference to the fair value at the date on which they are granted. The fair value is determined by an external valuator using an appropriate pricing model.The expense of the equity-settled transactions is recognized, together with a corresponding increase in equity, over the period in which the performance and/or service conditions are fulfilled, ending on the date on which the relevant employees become fully entitled to the award (the vesting date). The cumulative expense recognized for equity-settled transactions at each reporting date until the vesting date reflects the extent to which the vesting period has expired and the TGS best estimate of the number of the equity instruments that will ultimately vest. The Consolidated Statement of Comprehensive Income for a period represents the movement in cumulative expense recognized at the beginning and end of that period. No expense is recognized for awards that do not ultimately vest.The dilutive effect of outstanding unvested PSUs and RSUs is reflected as additional share dilution in the computation of diluted earnings per share.CHANGES IN ACCOUNTING POLICY AND DISCLOSURES The Group has adopted Disclosure of Accounting Policies (Amendments to IAS 1 and IFRS Practice Statement 2 Making Materiality Judgments) from 1 January 2023. The amendments have had an impact on the Group\u2019s disclosures of accounting policies, but not on the measurement, recognition or presentation of any items in the Group\u2019s financial statements. The amendments require the disclosure of material rather than significant accountingpolicies. Management has reviewed the accounting policies and made updates to the information disclosed in Note 1 on Material accounting policies (2022: Significant accounting policies).Level 1: Quoted (unadjusted) prices in active markets for identical assets or liabilities. Other techniques for which all inputs which have a significant effect on the recorded fair value are observableLevel 2:either directly or indirectly.Techniques which use inputs which have a significant effect on the recorded fair value that are not based Level 3:on observable market data.Further information about the assumptions made in measuring fair values is included in the respective notes \u25a0 Share-based payments \u2013 Note 13 \u25a0 Acquisition of subsidiary \u2013 Note 3 and 25Use of judgments and estimatesIn the process of applying the TGS accounting principles, management is required to make estimates, judgments and assumptions that affect the amounts of assets, liabilities, income and expenses reported in the Consolidated Financial Statements and accompanying notes. Actual results may differ from these estimates. Significant accounting judgments mainly relate to items that are disclosed in section \u201cassumption and estimation uncertainties.\u201d Measurement of fair valueSeveral of the TGS accounting policies and disclosures require the measurement of fair values, for both financial and non-financial assets and liabilities. Management has oversight on all significant fair value measurements, which include regular identification and review of significant unobservable inputs. Where necessary, TGS will engagethe services of independent specialists to support key fair value inputs. When measuring the fair value of an asset or liability, the Group uses observable market data when possible. Fair values are categorized into different levels in a fair value hierarchy based on the inputs used in the valuation techniques as follows.umptions \u25a0 Fixed lease payments (including in-substance fixed payments), less any lease incentives receivable. \u25a0 Amount expected to be payable by TGS under residual value guarantees. \u25a0 The exercise price of a purchase option, if TGS is reasonably certain to exercise that option. \u25a0 Payments of penalties for terminating the lease, if the lease term reflects TGS exercising an option to terminatethe lease.The Group does not include variable lease payments in the lease liability. Instead, the Group recognizes these variable lease expenses in the profit and loss account.The lease liability is subsequently measured by increasing the carrying amount to reflect interest on the lease liability, reducing the carrying amount to reflect the lease payments made, and remeasuring the carrying amount to reflect any reassessment or lease modifications, or to reflect adjustments in lease payments due to an adjustment in a relevant index or rate.The Group measures the right-of-use asset at cost, less any accumulated depreciation and impairment losses, adjusted for any remeasurement of lease liabilities. The lease payments included in the measurement are comprised ofNote 2: Significant accountingjudgments, estimates and assAssumptions and estimation uncertaintiesIMPAIRMENT EVALUATION OF GOODWILL Management bases its estimates and judgments on historical experience and on various other factors that are TGS tests the value of its goodwill on an annual basis or when there are indicators that the carrying amount may believed to be reasonable under the circumstances. The results will form the basis for making judgments on not be recoverable. This requires an estimation of the value-in-use or fair value less cost of disposal of the group carrying values of assets and liabilities that are not readily apparent from other sources. Such judgments are of CGUs. The greatest of which is the recoverable amount.reviewed on an ongoing basis and any revisions to estimates are recognized prospectively. Estimating the value-in-use requires an estimate of future cash flows for that Group of CGUs, as well as an The key sources of judgment and estimation of uncertainties at the balance sheet date that have a significant risk appropriate discount factor. Variables such as estimated future revenues, margins and estimated long-term of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are growth are the key drivers for the basis of the value-in-use calculations. Future cash flows also depend discussed below. on general development in E&P spending, the number of market participants and technological developments. For details about goodwill and impairment, see Notes 9 and 10. IMPAIRMENT EVALUATION OF MULTI-CLIENT LIBRARY TGS reviews the carrying value of its multi-client library when there are events and changes in circumstances that DEFERRED TAX ASSETS, LIABILITIES AND UNCERTAIN TAX POSITIONS the carrying value of these assets may not be recoverable. If impairment triggers are identified, the Group estimates TGS operates in a range of tax jurisdictions with complex considerations and legislation concerning both indirect the value-in-use based on discounted estimated future sales forecasts. The underlying factors that drive the and direct taxation, including that of Brazil and Argentina. Because of this, there is a degree of uncertainty related estimated sales forecast include the number of oil and gas exploration and production (E&P) companies operating to reported tax liabilities and exposures. Tax assets and liabilities (both direct and indirect), are reported and in the relevant areas that could potentially be interested in the data, overall E&P spending, expectations regarding assessed based on all known and available information and represent the TGS best estimate. hydrocarbons in the relevant areas, whether licenses will be awarded in the future, expected farm-ins to licenses, relinquishments, etc. Local corporate tax rates and sales costs are applied. Changes in these estimates could The jurisdictions in which TGS operates are further subject to changing tax regulations which may impact various materially affect the estimated future sales forecasts. assessments. An example of this includes the determination of the recoverability of credits. In addition, tax authorities may challenge prior period tax and tax credit lodgment made by the Group. These could result Further, the weighted average cost of capital (WACC) is used to discount such sales forecasts. The key judgment in changes to previously reported and calculated tax positions, which may impact the TGS results in each period.involved in the determination of WACC is the country-specific risk premiums that impact the value of WACC used for particular library projects.For details about uncertain tax positions and tax contingencies, see Note 26.Where impairment triggers are identified, the future sales forecasts are evaluated, and impairments are recognized Deferred tax assets are recognized for temporary deductible differences and for carryforward tax losses to the in the period they occur. extent that it is probable that taxable profit will be available against which the losses can be utilized. Management judgment is required to determine the amount of deferred tax assets that can be recognized, based upon the likelyFor details about the book value, amortization and impairment of the multi-client library, see Notes 9 and 10. timing, any expiration of tax losses to be carried forward, and level of future taxable profits, together with future taxplanning strategies. For details about deferred tax assets, see Note 29. Note 3: Business combinationsMAGSEIS FAIRFIELD ASA(All amounts in USD millions) Fair value recognized on acquisitionOn 29 June 2022, TGS announced its intent to launch a recommended voluntary exchange offer, through Lease liabilities 26.2 a combination of TGS common shares and cash, for all outstanding shares of Magseis Fairfield ASA (Magseis), Trade payables 24.4 which was formally launched on 24 August 2022. Upon expiration of the offer period on 28 September 2022, Short term interest bearing debt 44.5 approximately 75% of the Magseis shareholders had accepted the offer, with settlement completed on 11 October Other current liabilities 62.3 2022. TGS launched a mandatory cash offer for the remaining shares on Magseis on 10 November 2022. When Current tax payables 4.0 the mandatory offer period lapsed on 21 December 2022, another 22% of shareholders accepted the offer, taking Deferred tax liability 3.4 TGS ownership up to 97%.Liabilities 164.8 In accordance with IFRS 3, it is a choice if non-controlling interest should be measured at fair value or share of net Total identifiable net assets at fair value 134.9 assets. In this transaction, non-controlling interest has been valued to share of net assets.Goodwill arising on acquisition 69.2The fair value of the identifiable assets and liabilities of Magseis at the date of acquisition were:Minority share to be excluded 33.2Purchase consideration transferred 170.8(All amounts in USD millions) Fair value recognized on acquisitionOther intangible assets 32.7 The fair value of the goodwill represents the excess purchase price after all the identifiable assets, liabilities and Multi-client library 4.2 obligations are recognized. The goodwill arising from the acquisition consists mainly of synergies from combining Property, plant and equipment 120.9 the operations of TGS and Magseis, workforce and deferred tax of USD 3.4 million.Right-of-use asset 26.2 Accounts receivable 42.6 In the period from 11 October 2022 to 31 December 2022, Magseis contributed with net revenues Cash 31.9 of USD 54.1 million, and profit before tax amounting to USD 1.6 million. This is reflected in the Consolidated Statement of Comprehensive Income for TGS. If the acquisition had been completed as of 1 January 2022, Other current assets 41.2 management estimates that consolidated net revenue for the 12 months ended 31 December 2022 would have Assets 299.7 been USD 970 million, and consolidated profit (before tax and financial items) for the same period would have beenUSD 99 million. These amounts have been determined by applying TGS principles, and it is assumed that the fair value arising on the date of acquisition would have been the same if the acquisition had occurred on 1 January 2022.(All amounts in USD millions)Purchase priceShare consideration 125.3Cash paid 45.6Purchase consideration 170.8Analysis of cash flows on acquisitionNet cash acquired 31.9Cash paid -45.6Net cash flow on acquisition -13.7TGS incurred acquisition-related costs of USD 3.0 million, consisting of legal fees and due diligence costs. USD 1.6 million have been included in operating expenses and USD 1.4 million have been recorded in equity.As of 31 December 2022, TGS had taken ownership of 97% of Magseis. On 5 January 2023, TGS announced the compulsory acquisition of remaining shares in cash. In 2023, TGS had a total cash outflow of USD 54.4 million, and this relates to the acquisition of the 22% shares from 2022 and the acquisition of the remaining 3% of shares in 2023. PGS ASAOn 18 September 2023, TGS announced that it has agreed to the principal terms of the acquisition of PGS ASA by TGS to create a strong full-service energy data company. On 25 October 2023, TGS and PGS executed the merger documentation, including a merger agreement and the merger plan. On 1 December 2023, the ExtraordinaryGeneral Meetings of TGS and PGS approved the merger plan. The transaction is subject to authorization from the competition authorities and closing is expected during the second quarter of 2024. The transaction is expected to be completed as a statutory merger pursuant to Norwegian corporate law, with merger consideration to PGS shareholders in the form of 0.06829 ordinary shares of TGS for each PGS share in addition to compensation for dividends paid by TGS. On 31 January 2024, TGS entered into a commitment of USD 60 million to refinance PGS ASA Super Senior loan, on market terms. The loan agreementis signed, and payment was made on 18 March 2024.Note 4: Revenue from contracts with customersThe Group\u2019s revenue from contracts with customers has been disaggregated and presented in the table below:Revenue type 2023 2022Early sales 136,581 257,272 Late sales 238,723 374,132 Proprietary 418,993 85,230 Total 794,297 716,633 Early- and late- sales\u2019 revenues are mainly related to multi-client sales in the Western Hemisphere and Eastern Hemisphere segments. Proprietary sales are mainly revenues from the Acquisition segment, in addition to the external revenues from Imaging. Digital Energy Solutions has revenues related to both late sales and proprietary revenues. PAYMENT TERMSPayment terms for sale of unfinished data (early sales) vary for each contract and are generally paid in portions over a longer period with 30 days payment terms. Payment terms for finished data and proprietary sales are mainly 30 days.OTHER TERMSThe Group\u2019s refund liability, return liability and warranties are considered limited, and the Group has not recognizedany such liabilities in the Consolidated Balance Sheet. Remaining performance obligations unsatisfied or partly unsatisfied are as of year-end:Performance obligations unsatisfied at year-end 2023 2022Expected to be realized within 9 months 454,893 365,127Expected to be realized after 9 months 383,595 201,548 Total 838,488 566,675 The following table provides information about account receivables, accounts payables, contract assets and contract liabilities from contracts with customers.(All amounts in USD 1,000s) 2023 2022Accounts receivables 93,712 142,781 Accrued revenues (contract asset) 63,217 97,538 Accounts payable and debt to partners (95,049) (72,862)Deferred revenue (contract liabilities) (276,064) (126,462)Contract liabilities 2023 2022At 1 January (126,462) (238,169)Deferred during the year (223,120) (136,929)Recognized as revenue during the year 73,517 194,908 Effect of change from gross to net \u2013 53,728At 31 December (276,064) (126,462)The contract liabilities primarily relate to advance consideration received from customers for multi-client and proprietary revenues, for which revenue is recognized point in time and over time respectively.The Group applies the practical expedient for short-term advances received from customers. That is, the promised amount of consideration is not adjusted for the effects of a significant financing component if the period between the transfer of the promised goods or services and the payment if the payment term is one year or less. Further, theGroup applies the practical expedient to immediately expense costs to obtain a contract if the amortization period of the asset that would have been recognized is one year or less. Costs to obtain and costs to fulfill contracts are not considered significant by the Group, and these are therefore not capitalized.Note 5: Cost of sales \u2013 proprietary and other(All amounts in USD 1,000s) 2023 2022Charter hire and other vessel costs 110,753 23,835Fuel cost 32,505 6,535Crew cost 22,040 \u2013Other cost of sales 52,119 7,157Total cost of sales 217,417 37,527Cost of sales relates to proprietary work on behalf of customers and is mainly generated in the Acquisition businessunit. The increase from 2022 is caused by the acquisition of Magseis in Q4 2022.Note 6: Segment informationTGS reports monthly management information to the Executive Management based on defined operating business units based on the nature of the products and services sold. Where appropriate, these operating business units are aggregated into reportable segments that form the basis of the monthly management reporting. In 2023, the reportable segments are divided into six overall business units: Western Hemisphere (WH), Eastern Hemisphere (EH), Digital Energy Solutions (DES), Acquisition (ACQ), Imaging and G&A. The Group does not allocate all cost items to its reportable business units during the year.Digital Western Eastern (All amounts in USD 1,000s)AcquisitionEnergy Imaging G&A Elimination TotalHemisphereHemisphereSolutions2023 Operating revenues 208,863 131,512 414,056 68,843 45,288 (136) (74,130) 794,297Straight\u2013line amortization (97,157) (50,870) \u2013 (15,395) \u2013 (29) \u2013 (163,451Accelerated amortization / impairment (32,237) (35,711) \u2013 (2,273) \u2013 \u2013 \u2013 (70,221Cost of sales \u2013 proprietary and other (1,004) (2,853) (231,329) (759) (117) 352 18,294 (217,417Other operating cost (15,164) (9,786) (127,426) (51,853) (55,184) (82,212) 51,683 (289,941)Operating profit 63,301 32,292 55,301 (1,436) (10,012) (82,025) (4,154) 53,2682022 Operating revenues 467,795 151,365 61,694 43,494 42,022 82 (49,819) 716,633Straight-line amortization (94,545) (42,447) 198 (15,612) 0 158 0 (152,247Accelerated amortization / impairment (186,339) (34,677) 0 0 0 0 0 (221,016Cost of sales - proprietary and other (338) (10,906) (30,416) (122) (2,022) (56) 4,313 (39,549Other operating cost (12,833) (7,593) (31,156) (37,846) (57,240) (64,976) 39,856 (171,789)Operating profit 173,739 55,742 321 (10,086) (17,240) (64,792) (5,651) 132,033Note 7: Buildings, machinery and equipmentMachinery Machinery 552023BuildingsTotal2022BuildingsTotaland equipment\u2074and equipment\u2074Cost as of 1 January 2023 281,591 10,809 292,400 Cost as of 1 January 2022 144,880 9,318 154,199Addition through business combination \u2013 \u2013 \u2013Addition through business combination\u00b9 129,325 48 129,372Reclassification\u00b9 2,699 \u2013 2,699 Reclassification\ue7c3 (21) 21 \u2013Additions 28,132 71 28,203 Additions 7,938 1,422 9,36123Disposals(14,616) \u2013 (14,616)Disposals(532) \u2013 (532Cost as of 31 December 2023 289,994 10,878 300,872 Cost as of 31 December 2022 281,591 10,809 292,400Accumulated depreciation Accumulated depreciation 140,965 6,335 147,300 128,418 6,261 134,679as of 1 January 2023as of 1 January 2022Reclassification 117 (101) 16 Reclassification\u00b2 914 (914) \u2013Depreciation for the year 27,452 424 27,876 Depreciation for the year 9,739 880 10,618Accumulated depreciation on disposals (6,881) \u2013 (6,881)Accumulated depreciation on disposals (530) \u2013 (53034Capitalized to the multi\u2013client library555 34 589 Capitalized to the multi\u2013client library2,425 108 2,533Accumulated depreciation Accumulated depreciation 162,207 6,693 168,900 140,965 6,335 147,300as of 31 December 2023as of 31 December 2022Net book value as of Net book value as of 127,786 4,183 131,970 140,625 4,474 145,09831 December 202331 December 2022Useful life 2 to 8 years 3 to 12 yearsUseful life 2 to 8 years 3 to 12 years11 Mainly reclass from inventory. Acquisition of Prediktor and Magseis. 22 Gains on disposals during the year were recognized by USD 2.4 million. Reclassification from Buildings to Machinery and equipment.33 Capitalized directly as multi-client library, and is not part of the depreciation charges recognized in the Statement of Comprehensive Income. Gains on disposals during the year were recognized by 0,2 million.44 Includes seismic equipment (nodes). Capitalized directly as multi-client library, and is not part of the depreciation charges recognized in the Statement of Comprehensive Income. 55 Mainly leasehold improvements. Mainly leasehold improvements.Note 8: LeasesLEASES AS A LESSEEThe Group mainly holds vessels, office and data center leases. These leases run for a period between three to 11 years. The Group has applied the exemption in IFRS 16 and not capitalized leases of low-value assets or short-term leases. Right\u2013of\u2013use asset Office leases Data centers Vessels TotalBalance at 1 January 2023 30,210 4,763 24,645 59,619Additions 1,152 9,333 63,574 74,059Impairments \u2013 \u2013 \u2013 \u2013Adjustments (2,119) 2,812 9,343 10,036Depreciation (5,564) (8,330) (51,382) (65,276Balance at 31 December 2023 23,680 8,578 46,180 78,438Right\u2013of\u2013use asset Office leases Data centers Vessels TotalBalance at 1 January 2022 21,619 14,151 \u2013 35,770Addition through business combination 8,054 \u2013 18,225 26,278Additions 3,604 \u2013 14,371 17,974Impairments \u2013 \u2013 \u2013 \u2013Adjustments 861 (2,432) \u2013 (1,571Depreciation (3,927) (6,956) (7,950) (18,833)Balance at 31 December 2022 30,210 4,763 24,645 59,619The following table sets out a maturity analysis of lease payables, showing the undiscounted lease payments to beAmounts recognized in profit and loss account 2023 2022paid after reporting date.Interest on lease liability 4,716 1,776Expense related to short\u2013term leases 109,515 14,784Maturity analysis \u2013 lease payables 2023 2022Expense related to leases of low\u2013value assets, 4,050 1,842Less than one year 46,906 38,405 excluding short\u2013term leases of low\u2013value assetsOne to five years 40,122 25,024 Variable lease payments 1,557 727More than five years 4,429 7,477 Depreciation charge for the year\u00b9 60,224 13,732Total undiscounted lease payments 91,457 70,906 1 Depreciation charge for the year in the above table has been reduced with depreciations capitalized, and hence not directly expensed as depreciations in the Statement of Comprehensive Income.Discount effect (6,249) (3,947)Lease liability as of 31 December 85,207 66,959 Amounts recognized in the 2023 2022statement of cash flowLease liability 2023 2022Repayment of lease liabilities 60,952 20,599 Current lease liabilities 43,877 38,350 Some leases include extension options exercisable near the end of the lease term. The Group assesses at lease Non\u2013current liabilities 41,331 28,609 commencement date whether it is reasonably certain to exercise the extension options. Lease liability as of 31 December 85,207 66,959 Note 9: Intangible assetsMulti-client library Other intangible 2023 Goodwill Multi-client libraryTotalin progressassetsCost as of 1 January 2023 435,264 5,828,793 190,372 175,912 6,630,3411Additions \u2013 21,435 389,985 22,061 433,477Transfers \u2013 171,966 (171,966) \u2013 \u2013Cost as of 31 December 2023 435,264 6,022,193 408,391 197,974 7,063,819Accumulated amortization and impairment as of 1 January 2023 50,615 5,426,031 17,797 110,107 5,604,550Amortization for the year \u2013 163,451 \u2013 11,682 178,295Accelerated amortization / Impairment for the year \u2013 61,309 8,912 \u2013 70,221Transfers 6,331 (6,331) \u2013Capitalized to the multi\u2013client library\ue7c3 3,164 3,164Accumulated amortization and impairment as of 31 December 2023 50,615 5,657,122 20,378 124,954 5,853,066Net book value as of 31 December 2023 384,649 365,071 388,013 73,020 1,210,753Useful life 4 to 7 years 3 to 15 years1 Additions to other intangible assets are internally developed software.2 Capitalized directly as multi\u2013client library and is not part of the depreciation charges recognized in the Statement of Comprehensive Income.Multi-client library Other intangible 2022 Goodwill Multi-client libraryTotalin progressassetsCost as of 1 January 2022 354,578 5,421,467 353,967 122,537 6,252,548Additions through business combinations 80,686 20,341 \u2013 41,285 142,3121Additions\u2013 71,004 152,387 12,090 235,481Transfers \u2013 315,982 (315,982) \u2013 \u2013Cost as of 31 December 2022 435,264 5,828,793 190,372 175,912 6,630,341Accumulated amortization and impairment as of 1 January 2022 50,615 5,044,387 26,179 97,060 5,218,241Amortization for the year \u2013 152,247 \u2013 9,882 162,129Accelerated amortization / Impairment for the year \u2013 204,269 16,747 \u2013 221,016Transfers 25,129 (25,129) \u2013 \u2013Capitalized to the multi\u2013client library\u00b2 \u2013 \u2013 \u2013 3,165 3,165Accumulated amortization and impairment as of 31 December 2022 50,615 5,426,031 17,797 110,107 5,604,550Net book value as of 31 December 2022 384,650 402,762 172,575 65,805 1,025,791Useful life 4 to 7 years 3 to 15 years1 Additions to other intangible assets are internally developed software.2 Capitalized directly as multi\u2013client library and is not part of the depreciation charges recognized in the Statement of Comprehensive Income.Note 10: Impairment evaluation of multi-client library, goodwill and other intangible assetsMULTI-CLIENT LIBRARYGoodwill acquired through business combinations has been allocated to a group of cash generating units, presented in the table below as an aggregation of CGUs grouped by TGS management reporting structure:TGS reviews the carrying value of its multi-client libraries when there are events and changes in circumstances that indicate that the carrying value of these assets may not be recoverable. TGS has not identified any new impairment Digital triggers in 2023, except for project specific cost overruns and changes in sales forecasts. Western Eastern (All amounts in USD 1,000s)AcquisitionEnergy Total11HemisphereHemisphereSolutionsKey inputs and assumptions in the impairment model have been revisited as part of the process of evaluating Net book value as of whether any impairment triggers have been identified.169,502 95,432 69,216 50,499 384,64931 December 2023WACC post-tax 11.53% 10.94% 9.96% 9.96% The underlying estimates that form the basis for the sales forecast depend on a number of variables, such as the \u00b9 Goodwill for imaging has been allocated to Western Hemisphere and Eastern Hemisphere based on proportion of revenues. number of oil and gas exploration and production (E&P) companies operating in the area with potential interest in the data, overall E&P spending, expectations regarding hydrocarbons in the area, oil price, whether licenses Based on the impairment testing performed, no goodwill impairment has been recognized during 2023 (2022: will be awarded in the future, expected farm-ins to licenses, relinquishments, etc. These variables are subject USD 0 million).to underlying uncertainties. In assessing value in use, the estimated future cash flows both from the current multi-client library and expected Management has evaluated the carrying amount of the net assets of the Group in respect of the market future investments are discounted to their present value using a post-tax discount rate that reflects current marketcapitalization, changes in interest rates and assumptions applied in the WACC, as well as the developments assessments of the time value of money and the risks specific to the asset. The post-tax rate is calculated based and expected developments in the oil price. The developments through 2023 did not reveal any new factors on the local tax rates in the relevant tax jurisdictions and applying an average of the relevant country risks for the considered to trigger an impairment analysis. Following internal reporting from TGS business units, evidence groups of CGUs as specified in the table above. TGS bases its impairment calculation on detailed budgets and available does not indicate that the economic performance of multi-client libraries or the related sales forecasts forecasts, which are prepared separately for each TGS group of CGUs to which the individual assets are allocated. are worse, or significantly changed, from the assumptions utilized in the impairment tests during the preceding Currently a long-term growth rate of 0% is applied. year. Notwithstanding the above, the Group has charged impairments of USD 7.6 million during 2023 (2022: USD 19.3 million), on certain projects, mainly related to cost increases or decreases of future sales forecasts.The impairment calculations are most sensitive to the changes in the sales forecast, which depend on both the expected investments and expected returns of investments for multi-client projects. These factors are mainly GOODWILLinfluenced by future E&P spending and demand for TGS products. A change in the expected sales forecast can significantly impact on the impairment review for a group of CGUs. The impact will depend on the current value In accordance with IFRS, TGS tests goodwill for impairment annually at year-end, or more frequently if there are in use and carrying value of the relevant group of CGUs. In addition, the impairment calculations are sensitive indications that goodwill might be impaired. A group of cash generating units (CGU) should be impaired if the to changes in WACC, as well as expected cost levels and expected developments of working capital. The followingcarrying amount is higher than the recoverable amount. The recoverable amount is the higher amount of the fair provides a sensitivity analysis as to these inputs:value and the value in use of a group of CGUs. The carrying amount is the carrying amount of all PPE, right-of-use assets, intangibles, multi-client library, net working capital and goodwill allocated to the group of CGUs. \u25a0 20% reduction of expected return of investments would lead to no impairment \u25a0 30% reduction of expected return of investments would lead to an impairment of USD 29 million \u25a0 5% reduction in sales in DES & Acquisition would lead to no impairment \u25a0 10% reduction in sales in DES & Acquisition would lead to an impairment of USD 43 million \u25a0 2.5% increase in WACC would lead to an impairment of USD 10 million \u25a0 5% increase in WACC would lead to an impairment of USD 68 millionManagement does not see any other reasonable changes in the key assumptions that would cause the value in use to be lower than it\u2019s carrying value. Note 11: InventoriesInventories are measured at the lower of cost and net realizable value. Net realizable value is the estimated sellingprice in the ordinary course of business, less selling expenses, and the estimated cost to complete the inventory.The cost of inventories is based on the weighted average cost.(All amounts in USD 1,000s) 2023 2022Raw materials equipment (work in progress) 4,469 2,092Finished equipment 7,077 3,968Battery stock 1,019 516Total inventories 12,565 6,575Note 12: Personnel costs / number of employees /remuneration to Executive Management, Board of Directors and auditorsPersonnel costs 2023 2022Payroll 139,245 92,251 Social security costs 11,721 6,104 Pension costs 4,587 3,449 Other employee related costs 6,523 5,696 Salaries capitalized to developed software (15,960) (8,955)Cost of RSU/PSU 4,069 2,558 Salaries capitalized to multi-client library (19,145) (14,696)Personnel costs 131,041 86,407 The number of employees as of 31 December 2023 was 873 versus 908 as of 31 December 2022. CASH BONUS PLANS In 2023, TGS had in place a Short-Term Incentive Bonus Plan that was funded by allocating 10% of budgeted POC (percentage of completion) EBIT. Employees are generally eligible to participate in the bonus plan after being employed for six months. The bonus is payable quarterly, and the amount paid is based on actual POC EBIT for the quarter. An individual employee\u2019s relative share of the bonus pool is based on level of responsibility, individuacontribution, performance versus previous year goals, and benchmark data. All bonuses earned in respect of the 2023 bonus plan have been paid or accrued as of 31 December 2023. More information on the Short-Term Incentiveis provided in the 2023 Management Remuneration Report, published contemporaneously with the Annual Report.EXECUTIVE MANAGEMENT STOCK INCENTIVES The following table provides the stock, incentive stock units in the form of Performance Share Units (PSUs) and/or Restricted Share Units (RSUs) and related warrants held by Executive Management:Total balance of free-standing warrants Executive Management Shares held 31/12/2023 Incentive stocks awarded in 2023related to unvested incentive stock unitsKristian Johansen (CEO) 170,781 63,230 190,230 Sven Borre Larsen (CFO) 56,069 30,000 81,030 Jan Schoolmeesters (EVP, Digital Energy Solutions) 58,851 26,730 77,760 Will Ashby (Chief Integration Officer) 58,916 26,730 77,760 Tana Pool (EVP, Legal) 53,665 26,730 77,760 Whitney Eaton (EVP, People & Sustainability) 5,429 26,730 77,760David Hajovsky (EVP, Multi-Client) 18,737 26,730 77,760 1Carel Hooijkaas (EVP, Acquisition) 32,694 57,75552,545Josef Heim (EVP, Imaging) 4,767 26,730 30,230 1 In 2023, Hooijkaas was awarded 15,000 RSUs in accordance with the terms of his employment agreement and 18,025 shares, to vest over three years (40%, 40%, 20%) from 2023-2025, as part the implementation of Magseis Fairfield 2022 Long-Term Incentive plan following the close of the acquisition of Magseis Fairfield. Shares totaling 7,210 from the Magseis Fairfield Long-Term Incentive plan vested in 2023 with the remainder to vest in 2024 (7,210 shares) and 2025 (3,605 shares).The tables below show total paid compensation to Executive Management in 2023:Payments from long-term Total 3Executive Management Salary Bonuses Other benefitsPension4incentive plansremunerationsKristian Johansen (CEO) 747 610 67 202 20 1,646 1Sven B\u00f8rre Larsen (CFO)374 151 14 32 14 585 1Jan Schoolmeesters (EVP, Digital Energy Solutions)379 164 6 78 14 641 2Will Ashby (Chief Integration Officer)323 159 2 76 23 583 Tana Pool (EVP, Legal) 373 165 15 81 20 654 Whitney Eaton (EVP, People & Sustainability) 299 103 19 19 12 452 David Hajovsky (EVP, Multi-Client) 339 180 19 19 14 571 5,6Carel Hooijkaas (EVP, Acquisition)397 304 52 127 12 892 5Josef Heim (EVP, Imaging)258 106 19 31 20 434 1 Compensation is paid in NOK, with the USD equivalent determined based on the average exchange rate during the year. 2 Compensation is paid in GBP, with the USD equivalent determined based on the average exchange rate during the year. 3 Other benefits include certain benefits provided to all employees (company-paid life insurance and welfare insurance). Other benefits also include certain expatriate benefits for applicable executives. 4 Represents the value of shares issued during 2023 with respect to the 2020 Long-Term Incentive Plan, which vested in 2023.5 Mr. Hooijkaas joined the Executive Team in January 2023 and Mr. Heim joined the Executive Team in February 2023.6 In 2023, Mr. Hooijkaas was awarded 18,025 TGS shares, to vest over three years (40%, 40%, 20%) from 2023-2025, as part of the implementation of the MagseisFairfield 2022 Long-Term Incentive plan following the close of the acquisition of Magseis Fairfield. 7,210 shares from the MagseisFairfield Long-Term Incentive plan vested in 2023 with the remainder to vest in 2024 (7,210 shares) and 2025 (3,605 shares).The amounts set forth in the table above reflect amounts paid to the executives during the year. Compensation is only reflected for the period of time that the executive served as an executive of the Group. With respect to bonus amounts, the Short-Term Incentive Bonus Plan is paid on a quarterly basis following reporting of the quarterly results. Therefore, bonuses paid in 2023 reflect bonus amounts earned for the fourth quarter of 2022 and the first three quarters of 2023. The tables below show total compensation to Executive Management in 2022:Payments from long-term Total 3Salary Bonuses Other benefitsPension4incentive plansremunerationsKristian Johansen (CEO) 587 999 109 408 17 2,120 1Sven B\u00f8rre Larsen (CFO) 320 234 15 151 13 733 1Jan Schoolmeesters (EVP, Digital Energy Solutions)373 313 6 151 13 856 2William Ashby (Chief Integration Officer) 334 232 1 153 18 738 Tana Pool (EVP, Legal) 336 245 14 150 17 762 Whitney Eaton (EVP, People & Sustainability) 256 141 15 42 11 465 David Hajovsky (EVP, Multi-Client) 298 259 18 310 12 897 1 Compensation is paid in NOK, with the USD equivalent determined based on the average exchange rate during the year. 2 Compensation is paid in GBP, with the USD equivalent determined based on the average exchange rate during the year. 3 Other benefits include certain benefits provided to all employees (such as Company-paid life insurance and welfare insurance). Other benefits also include certain expatriate benefits for applicable executives. 4 Represents the value of shares issued during 2022 with respect to the 2019 Long-Term Incentive Plan, which vested in 2022. The amounts set forth in the table above reflect amounts paid to the executive during the year. With respect to based upon the Group\u2019s achievement against the performance metrics, with the payout ranging from 0% to 100%bonus amounts, the Short-Term Incentive Bonus Plan is paid on a quarterly basis following reporting of the quarterly of the PSUs awarded. The 2023 plan also provides for the issuance of RSUs to non-executive key employees, as results. Therefore, bonuses paid in 2022 reflect bonus amounts for the fourth quarter of 2021 and the first three further described in the 2023 Management Remuneration Report. quarters of 2022. TERMINATION BENEFITS TGS awards its executive and senior leadership teams Long-Term Incentives with performance metrics measured The CEO and certain other executives have employment agreements that provide for certain benefits upon over a three-year period. In 2023, performance share units (PSUs) were issued to the executive and senior termination of employment. Current members of the Executive Management Team with employment contracts leadership teams under the 2023 Long-Term Incentive Plan. The plan and status versus performance metrics is that include an entitlement to severance pay in the event of termination of employment by the Company without further described in the Management Remuneration Report. The 2023 plan is settled in TGS common shares, and cause or for good reason, or termination of employment following a change-of-control, include the CEO, CFO andeach PSU represents the right to receive one common share. The total number of shares issuable is determined EVP of Acquisition. In those circumstances, the CEO and CFO are each entitled to severance pay equal to 1x theirthe expiration of the notice period, and the EVP, Acquisition, is entitled to severance pay equal to 1x current annual Company base salary in effect at the time of termination. Except in the event of a change-in-control where it is paid as a lump sum, the severance pay will be paid out over the following one-year period. BOARD OF DIRECTORS\u2019 FEES AND OTHER FEES The following sets forth the compensation paid to the Board of Directors in 2023:12Board member Director\u2019s feeValue of shares receivedTotal remunerationsChristopher Geoffrey Finlayson (Chair of the Board) 131 43 174Irene Egset (Director)\u00b3 43 21 64 Svein Harald \u00d8ygard (Director) 37 21 58 Grethe Kristin Moen (Director) 37 21 58 Luis Araujo (Director) 20 21 41Bettina Bachmann (Director)\u00b3 20 21 41Maurice Nessim (Director) 20 21 41Mark Leonard (Director until May 2023) 23 \u2013 231 The table includes Directors\u2019 fees paid during the year. Directors receive fees on a biannual basis as decided by the AGM, payable in NOK. Deviations in individual fees are related to the timing of the bi-annual payments. 2 In August 2023, each of the Directors, other than the Chairman, received 1,650 restricted shares in TGS. The Chair received 3,300 restricted shares in TGS.\u00b3 Includes fee from being Chair of the Compensation Committee (Ms. Bachmann) and the Audit Committee (Ms. Egset).highest annual base salary in effect during the three years that immediately precede the date of termination fromRestricted shares Shares heldBoard of Directors\u2019 stock ownershipreceived during 2023 31/12/2023Christopher Geoffrey Finlayson (Chairman of the Board) 3,300 20,550 Irene Egset (Director) 1,650 8,250 Svein Harald \u00d8ygard (Director) 1,650 29,950 Grethe Kristin Moen (Director) 1,650 4,950 Luis Araujo (Director) 1,650 1,650 Bettina Bachmann (Director) 1,650 3,780 Maurice Nessim (Director) 1,650 1,650 Compensation to the members 2023 20221of the Nomination CommitteeGlen Ole R\u00f8dland (Chair) 21 15 Christina Stray 13 5 Henry H. Hamilton III 13 5 1 The table shows compensation paid during the year. The members of the committee receive compensation per meeting held, and the amounts are paid in NOK.AUDITOR\u2019S FEE(All amounts in USD 1,000s) 2023 2022KPMG, Deloitte and Crowe Statutory audit 1,614 1,589Other attestation services 37 12Other services 75 157Total fees\u00b9 1,726 1,758\u00b9 USD 1.390 of the total fee above relates to KPMG. All amounts are exclusive of VAT.Note 13: Share-based paymentsSince 2015, TGS has issued awards of incentive stock units to its Executive Management, senior leadership team The expense recognized for incentive stock units awarded, which is considered expense for employee services and other non-executive key employees. From 2015 to 2023, TGS awarded a limited number of performance share during the year, is shown in the following table:units (PSUs) to Executive Management, while a limited amount of restricted share units (RSUs) was awarded to (All amounts in USD 1,000s) 2023 2022non-executive key employees other than the Executive Management. In 2021, 2022 and 2023, TGS awarded PSUs to members of the senior leadership team. The awards are settled in common shares of TGS, and each of the PSUs Expense arising from equity-settled 3,532 2,223share-based payment plansand RSUs represent the right to receive the maximum of one common share. The PSUs and the RSUs vest three years after the date of grant. During 2023, the 2020 PSU and RSU awards vested, and in 2022, the 2019 PSU and The fair value of share-based payments is assumed equal to the share price at grant date. RSU awards vested. The following table illustrates the number of outstanding share-based payments (No.) and weighted average In 2023, TGS awarded a total of 561,140 PSUs to members of the executive and senior leadership teams. exercise prices (WAEP) of, and movements in, RSUs and PSUs: The actual number of shares to be received by holders of the 2023 PSUs are dependent on three performance metrics which are measured for the period 1 January 2023 through 31 December 2025 (2022 plan: 1 January 2022 112023 No. WAEP (NOK)2022 No. WAEP (NOK)through 31 December 2024): Expected outstanding shares 1,184,180 0.25 1,061,310 0.25 at 1 January \u25a0 Relative return on average capital employed Granted during the year 820,240 0.25 485,080 0.25 \u25a0 Absolute return on average capital employed Adjusted quantity due (688,671) (131,496)to performance metrics \u25a0 Health, social and environmental (HSE) metrics and sustainability metric Forfeited during the year (40,025) (47,550)The performance metrics are described in more detail in the Management Remuneration Report. The payout Exercised during the year (131,977) 0.25 (171,164) 0.25 percentage for the PSUs will depend on the Group\u2019s achievement when all the performance metrics are fully earned, Corrected during the year \u2013 (12,000)with payout ranging from 0% to 100%. If fully earned at 100% payout, a total of 554,265 (remaining at 31 December Expected outstanding 2023) PSUs would vest (2022 plan: 341,280 PSUs remaining at 31 December 2023). The fair value of the PSUs 1,143,747 0.25 1,184,180 0.25 shares at 31 Decembergranted in 2023 is measured based on the market value at the grant date and expensed over the vesting period. 1 The WAEP for the incentive stock units is the par value of each share of stock, which must be paid by the holder of the units. The weighted average remaining contractual life for the long-term incentive plans outstanding on 31 December 2023 is 1.61 years (2022: 1.58 years). The holders of the RSUs are eligible to receive one share per RSU on the vesting date, and the fair value of the RSUs The weighted average fair value of the PSUs and RSUs granted during 2023 was NOK 136.6 per share. The weighted average fair value of the PSUs andgranted in 2023 is measured based on the market value of the shares on the grant day. A total of 259,100 RSUs were RSUs granted during 2022 was NOK 146.7 per share. The RSU and PSU plans are equity-settled and the fair values are measured at grant date. granted in 2023. (2022 plan: 143,800 RSUs.) The liabilities, Social Security taxes, arising from the plans amounted to USD 0.29 million as of 31 December 2023 (2022: USD 0.20 million).Expected outstanding PSUs and RSUs as of 31 December 2023: No. of PSUs/RSUs Exercise dates Holders Price/ conditions Granted1112,100 See belowKey employees Fair market value (FMV) of a share including expected dividends 10 August 20212116,120 See belowExecutive Management Fair market value (FMV) of a share including expected dividends, adjusted for performance criteria 10 August 20213125,500 See belowKey employees Fair market value (FMV) of a share including expected dividends 9 August 20224204,768 See belowExecutive Management Fair market value (FMV) of a share including expected dividends, adjusted for performance criteria 9 August 20225252,700 See belowKey employees Fair market value (FMV) of a share including expected dividends 8 August 20236332,559 See belowExecutive Management Fair market value (FMV) of a share including expected dividends, adjusted for performance criteria 8 August 20231,143,7471 The holders will receive maximum one share per unit on 10 August 2024. 2 The holders will receive maximum one share per unit on 10 August 2024, subject to determination of payout percentage ranging from 0% to 100%. 3 The holders will receive maximum one share per unit on 9 August 2025. 4 The holders will receive maximum one share per unit on 9 August 2025, subject to determination of payout percentage ranging from 0% to 100%.5 The holders will receive maximum one share per unit on 9 August 2026. 6 The holders will receive maximum one share per unit on 9 August 2026, subject to determination of payout percentage ranging from 0% to 100%.Note 14: Earnings per shareBasic earnings per share are calculated by dividing net profit for the year attributable to ordinary equity holders of TGS by the weighted average number of ordinary shares outstanding (net of treasury shares) during the year. Diluted earnings per share are calculated by dividing the net profit attributable to ordinary equity holders of TGS by the weighted average number of ordinary shares outstanding during the year plus the weighted average number of ordinary shares that would be issued on the conversionof all the dilutive potential ordinary shares (RSUs and PSUs) into ordinary shares. The following reflects the income and share data used in the basic and diluted earnings per share computations:2023 2022Net profit attributable to ordinary equity holders of the Parent 21,646 87,796 Weighted average number of ordinary shares (excluding treasury shares) for basic earnings per share 126,275 117,815 Effect of dilution 891 1,121 Weighted average number of ordinary shares (excluding treasury shares) adjusted for effect of dilution 127,166 118,936 Basic earnings per share 0.17 0.75 Diluted earnings per share 0.17 0.74 Note 15: Equity and shareholders\u2019 authorizationsOrdinary shares issued and fully paid Number of shares USD31 December 2021 117,441,118 4,086Canceled treasury shares 14.07.2022 (1,367,953) (33Issued 30.09.2022 for cash on vesting of PSU and RSU 127,625 3Capital increase 11.10.2022 (Magseis acquisition) 8,726,649 20331 December 2022 124,927,439 4,259Issued 05.09.2023 for cash on vesting of PSU and RSU 103,020 2Capital increase 20.09.2023 6,250,000 14531 December 2023 131,280,459 4,406TREASURY SHARESBy resolution of the AGM held 10 May 2023, the Board is also granted the authorization to issue loans for a total amount of up to NOK 2,250,000,000 with the right to require shares to be issued (convertible loans). The share TGS, from time to time, buys back shares under authorizations given by the shareholders. The shares may be held capital may be increased by up to NOK 3,123,185 provided that the combined number of shares that are issued in treasury, used as payment in M&A transactions, used in relation to exercise of employees\u2019 share-based incentive pursuant to this authorization and the authorization to increase the share capital will not exceed 10% of the Group\u2019s schemes or eventually canceled. As of 31 December 2023, TGS held 418,630 treasury shares, 0.32% of the total current share capital. The subscription price and other subscription terms will be determined by the Board. The shares issued (2022: 458,515 shares, 0.37%). The following table shows the movement of treasury shareholdings:shareholders\u2019 preemptive rights pursuant to section 11-4 of the Norwegian Public Limited Companies Act, cf. sections 10-4 and 10-5, may be deviated from by the Board. The authorization is valid until the Annual General Number of shares USDMeeting in 2024, but no later than 30 June 2024. The authorization replaces previously granted authorizations 31 December 2021 1,334,261 (38) to issue convertible loans. 22 February \u2013 20 September 2021 treasury shares bought back 502,107 (13) In addition, by resolution of the AGM held 10 May 2023, the issuance of maximum 850,000 shares, supported 13 May 2022, treasury shares distributed to Board members (9,900) 0by free-standing warrants, to executives and key employees pursuant to the TGS 2023 Long-Term Incentive Plan 14 July 2022 treasury shares canceled (1,367,953) 33(2023 LTIP), was approved.31 December 2022 458,515 (18) 10 May 2023 treasury shares distributed for vesting By the resolution of the AGM held 10 May 2023, the Group\u2019s share capital was reduced by NOK 61,328.75 through (26,685) 1of employee stock optionscancellation of 245,315 treasury shares held by the Group each with par value of NOK 0.25. The cancellation was 31 August 2023 treasury shares distributed to Board members (13,200) 0finalized in 2024. The Group increased the share capital by NOK 25,755 on 5 September and NOK 1,562,500 31 December 2023 418,630 (16) on 20 September 2023. The Group did not issue any convertible loans between 10 May 2023 and 31 December 2023.SHAREHOLDERS\u2019 AUTHORIZATION TO THE BOARD TO BUY BACK SHARES IN THE GROUPSHAREHOLDERS\u2019 AUTHORIZATION TO THE BOARD TO INCREASE SHARE CAPITAL IN THE GROUP AND TO ISSUE CONVERTIBLE LOANSBy resolution of the AGM held 10 May 2023, the Board is authorized to acquire, on behalf of the Group, the Group\u2019s own shares up to 10% of the nominal value of the Group\u2019s share capital, which pursuant to the current nominal valueBy resolution of the Annual General Meeting (AGM) held 10 May 2023, the Board is authorized to, on behalf of is up to NOK 3,123,185. The limitations are adjusted in the event of share consolidation, share splits and similar the Group, increase share capital of the Group by up to NOK 3,123,185 through one or more issuances of new transactions. The lowest price to be paid per share is NOK 0.25 and the highest price to be paid per share is the shares or bonus issues. The subscription price and other subscription terms will be determined by the Board. The volume weighted average price as quoted on the stock exchange for the five business days prior to the time capital increase may be paid in cash, by set-off or by other contributions in kind. The authorization includes the of the acquisition plus 5%. The lowest price is equal to the current nominal value and shall be adjusted in the event right to incur special obligations on behalf of the Group, cf. Section 10-2 of the Norwegian Public Limited Liability of share consolidation, share splits and similar transactions. Acquisition and sale of the Group\u2019s own shares can Companies Act. The shareholders\u2019 preemptive rights pursuant to Sections 10-4, cf. Section 10-5 of the Norwegian take place in the manner which the Board of Directors considers to be in the Group\u2019s best interest. The authorizationPublic Limited Liability Companies Act, to subscribe for any new shares may be deviated from by the Board. The can be used one or several times. This authorization is valid until the AGM in 2024, however no longer than until authorization encompasses share capital increases in connection with mergers, cf. section 13-5 of the Norwegian 30 June 2024. The authorization replaces previously granted authorizations to acquire own shares.Public Limited Liability Companies Act. The authorization is valid until the Annual General Meeting in 2024, but no later than 30 June 2024. The authorization replaces previously granted authorizations to issue new shares. The Group acquired 0 shares for treasury between 10 May 2023 and 31 December 2023 pursuant to the above authorization. After 31 December 2023, until the date of authorization of these financial statements (20 March 2024), TGS did not acquire additional shares. SHAREHOLDERS\u2019 AUTHORIZATION TO THE BOARD TO DISTRIBUTE DIVIDENDSThe AGM held 10 May 2023 renewed the Board of Directors\u2019 authorization to distribute quarterly dividends on thebasis of the 2022 financial statements. The authorization shall be valid until the Group\u2019s AGM in 2024, but no laterthan 30 June 2024. \u25a0 On 10 May 2023, the Board of Directors resolved to pay a quarterly dividend of the NOK equivalent of USD 0.14 per share (NOK 1.48) to the shareholders. \u25a0 On 19 July 2023, the Board of Directors resolved to pay a quarterly dividend of the NOK equivalent of USD 0.14 per share (NOK 1.41) to the shareholders. \u25a0 On 25 October 2023, the Board of Directors resolved to pay a quarterly dividend of the NOK equivalent of USD 0.14 per share (NOK 1.56) to the shareholders. \u25a0 On 14 February 2024, the Board of Directors resolved to pay a quarterly dividend of the NOK equivalent of USD 0.14 per share (NOK 1.47) to the shareholders.The 20 largest shareholders as of 31 December 2023 as registered with VPS:Name Country Shares %1 FOLKETRYGDFONDET Norway Ordinary 13,536,500 10.3%2 Brown Brothers Harriman (Lux.) SCA Luxembourg Nominee 8,768,489 6.7%3 PARETO AKSJE NORGE VERDIPAPIRFOND Norway Ordinary 5,219,695 4.0%4 The Bank of New York Mellon United States Nominee 5,084,796 3.9%5 State Street Bank and Trust Comp United States Nominee 3,928,087 3.0%6 JPMorgan Chase Bank, N.A., London United Kingdom Nominee 3,874,901 3.0%7 The Northern Trust Comp, London Br United Kingdom Nominee 3,575,790 2.7%8 JPMorgan Chase Bank, N.A., London United Kingdom Nominee 2,671,001 2.0%9 State Street Bank and Trust Comp United States Nominee 2,600,424 2.0%10 AAT INVEST AS Norway Ordinary 2,000,000 1.5%11 VERDIPAPIRFOND ODIN NORGE Norway Ordinary 1,985,555 1.5%12 VPF DNB NORGE SELEKTIV Norway Ordinary 1,771,407 1.3%13 VERDIPAPIRFONDET HOLBERG NORGE Norway Ordinary 1,700,000 1.3%14 State Street Bank and Trust Comp United States Nominee 1,696,824 1.3%15 State Street Bank and Trust Comp United States Nominee 1,673,163 1.3%16 RBC INVESTOR SERVICES TRUST Ireland Nominee 1,591,857 1.2%17 VPF DNB AM NORSKE AKSJER Norway Ordinary 1,380,536 1.1%18 HAMILTON United States Ordinary 1,352,400 1.0%19 VERDIPAPIRFONDET DNB NORGE Norway Ordinary 1,340,431 1.0%20 CLEARSTREAM BANKING S.A. Luxembourg Nominee 1,303,331 1.0% 20 LARGEST 67,055,187 51.1% Total number of shares, par value of NOK 0.25 131,280,459 100.0%Note 16: Cash and cash equivalentsCash and cash equivalents include demand deposits and high liquid instruments purchased with maturities of threemonths or less.(All amounts in USD 1,000s) 2023 2022 Bank deposits 195,260 187,110 Restricted cash deposits 1,481 1,343 Total cash bank deposits 196,741 188,452 The bank deposits are mainly denominated in USD. See Note 18 where we have listed cash balances in other currencies. Restricted cash deposits relate to employee tax withholdings in Norway.Note 17: Related partiesNo material transactions took place during 2023 or 2022 with related parties. See Note 12 for further information regarding the remuneration to the Board of Directors and to the Executive Management. See Note 3 for Business Combinations. See Note 25 for further information about the Parent Company\u2019s subsidiaries. Internal transactions are eliminatedin the Consolidated Financial Statements and do not represent transactions with related parties.Note 18: Financial risk management objectives and policies TGS has various financial assets. These are primarily held in USD, which is the functional currency for most TGS entities. TGS principal financial liabilities comprise trade payables and other current liabilities. TGS does not holdany currency or interest rate swaps. It is, and has been, TGS policy that no trading in derivatives is undertaken. The primary risks arising from the financial risk management are market risk, liquidity risk and credit risk. The Board of Directors reviews and approves policies for managing each of the risks, which are summarized belowMARKET RISKCurrency risk is considered the only market risk for the Company. Substantial portions of TGS revenues and costsare in USD. Due to this, the TGS operational exposure to exchange rate fluctuation is low. However, as the Parent Company pays taxes in NOK to Norwegian Tax Authorities and dividends to shareholders in Norwegian kroner, fluctuations between the NOK and the USD impact currency exchange gains or losses on the tax expense and financial items of the consolidated accounts. A reasonably possible strengthening (weakening) of the USD againstNOK on 31 December 2023 would have affected the measurement of financial instruments denominated in a foreign currency and affected profit or loss by the following amounts: For deferred tax balances calculated in NOK,a strengthening of +10% on the NOK/USD currency exchange rate would have an impact on profit after tax of approximately USD 5.4 million (2022: USD 6.2 million). Further, the Group also holds financial instruments denominated in BRL, which is, tax payables, accrued revenues and costs, accounts receivable and accounts payable. A change of +10% on the BRL/USD currency exchange ratewould have a negative impact on profit before tax of approximately USD 5.5 million (2022: USD 3.4 million). This analysis assumes that all other variables remain constant.The Group holds cash balances in numerous currencies, adding further foreign currency exchange risk. The belowtable summarizes the impact on profit and loss of a 10% increase/decrease in the USD/FX rate. Note that in some jurisdictions, cash balances in local currency are held in the anticipation of costs and investments to be paid in thesame currency in the reasonable near-term future. Currency Balance in USD Gain/(Loss) of 10% movementARS 207 21 AUD 468 47 BRL 23,198 2,320 CAD 3,149 315 COP 49 5 EGP 3,934 393 EUR 4,738 474 GBP 2,298 230 IDR 4 0 INR 391 39 MXN 192 19 MYR 327 33 NGN 8,932 893 NOK 7,491 749 SGD 51 5 Grand Total 55,430 5,543 LIQUIDITY RISK Liquidity risk arises from a lack of correlation between cash flow from operations and financial commitments.Per the balance sheet date, TGS held current assets of USD 442.9 million, of which cash and cash equivalentsrepresented USD 196.7 million and other current assets represent USD 246.2 million. In comparison, current liabilities amounted to USD 581.9 million. As of 31 December 2023, TGS considers the liquidity risk to be low as the Group has an undrawn revolving credit facility of USD 150 million.The table shows a maturity analysis for the different financial liabilities:2023 0\u20136 months 6\u201312 months > 12 months TotalAccounts payable and 95,049 \u2013 \u2013 95,049debt to partnersTaxes payable, payroll tax, \u2013 78,377 \u2013 78,377social security and VATOther non-current liabilities \u2013 \u2013 41,210 41,210Total 95,049 78,377 41,210 214,6362022 0\u20136 months 6\u201312 months >12 months TotalAccounts payable and 72,862 \u2013 \u2013 72,862debt to partnersTaxes payable, payroll tax, \u2013 77,223 \u2013 77,223social security and VATShort term debt 44,748 \u2013 \u2013 44,748Other non-current liabilities \u2013 \u2013 42,408 42,408Total 117,610 77,223 42,408 237,241See Note 8 for maturity analysis for lease payables.CREDIT RISK All placements of excess cash are bank deposits. TGS is exposed to credit risk through sales and uses best effortsto manage this risk. The maximum exposure to credit risk at the reporting date is the carrying value of each class of financial assets disclosed in the table below and the carrying value of the accounts receivables and other short-term receivables disclosed in Note 21. TGS considers the risk with respect to accounts receivables as low due to the Group\u2019s credit rating policies and as its clients are primarily large oil and gas companies considered to be financially sound. TGS from time to time accepts extended payment terms on parts of firm commitments from clients. TGS may also seek extra security from the clients in certain cases, such as pledges, overriding royalty interest agreements (ORRIsor carried interests in an exploration license held by the client. As of 31 December 2023, none of the outstanding accounts receivables were secured by ORRIs (2022: USD 0 million). For details of the accounts receivables including aging, refer to Note 21. For details on other financial assets, refer to Note 21. CAPITAL MANAGEMENT The goals for the TGS capital management of funds held are to: \u25a0 Protect and preserve investment principal \u25a0 Provide liquidity \u25a0 Return a market rate of return or better As of 31 December 2023, total equity represented 65% of total assets (2022: 60%). It is the ambition of TGS to pay a cash dividend that is in line with its long-term underlying cash flow. When decidingthe dividend amount, the TGS Board of Directors will consider expected cash flow, investment plans, financing requirements and a level of financial flexibility that is appropriate for the TGS business model. The aim will be to keep a stable quarterly dividend in US dollars through the year, but the actual level paid will be subject to continuous evaluation of the underlying development of the Group, its financial position and the market.FAIR VALUE OF FINANCIAL INSTRUMENTS Fair value of the financial instruments that are carried in the financial statements is equal to book value.Financial instruments at amortized cost 2023 2022Accounts receivables 93,712 142,781Accrued revenues 63,217 97,538Other receivables 76,700 78,463Cash and cash equivalents 196,741 188,452Total financial assets 430,370 507,235Short-term interest bearing debt \u2013 44,748Accounts payable and debt to partners 95,049 72,862Taxes payable 5,464 14,044Withheld payroll tax, social security and VAT 72,913 63,179Current lease liabilities 43,877 38,350Other current- and non-current liabilities 129,716 187,749Total financial liabilities 347,018 420,932Note 19: Other non-current assets and liabilitiesOTHER NON-CURRENT ASSETS(All amounts in USD 1,000s) 2023 2022 Restricted cash 9,879 6,334 Investments in associated companies 5,486 5,294 Other non-current assets 9,059 83 Total other non-current assets 24,424 11,711 Restricted cash TGS has deposits related to a dispute with tax authorities over the municipal services tax (ISS) in Brazil. The availability of the funds are contingent on the resolution of the court proceedings and this is not expected in the near-term future. Refer to Note 26 for more information.OTHER NON-CURRENT LIABILITIES(All amounts in USD 1,000s) 2023 2022 Non-current portion of project liabilities contingent on sales 32,165 32,246 Provision for asset purchase agreement 7,760 7,760 Other non-current liabilities 1,285 2,402 Total other non-current liabilities 41,210 42,408 Other non-current liabilities consist of contingent project liabilities and earnout arrangements where the economic outflows are not expected within the next 12 months following the reporting period.Project liabilities contingent on future salesAs of 31 December 2023, TGS has entered certain agreements with suppliers whereby a liability will arise contingenton future sales. No obligation will arise until these future sales occur. Provision related to these variable agreements totaled USD 40.0 million in 2023 (2022: USD 47.8 million). These liabilities were recognized in the balance sheet, USD 32.2 million as non-current and USD 7.8 million as current liabilities, based on when the sales triggering the contingencies are expected to be recognized.Provision for asset purchase agreementOn 2 March 2022, the TGS subsidiary Magseis Fairfield ASA executed an asset purchase agreement. This agreement included a clause contingent on the use of the equipment in offshore seismic surveys. The liability is recognized based on our best estimate of the future utilization of the equipment and the expected variable payoutAs of 31 December 2023, no projects using the equipment have been awardedNote 20: Joint operationsAs part of its multi-client business, TGS invests in some of the multi-client projects as joint operations. Projects considered as joint operations are typically seismic projects organized between two parties where a vessel-owningcompany provides the vessel used to acquire the data, while TGS provides the data processing services. Both parties have rights to the assets and liabilities relating to these arrangements and share the costs of the project.TGS has not established any material legal entities together with other companies with the purpose of acquiring a seismic project. The table below shows the TGS share of revenues, amortization, impairment and net book value of the multi-client library at year-end for projects considered as joint operations: (All amounts in USD 1,000s) 2023 2022Revenue joint operations (projects invoiced by TGS) 185,726 179,111 Revenue allocated to partners (projects invoiced by TGS) (83,099) (66,712)Net revenue (projects invoiced by TGS) 102,626 112,398 Revenue allocated to TGS from partners (projects invoiced by partner) 83,222 84,611 Net revenue joint operations 185,848 197,010 Straight-line amortization 67,600 59,312 Accelerated amortization/Impairment 46,822 42,152 Net book value of multi-client library (joint operations) at 31 December 362,602 220,223 Note 21: Accounts receivables and other current receivablesAccounts receivables are measured at transaction price less any amounts of expected credit losses. TGS has a credit assessment and payment terms policy. Credit assessments are required when signing or renegotiating a new master license agreement or supplemental license, or when changes occur in credit rating, The amount of revenues for projects not yet invoiced is presented as accrued revenues in the balance sheet. payment terms on prior sales are not met due to potential financial difficulties, or insight or information indicates that an existing client is in a difficult financial situation. TGS uses D&B as a credit rating provider. When the credit Other short-term receivables consist primarily of prepayments made for multi-client projects during the seismic rating is at a low level, an approval from the area Executive Vice President or the CFO will be required. data acquisition phase.TGS evaluates a credit risk rating for all clients. The credit risk rating is assessed in four levels: Category 1 is low For certain multi-client library projects, TGS has cooperation agreements pursuant to which revenues are shared risk (national oil companies, majors or supermajors, clients with superior reputation, clients with high credit rating). with other companies and/or governments. In such situations, accounts receivables and accrued revenues are Category 2 is medium risk (clients that do not fall into Category 1 or 3). Category 3 is high risk (companies with presented net for projects where TGS issues the license agreement and is responsible for invoicing. See Note 27 poor payment history and/or low credit rating or low transparency \u2013 regarding shareholder structure and financial for a breakdown of gross revenues and revenues allocated to other parties and Note 20 for gross revenues and information). Category 4 are receivables collected by joint venture partners. revenues allocated to other parties from projects considered as joint operations. As of 31 December 2023, 61.4% of the receivables are in Category 1, 27.9% are in Category 2, 1.4% are in CategoryIn cases where extended payment terms have been agreed, the implied interest is reflected in the stated amount.3, and 9.3% are in Category 4. (All amounts in USD 1,000s) 2023 2022For amounts above 90 days, 95% are within Category 1, 5% in Category 2 and 1% in Category 3 and -1% in Accounts receivables 100,215 150,478 Category 4. Provisions for accounts receivables are based on an individual assessment and calculated expected Provision for impairment of accounts receivables (6,503) (7,697)credit losses. Accounts receivables \u2013 net 93,712 142,781 Movements on the TGS provision for impairment of accounts receivables are as follows: Accrued revenues 63,217 97,538 Other receivables 76,700 78,463 (All amounts in USD 1,000s) 2023 2022Total receivables and accrued revenues 233,628 318,782 At 1 January 7,697 2,474 Provision for receivables impairment (1,174) 5,223 The aging of the accounts receivables and accrued revenue (nominal amounts) are as follows:Receivables written off during the year as uncollectible (21) \u2013Amount collected \u2013 \u2013 Total Not due < 30 days 30\u201360 days 60\u201390 days Over 90 daysAt 31 December 6,503 7,697 2023 163,431 135,733 (1,522) 8,419 5,997 14,805 2022 248,017 223,455 14,070 2,406 195 7,890 The provision for expected credit losses has been included in \u201cOther operating expense\u201d in the Statement of comprehensive income. Amounts charged to the allowance account are generally written off when there is no TGS applies the simplified approach when calculating expected credit losses. When calculating expected credit expectation of recovering additional cash. loss, TGS takes into account the aging of the outstanding amounts and other relevant information. For a description of credit risk, see Note 18.Note 22: Current liabilities (All amounts in USD 1,000s) 2023 2022Accounts payable 47,389 35,331 Debt to partners 47,660 37,531 Short-term interest bearing debt \u2013 44,748 Current lease liabilities 43,877 38,350 Deferred revenue (contract liabilities) 276,064 126,462 Accrued expenses and other current liabilities 88,506 145,341 Taxes payable 5,464 14,044 Withheld payroll tax, social security and VAT 72,913 63,179 Total current liabilities 581,872 504,986Accounts payables are non-interest-bearing and are normally settled on 30-days terms. Contract liabilities relateto deferred revenue, see Note 4 for further details.Note 23: Bank overdraft facility, interest bearing liabilities and guaranteesINTEREST BEARING LIABILITIESThe table below discloses the Revolving Credit Facility Magseis had at the time of the acquisition by TGS. Due to thechange of control, with TGS being the new majority shareholder, the RCF was due in full by 31 March 2023. In 2023 this RCF was paid and closed on due date. (All amounts in USD 1,000s) 2023 2022Nominal value bank facility \u2013 45,000Prepaid fees bank facility \u2013 (252)Short-term interest bearing debt \u2013 44,748THREE-YEAR TERM SECURED REVOLVING CREDIT FACILITYIn February 2021, TGS entered into an amended and restated revolving credit facility (RCF), amending and restatingthe original RCF dated 26 October 2018 (2018 RCF). The RCF provided for borrowings of up to USD 100 million (on a revolving basis) with an interest rate of LIBOR +2.5% per interest period as determined by TGS and as per the defined terms of the RCF. During the first quarter 2023, TGS utilized the RCF to repay the outstanding amount under the Magseis revolving credit facility that was in place at the time of the acquisition by TGS in Q4 2022.On 9 February 2023, TGS entered into an amended and restated RCF (the 2023 RCF), amending and restating the 2018 RCF (as amended in February 2021), The new RCF provides for borrowings, on a revolving basis, of up to USD 125 million with an interest rate of SOFR +3.0% per annum. The 2023 RCF provides for an accordion feature to allow for an increase in borrowing capacity of an additional USD 25 million. In Q4 2023 TGS acted upon the accordion feature, increasing the RCF to USD 150 million. As of 31 December 2023, the amount drawn on the bank facility is 0. Financial covenants bank facility (RCF) The conditions below are only tested if Liquidity (as defined in the RCF) on the relevant testing date is below USD 100 million: \u25a0 Equity Ratio > 50 percent. \u25a0 Leverage Ratio: Net interest-bearing debt/EBITDA for relevant period must be at or below 1.00. \u25a0 Liquidity: The Liquidity of the Group at all times must be at least USD 75 million. \u25a0 Operational Capex: EBITDA minus Operational Capex must be above zero.TGS is in compliance with all financial covenants as of 31 December 2023.GUARANTEESAs of 31 December 2023, the Group has provided guarantees of USD 5.3 million (2022: USD 70 million). The guarantees are in different currencies and the number is translated into USD using the exchange rate at the balance sheet date. Note 24: CommitmentsLEASES As of the end of 2023, TGS had entered commitments for three 3D vessels and two 2D vessels for addressing multi-client investments. The amount committed, including contractual lease agreements, totaled USD 52 million (2022 total: USD 130 million). The TGS Group has recognized USD 85 million in lease liabilities (2022 total: USD 67 million). The leases mainly relateto long term vessel leases for the Acquisition business unit in addition to office leases and data center leases. See Note 8 for more information on lease liabilities.Note 25: Subsidiaries and joint venturesCountry Shareholding Company Nameof incorporationand voting powerTGS ASA Norway Parent CompanyTGS AP Investments AS Norway 100%TGS AS Norway 100%TGS NES AS Norway 100%OBS MC Investments I AS Norway 100%Carmot Seismic AS Norway 100%TGS Prediktor AS Norway 100%Magseis Fairfield AS Norway 100%Magseis Operations AS Norway 100%Versal AS Norway 33%TGS Geophysical Investments, Ltd. UK 100%Spectrum Geo Ltd UK 100%TGS Geophysical Company (UK) Ltd UK 100%4C Offshore Ltd. UK 100%Country Shareholding Company Nameof incorporationand voting powerSpectrum Information Technology Ltd. UK 100%Spectrum Geophysical Services Ltd. UK 100%Spectrum Datagraphic Systems Int\u2019l Ltd. UK 100%NS Investments One (UK) Ltd. UK 100%Magseis FF (UK) Ltd. UK 100%WGP Group Ltd. UK 100%TGS-NOPEC Geophysical Company USA 100%A2D Technologies, Inc. USA 100%Parallel Data Systems, Inc. USA 100%Volant Solutions Inc. USA 100%Digital Petrodata LLC USA 100%TGS Alaska Company USA 100%TGS Mexico Contracting LLC USA 100%Lasser, Inc. USA 100%Spectrum Geo, Inc. USA 100%Magseis FF LLC USA 100%TGS do Brasil Ltda Brazil 100%Magseis Do Brasil Ltda. Brazil 100%TGS-NOPEC Geophysical Company PTY, Ltd. Australia 100%Spectrum Geo PTY, Ltd. Australia 100%Spectrum Geo Australia PTY, Ltd Australia 100%TGS-NOPEC Geophysical Company PTE, Ltd. Singapore 100%Spectrum Geo PTE, Ltd. Singapore 100%Magseis Singapore Services PTE, Ltd. Singapore 100%Geo Bridge Pte Ltd. Singapore 50%Country Shareholding Company Nameof incorporationand voting powerMagseis Malaysia Sdn. Bhd. Malaysia 100%PT TGS Geophysical Indonesia Indonesia 100%TGS Canada Ltd. Canada 100%TGS Canada Corp. Canada 100%TGS-NOPEC Geophysical Company Moscow, Ltd. Russia 100%NOPEC Geophysical Company S. de R.L. de C.V. Mexico 100%Spectrum Geo S.A. de C.V. Mexico 100%Spectrum Geo Panama LLC Panama 100%TGS FJ Geophysical (Ghana) Ltd. Ghana 90%TGS-Petrodata Offshore Services Ltd. Nigeria 49%/51%TGS Geophysical Egypt SP Egypt 100%TGS Geopex Ltd. Egypt 50%Versal AS, Geo Bridge Pte Ltd. and TGS Geopex Ltd. are joint ventures. TGS doesn\u2019t have any associates.Note 26: Contingent liabilitiesBRAZIL TAX DISPUTESIn February 2017, Spectrum Geo do Brasil Servicos Geofisicos Ltda (Spectrum Brazil), a wholly owned subsidiary of TGS, received a tax assessment for a municipal services tax (ISS) in Brazil on the basis that Spectrum Brazil had improperly calculated the ISS paid on licensing transactions prior to 2017. On September 28, 2023, Spectrum Brazilwas notified of the unanimous decision issued by the Taxpayers\u2019 Council that dismissed the Municipality\u2019s claim and granted the Company\u2019s Voluntary Appeal. The decision is final, and the updated tax debt of BRL 73.9 million (USD 15.2 million) has been fully canceled.In July 2017, Spectrum Brazil filed a declaratory action in the Brazilian courts to challenge the imposition of ISS on seismic licensing transactions. During the pendency of the declaratory action (i.e., from 2017 forward), Spectrumhas deposited into the court the amounts of ISS assessed on any licensing transactions. A favorable judgment was rendered by the court in June 2023. The Municipality filed an appeal, and the estimated time until final judgment is three years. The total accumulated amount deposited as of 31 December 2023 is BRL 48 million (USD 9.9 million) and will be used to settle any amounts owing upon resolution of this case. The deposit is presented as non-current restricted cash in the statement of financial position. In December 2020, the tax authorities issued a tax assessmentagainst Spectrum Brazil relating to the federal tax on importation of services (CIDE), based on a difference in opinion in the treatment of costs incurred on seismic surveys. TGS is challenging the assessment made by the tax authorities. The preliminary rulings made on the above matters have been favorable, however, final resolutions are not expected to be reached for a number of years. As of 31 December 2023, the amounts claimed total BRL 34 million (USD 7.0 million).U.S. TAX CONTINGENCIESFollowing a U.S. Tax Court decision in September 2021, the Court held that the Company\u2019s revenues from marine seismic data qualified as Domestic Production Gross Receipts (DPGR) under section 199(c)(4) rather than, as has been previously claimed in the Company\u2019s tax returns, section 199(c)(5). This had the impact of increasing the deductions available to the Company in respect of the 2008 tax year. TGS is currently in the process of reviewing the prior year deductions taking the Court decision into account. Until that process is complete, it is not possible to provide a reasonable estimate on the impact that the ruling will have on TGS. Note 27: Gross and net revenuesTGS enters into multi-client contracts with other companies whereby revenue is shared proportionally and presented net (see Note 20). In some cases, TGS enters into multi-client contracts where a portion of revenue is shared with governments and/or selling agents in certain countries. The table below provides the breakdownfor 2023 and 2022.(All amounts in USD 1,000s) 2023 2022Gross revenues from sales 903,975 825,911 Revenue sharing (109,678) (109,277)Revenues 794,297 716,633 (All amounts in USD 1,000s) 2023 2022Revenues allocated to joint operation partners (83,099) (66,712)Revenue allocated to other partners (26,579) (42,565)Total revenue sharing (109,678) (109,277)Note 28: Financial items(All amounts in USD 1,000s) 2023 2022Interest income 7,889 665Other financial income 3,762 1,731Results from equity accounted investments 465 1,251Total financial income 12,116 3,647Interest expense (10,583) (5,281)Other financial expenses (7,185) (3,227)Total financial expenses (17,769) (8,508Net exchange gains/(losses) 4,261 1,692Net financial items (1,392) (3,169)Note 29: Tax expense(All amounts in USD 1,000s) 2023 2022(All amounts in USD 1,000s) 2023 2022Profit before taxes Profit before taxes 51,876 128,864 Norway 11,181 84,772 Outside Norway 40,694 44,092 Expected income taxes according to corporate incomeTotal profit before taxes 51,876 128,864 Tax cost in Norway (22% tax rate) 11,413 28,350 Tax cost outside Norway (tax rate different from 22%) (3,184) 2,021 Current taxesAdjustment in respect of current income tax (1,285) 6,760 Norway (2,852) 3,332 of previous yearsOutside Norway 27,168 25,712 Adjustment in respect of deferred tax of previous years 4,969 \u2013Total current taxes 24,316 29,045 Change in deferred tax asset not recognized 6,245 (3,983) Withholding taxes and overseas taxes 13,470 7,750 Changes in deferred taxesNon-deductible expenses (1,625) 318 Norway 5,669 5,306 Currency effects 228 (318) Outside Norway 1,530 (213) Income tax expense 30,229 40,898 Changes in deferred taxes 7,199 5,093 Effective tax rate in % 58% 32%ADJUSTMENTS OF CURRENT INCOME TAX OF PREVIOUS YEARS AND ESTIMATESNorway (657) 540 COMMENTS ON SELECTED LINE ITEMS IN THE PRECEDING TABLE Outside Norway (628) 6,220 Tax rates different from the Norwegian tax rate Total adjustments of current income tax (1,285) 6,760 of previous years and estimatesThe tax rates for subsidiaries outside Norway are different than the Norwegian tax rate of 22% (2022: 22% tax rate)The tax rates in the jurisdictions where TGS operates are between 17 % and 36%. Income tax expense reported 30,229 40,898 in the income statementDeferred tax asset not recognized Tax effect of temporary differences and 2023 2022Deferred tax assets based on unused tax losses carried forward are not recognized when TGS cannot demonstrate that tax loss carryforwards as of 31 Decemberit is probable that taxable profit will be available against which the losses carried forward can be utilized. TGS has unused Differences that give rise to a deferred asset or a deferred tax liabilitytax losses and deductible temporary differences of USD 48.1 million (2022: USD 41.9 million) where no deferred tax Multi-client library/well logs (61,358) (64,997)assets were recognized in the balance sheet.Fixed assets 48,545 29,320Goodwill and intangibles (10,161) (10,229)Non-deductible expensesAccruals 25,346 24,627Non-deductible expenses consist of various types of expenses and payments of various local taxes, which are not Accounts receivables (11) 1,005deductible for tax purposes in the tax jurisdictions where TGS operates. Other long-term items \u2013 21,949Lease asset vs. Liability 1,030 1,225Currency effects Tax losses carried forward 81,985 86,343TGS entities that do not have their tax base in USD are exposed to changes in the USD/tax base-currency rates. Deferred revenue 10,220 10,233Effects within the current year are classified as tax expense.Other 3,973 1,445Deferred tax asset not recognized in the balance sheet (48,100) (41,855)Basis deferred tax asset (liability) 51,469 59,066Of which:Deferred tax asset 146,735 82,196Deferred tax liability 95,266 23,130Change in net deferred tax asset/(liability)2023 2022As of 1 January 59,066 63,830Recognized in profit and loss account 7,199 5,093Changes through business combinations \u2013 329Foreign currency translation effects and other effects (398) \u2013As of 31 December 51,469 59,066COMMENTS ON SELECTED LINE ITEMS IN THE PRECEDING TABLE Recognition of deferred tax assets on tax losses carried forward Deferred tax assets are capitalized to the extent it is probable that TGS will have taxable profits and the carryforwardtax losses can be utilized. Deferred tax assets on carryforward tax losses which are recognized are mainly related to Australia, Canada and Norway. With reference to Note 26 and \u201cother tax exposure,\u201d the Group notes uncertaintiesconcerning the tax balances, in particular in Latin America. The information reported is based on the information available to the Group at the date of these financial statements.Temporary differences Group\u2019s subsidiaries No deferred tax has been recognized in respect of temporary differences related to unremitted earnings of the Group\u2019s subsidiaries where remittance is not contemplated and where the timing of distribution is within the control of the Group. OECD Pillar Two model rulesThe Group is within the scope of the OECD Pillar Two model rules. Pillar Two legislation was enacted in Norway, the jurisdiction in which TGS ASA is incorporated, and has come into effect from 1 January 2024. Since the Pillar Two legislation was not effective at the reporting date, the Group has no related current tax exposure. The Group applies the exception to recognizing and disclosing information about deferred tax assets and liabilities related to Pillar Two income taxes, as provided in the amendments to IAS 12 issued in May 2023. Under the legislation, the Group is liable to pay a top-up tax for the difference between its GloBE effective tax rate per jurisdiction and the 15% minimum rate.The Group is in the process of assessing its exposure to the Pillar Two legislation for when it comes into effect. The Group expects that most entities within the Group have an effective tax rate that exceeds 15%. Even though the average effective tax rate might be below 15% in some entities, the Group might not be exposed to paying Pillar Two income taxes in relation to these jurisdictions. This is due to the impact of specific adjustments envisaged in the Pillar Two legislation which give rise to different effective tax rates compared to those calculated in accordance with paragraph 86 of IAS 12.Due to the complexities in applying the legislation and calculating GloBE income, the quantitative impact of theenacted or substantively enacted legislation is not yet reasonably estimable. Therefore, even for those entitieswith an accounting effective tax rate above 15%, there might still be Pillar Two tax implications.Note 30: Events after the balance sheet dateOn 31 January 2024, TGS entered into a commitment of USD 60 million to refinance PGS ASA Super Senior loanon market terms. The loan agreement is signed, and payment was made on 18 March 2024. TGS funded the payment by drawing down on the USD 150 million RCF. ",
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"value": "BASIS OF PREPARATION The Consolidated Financial Statements of TGS have been prepared in accordance with IFRS\u00ae Accounting Standardsas adopted by the European Union (EU) in effect as of 31 December 2023 and consist of the Consolidated Statement of Comprehensive Income, the Consolidated Balance Sheet, the Consolidated Statement of Cash Flows, the Consolidated Statement of Changes in Equity and notes to the Consolidated Financial Statements. The Consolidated Financial Statements have been prepared on a historical cost basis. ",
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"value": "BASIS OF PREPARATION The Consolidated Financial Statements of TGS have been prepared in accordance with IFRS\u00ae Accounting Standardsas adopted by the European Union (EU) in effect as of 31 December 2023 and consist of the Consolidated Statement of Comprehensive Income, the Consolidated Balance Sheet, the Consolidated Statement of Cash Flows, the Consolidated Statement of Changes in Equity and notes to the Consolidated Financial Statements. The Consolidated Financial Statements have been prepared on a historical cost basis. ",
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"value": "Presentation currency TGS presents its Consolidated Financial Statements in USD. The majority of TGS revenues and expenses aredenominated in USD, and USD is the functional currency for all material entities in the Group.",
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"value": "Foreign currency Transactions in foreign currency are translated to the functional currency using the exchange rates prevailing at the dates of the transactions. Monetary assets and liabilities in foreign currencies are translated into functionalcurrency using the spot rates at the date of the balance sheet. Foreign exchange gains and losses are recognizedas net exchange gains/(losses) in the profit and loss account. Presentation currency TGS presents its Consolidated Financial Statements in USD. The majority of TGS revenues and expenses aredenominated in USD, and USD is the functional currency for all material entities in the Group.SUMMARY OF MATERIAL ACCOUNTING POLICIES REVENUE FROM CONTRACTS WITH CUSTOMERS Revenue from contracts with customers is recognized when control of the goods or services is transferred to the customers at an amount which reflects the consideration to which the Group expects to be entitled in exchange for those goods or services. Early sales Multi-client pre-funding contracts (i.e., contracts signed prior to commencement of a survey) and sales of unfinisheddata (i.e., contracts entered into after commencement of a survey, but prior to data being ready for delivery) are considered to be \u201cright to use licenses\u201d under IFRS 15, meaning that all revenue related to these contracts is recognized at the point in time when the license is transferred to the customer, which would typically be upon completion of processing of the survey and granting of access to the finished survey or delivery of the finished data, independent of services delivered to clients during the project phase. The Group has generally concluded thatit is the principal in its revenue arrangements, as it typically controls the goods or services before transferring them to the customer. Late salesRevenue for sale of finished data is recognized at a point in time, generally upon delivery of the final processed data (i.e., when the client has gained access to the data under a binding agreement). Through the binding agreement the customer is granted a non-exclusive license to use the finished data. Sales of finished data are presented as part of late sales revenue. Revenue sharing arrangements From time to time, TGS enters into contracts where revenue is shared with governments or other parties (see Joint Arrangements below). Such revenue is recognized on a net basis in accordance with applicable recognition principles. COST OF SALES \u2013 PROPRIETARY CONTRACTS AND OTHER Cost of sales consists of direct costs related to proprietary contract work in which revenue is recognized over timeCost of sales also consists of costs related to delivery of geoscientific data. MULTI-CLIENT LIBRARY The multi-client library includes completed and in-progress geophysical and geological data, as well as certain otherdata types, to be licensed on a non-exclusive basis mainly to oil and gas companies. The costs directly attributable to data acquisition and processing are capitalized and included in the library value. These costs include mainly costs related to vessels, equipment, payroll and hardware/software. Data acquisition costs include mobilization costs incurred when relocating vessels, equipment and crews to the survey areas. The library also includes the cost of data purchased from third parties. The library of finished data is presented at cost, reduced by accumulated amortization and impairment. Straight-line amortizationAfter a project is completed, it is amortized on a straight-line. The straight-line amortization is assigned over the expected useful life, which for most marine projects is four years. For most onshore projects, the expected useful life after completion of a project is seven years.Accelerated amortization of seismic data No revenue is recognized until the point in time when the license is transferred to the customer, which would typically be upon completion of processing of the survey and granting of access to the finished survey or delivery of the finished data. When a project is completed and after early sales are recognized, an impairment charge may be necessary in the event recoverable value (present value of expected late sales) is lower than net book value of the survey (capitalized cost of the survey). This type of impairment is referred to as \u201caccelerated amortization,\u201d as opposed to impairments caused by reduced cash flow forecasts, which is referred to as \u201cimpairments\u201d in TGS accounts.Following the adoption of the straight-line amortization policy for completed surveys, recognition of accelerated amortization of a library may be necessary in the event that sales for a survey are realized disproportionately soonerthan implied by the straight-line profile over the survey\u2019s useful life.Amortization policy on seismic data purchased from third parties When purchasing seismic data from third parties, straight-line amortization over the remaining useful life of the data is recognized. The straight-line amortization is based on the cost of the seismic data recognized on the date of the purchase. As with organic surveys, accelerated amortization of the in-organic library may be necessary in the event that sales on a survey are realized disproportionately sooner within that survey\u2019s useful life.Amortization policy on well data products The library of multi-client well logs and other types of geological data is presented at cost, reduced by accumulatedamortization. Amortization is recorded as a straight-line amortization over seven years.Proprietary contracts Revenue from proprietary contracts, where TGS delivers services for the exclusive benefit of the customer, is recognized over time, normally on a percentage of completion basis, measured according to the acquiredand processed volume of data in relation to the total size of the project.JOINT ARRANGEMENTS For certain multi-client library projects, TGS invests in the project together with other parties and has cooperationagreements whereby revenues and costs will be shared with other companies. These agreements are initiated andagreed as joint operations where both parties have rights to the assets and share in the liabilities. TGS recognizes its share of the investment in the multi-client library, its share of revenues from the sale of the multi-client survey, related amortization and expenses. When TGS has the right to market and sell the surveys, TGS enters into the license contracts with customers, and invoices and collects payments from the customers. Accounts receivables under these arrangements are presented on a net basis. Similarly, when a partner holds the right to market and selthe project and is the party responsible for invoicing and collection from the customers, TGS only recognizes its share of the related accounts receivables. BUSINESS COMBINATIONS AND GOODWILL When TGS acquires a business, it assesses the financial assets and liabilities assumed for appropriate classificationand designation in accordance with the contractual terms, economic circumstances and pertinent conditions at theacquisition date. This involves recognizing identifiable assets (including previously unrecognized intangible assets) and liabilities (including contingent liabilities but excluding future restructuring) of the purchased business at fair value. This includes the separation of embedded derivatives in host contracts by the acquiree. Any contingent consideration to be transferred by the acquirer will be recognized at fair value at the acquisition date. Subsequent changes to fair value of the contingent consideration, which is deemed to be an asset or liability, will be recognized in the profit and loss account. If the contingent consideration is classified as equity, it will not be remeasured. Subsequent settlement is accounted for in equity. In instances where the contingent consideration does not fall within the scope of IFRS 9, it is measured at fair value at each reporting date and changes in fair value will be recognized in the profit and loss account. Goodwill is initially measured at cost and is only allocated to the majority\u2019s share, being the excess of the aggregateof the consideration transferred and the amount recognized for non-controlling interest over the net identifiable assets acquired and liabilities assumed. If this consideration is lower than the fair value of the net assets of the subsidiary acquired, the difference is recognized as a bargain purchase gain in the profit and loss account. After initial recognition, goodwill is measured at cost, less any accumulated impairment charges. For the purpose of impairment testing, goodwill from a business combination is, from the acquisition date, allocated to each of the TGS cash generating units (CGUs) that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of TGS are assigned to those units. Each unit, or group of units to which the goodwill is allocated, represents the lowest level within TGS at which the goodwill is monitored for internal management purposes. Should part of an operation carrying goodwill be disposed of, goodwill associated with the disposed operation is then included in book value of the operation when determining the gain or loss on the disposal. The goodwill disposed of in this circumstance is measured based on the relative values of the operation disposed of and the portion of the CGU retained. Goodwill is reviewed for impairment annually or more frequently if events or changes in circumstances indicate that the carrying value may be reduced. Impairment is determined for goodwill by assessing the recoverable amount of the CGU, or group of CGUs, to whichthe goodwill relates. Where the recoverable amount of the CGU (or group of CGUs) is less than the book value of theCGU (or group of CGUs) to which goodwill has been allocated, an impairment loss is recognized. Impairment losses relating to goodwill cannot be reversed in future periods.IMPAIRMENT OF NON-FINANCIAL ASSETS In assessing value in use, the estimated future cash flows calculated in USD are discounted to their present value using a post-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset. TGS bases its impairment calculation on detailed budgets and forecast calculations, which are prepared separatelyfor each of the TGS CGUs to which the individual assets are allocated. These budgets and forecast calculations generally cover a period of five years. For longer periods, a long-term growth rate is calculated and applied to project future cash flows after the fifth year.TANGIBLE NON-CURRENT ASSETS Tangible non-current assets are presented at historical cost, less accumulated depreciation and accumulated impairment charges. Purchases which are expected to have a technical and economic life of more than one yearare capitalized as tangible non-current assets. Depreciation begins when the assets are available for use. VARIABLE PAYMENT ARRANGEMENTSFor certain multi-client library projects, TGS may enter into arrangements whereby the supplier of goods or servicesis paid on a variable basis, often linked to future license revenue on that project. In such cases, the supplier has no rights or obligations to the multi-client library and therefore has no control over it. After the underlying project is completed, TGS recognizes the fair value of the variable payments in the initial cost of the asset at the date of acquisition and recognizes a corresponding accrued project cost. The accrual will be made in the currency in which the supplier payments will eventually be made and will be re-assessed periodically.Impairment losses are recognized in the statement of profit and loss in expense categories consistent with the function of the impaired asset. For assets excluding goodwill, an assessment is made at each reporting date to determine whether there is an indication that previously recognized impairment losses no longer exist or have decreased. If such indication exists,TGS estimates the assets or the CGU\u2019s recoverable amount. A previously recognized impairment loss is reversed only if there has been a change in the assumptions used to determine the asset\u2019s recoverable amount since the lastimpairment charge was recognized. The reversal is limited so that the carrying amount of the asset does not exceedits recoverable amount, or the carrying amount that would have been determined, net of depreciation, had no impairment loss been recognized for the asset in prior years. Such reversal is recognized in the statement of profit and loss. Goodwill is reviewed for impairment annually or more frequently if events or changes in circumstances indicate that the carrying value may be impaired. INCOME TAXES Current income taxCurrent income tax assets and liabilities for the current and prior periods are measured at the amount expected to be recovered from or paid to the tax authorities. The tax rates and tax laws used to compute the amount are thosethat are enacted or substantively enacted at the reporting date in the countries where TGS operates and generates taxable income. Deferred tax Deferred tax is provided using the liability method on temporary differences at the balance sheet date between the tax bases of assets and liabilities and their respective carrying amounts for financial reporting purposes at the reporting date. Deferred tax liabilities have been recognized for all taxable temporary differences. Deferred tax assets are recognized for all deductible temporary differences, the carryforward of unused tax credits and unused tax losses, to the extent that it is probable that taxable profit will be available against which the deductible temporary differences, and the carryforward of unused tax credits and unused tax losses can be utilized.The carrying amount of deferred tax assets is reviewed at each reporting date and reduced to the extent that it is no longer probable that sufficient taxable profit will be available to allow all or part of the deferred tax asset to be utilized. Unrecognized deferred tax assets are re-assessed at each reporting date and are recognized to the extent that it has become probable that future taxable profits will allow the deferred tax asset to be recovered. Deferred tax assets and deferred tax liabilities are offset, if a legally enforceable right exists to offset current incometax assets against current income tax liabilities and the deferred taxes relate to the same taxable company and the same taxation authority. Deferred tax assets and liabilities are measured at the tax rates that are expected to apply to the year when the asset is realized, or the liability is settled, based on tax rates (and tax laws) that have been enacted or substantively enacted at the balance sheet date. PROVISIONS AND CONTINGENCIES Provisions are made when TGS has a current obligation (legal or constructive) as a result of a past event. It is probable that an outflow of resources embodying economic benefits will be required to settle the obligation and a reliable estimate can be made of the amount of the obligation. Contingent liabilities are possible obligations caused by a past event where the existence of the liability depends on the occurrence, or not, of a future event. An existing obligation, in which it is not likely that the entity will have to dispose economic benefits, or where the obligation cannot be measured with sufficient reliability, is considered a contingent liability. Contingent liabilities are not recognized in the financial statements but are disclosed unless thepossibility of outflows is remote. A contingent asset is not recognized in the financial statement but disclosed if it is probable that it will be an inflow of economic benefits for TGS. PENSIONS TGS operates defined contribution plans in Norway, UK, USA (401k) and Australia where the Group covers thesuperannuation. Contributions are expensed to the income statement as they become payable. FINANCIAL ASSETSThe Group\u2019s financial assets are accounts receivables, other receivables, and cash and cash equivalents. On initial recognition, the financial assets are classified at fair value. Based on the nature of these assets and how they are managed, the Group has evaluated that these qualify for the criteria in IFRS 9 for classification as measured at amortized cost. Cash and cash equivalents in the balance sheet comprise cash in bank accounts, on hand and short-term depositswith an original maturity of three months or less.FINANCIAL LIABILITIES The Group has financial liabilities measured at amortized cost. Financial liabilities at amortized cost consist largelyof accounts payable and debt to partners. These obligations are initially recognized at fair value less transaction cost, and subsequently measured at amortized cost by using the effective interest method. The Group has no financial liabilities at fair value through profit and loss (FVTPL). Deferred tax relating to items recognized outside of the profit and loss account are correspondingly recognized outside of the profit and loss account. Deferred tax items are recognized in parallel to the underlying transaction either in OCI or directly in equity. The Parent Company and other Norwegian subsidiaries pay their tax obligation in NOK. Fluctuations between the NOK and the USD thus impact the USD denominated financial statements. Also, other legal entities that do not havetheir tax base in USD are exposed to changes in the USD versus the tax base-currency rates. Effects within the current year are classified as tax expense. Tax positions subject to uncertainty are identified and assessed either individually or in groups based on estimates of the probabilities that the tax authorities will accept or reject a certain treatment. Where it is assessed that it is not probable, the tax authorities will accept an uncertain tax treatment, and the effect of the uncertainty is reflectedin the calculation of the taxable profit, tax bases, unused tax losses or credits, or tax rates. The effect of the uncertainty is calculated by applying the most appropriate method (most likely amount or expected value). Changesin circumstances are assessed and reflected at each reporting date.LEASES As a lessee:The Group mainly leases offices, vessels and data centers. At the lease commencement date, the Group recognizesa lease liability and corresponding right-of-use asset for all lease agreements in which it is the lessee, except for short-term leases (defined as 12 months or less) and low value assets, for which the Group recognizes the lease payments as other operating expenses in the statement of profit and loss when they incur.The Group measures the lease liability at the present value of the lease payments for the right to use the underlyingasset during the lease term that is not paid at the commencement date, by using the Group\u2019s incremental borrowingrate. The lease term represents the non-cancelable period of the lease, together with periods covered by an option either to extend or to terminate the lease when the Group is reasonably certain to exercise this option.SHARE-BASED PAYMENTS Key employees of TGS receive remuneration in the form of share-based payments pursuant to which employees render services as consideration for Performance Share Units (PSUs) and Restricted Share Units (RSUs). The cost of the equity-settled transactions (PSUs and RSUs) is measured by reference to the fair value at the date on which they are granted. The fair value is determined by an external valuator using an appropriate pricing model.The expense of the equity-settled transactions is recognized, together with a corresponding increase in equity, over the period in which the performance and/or service conditions are fulfilled, ending on the date on which the relevant employees become fully entitled to the award (the vesting date). The cumulative expense recognized for equity-settled transactions at each reporting date until the vesting date reflects the extent to which the vesting period has expired and the TGS best estimate of the number of the equity instruments that will ultimately vest. The Consolidated Statement of Comprehensive Income for a period represents the movement in cumulative expense recognized at the beginning and end of that period. No expense is recognized for awards that do not ultimately vest.The dilutive effect of outstanding unvested PSUs and RSUs is reflected as additional share dilution in the computation of diluted earnings per share. \u25a0 Fixed lease payments (including in-substance fixed payments), less any lease incentives receivable. \u25a0 Amount expected to be payable by TGS under residual value guarantees. \u25a0 The exercise price of a purchase option, if TGS is reasonably certain to exercise that option. \u25a0 Payments of penalties for terminating the lease, if the lease term reflects TGS exercising an option to terminatethe lease.The Group does not include variable lease payments in the lease liability. Instead, the Group recognizes these variable lease expenses in the profit and loss account.The lease liability is subsequently measured by increasing the carrying amount to reflect interest on the lease liability, reducing the carrying amount to reflect the lease payments made, and remeasuring the carrying amount to reflect any reassessment or lease modifications, or to reflect adjustments in lease payments due to an adjustment in a relevant index or rate.The Group measures the right-of-use asset at cost, less any accumulated depreciation and impairment losses, adjusted for any remeasurement of lease liabilities. The lease payments included in the measurement are comprised of",
"dimensions": {
"concept": "ifrs-full:DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory",
"language": "en",
"entity": "scheme:549300NUPLAXPB0WYH90",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"pp-value-10-3": {
"value": "Foreign currency Transactions in foreign currency are translated to the functional currency using the exchange rates prevailing at the dates of the transactions. Monetary assets and liabilities in foreign currencies are translated into functionalcurrency using the spot rates at the date of the balance sheet. Foreign exchange gains and losses are recognizedas net exchange gains/(losses) in the profit and loss account. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory",
"language": "en",
"entity": "scheme:549300NUPLAXPB0WYH90",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"pp-value-12-3": {
"value": "SUMMARY OF MATERIAL ACCOUNTING POLICIES REVENUE FROM CONTRACTS WITH CUSTOMERS Revenue from contracts with customers is recognized when control of the goods or services is transferred to the customers at an amount which reflects the consideration to which the Group expects to be entitled in exchange for those goods or services. Early sales Multi-client pre-funding contracts (i.e., contracts signed prior to commencement of a survey) and sales of unfinisheddata (i.e., contracts entered into after commencement of a survey, but prior to data being ready for delivery) are considered to be \u201cright to use licenses\u201d under IFRS 15, meaning that all revenue related to these contracts is recognized at the point in time when the license is transferred to the customer, which would typically be upon completion of processing of the survey and granting of access to the finished survey or delivery of the finished data, independent of services delivered to clients during the project phase. The Group has generally concluded thatit is the principal in its revenue arrangements, as it typically controls the goods or services before transferring them to the customer. Late salesRevenue for sale of finished data is recognized at a point in time, generally upon delivery of the final processed data (i.e., when the client has gained access to the data under a binding agreement). Through the binding agreement the customer is granted a non-exclusive license to use the finished data. Sales of finished data are presented as part of late sales revenue. Revenue sharing arrangements From time to time, TGS enters into contracts where revenue is shared with governments or other parties (see Joint Arrangements below). Such revenue is recognized on a net basis in accordance with applicable recognition principles. Proprietary contracts Revenue from proprietary contracts, where TGS delivers services for the exclusive benefit of the customer, is recognized over time, normally on a percentage of completion basis, measured according to the acquiredand processed volume of data in relation to the total size of the project.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForRecognitionOfRevenue",
"language": "en",
"entity": "scheme:549300NUPLAXPB0WYH90",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"pp-value-13-3": {
"value": "COST OF SALES \u2013 PROPRIETARY CONTRACTS AND OTHER Cost of sales consists of direct costs related to proprietary contract work in which revenue is recognized over timeCost of sales also consists of costs related to delivery of geoscientific data. TANGIBLE NON-CURRENT ASSETS Tangible non-current assets are presented at historical cost, less accumulated depreciation and accumulated impairment charges. Purchases which are expected to have a technical and economic life of more than one yearare capitalized as tangible non-current assets. Depreciation begins when the assets are available for use. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForExpensesExplanatory",
"language": "en",
"entity": "scheme:549300NUPLAXPB0WYH90",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"pp-value-14-3": {
"value": "MULTI-CLIENT LIBRARY The multi-client library includes completed and in-progress geophysical and geological data, as well as certain otherdata types, to be licensed on a non-exclusive basis mainly to oil and gas companies. The costs directly attributable to data acquisition and processing are capitalized and included in the library value. These costs include mainly costs related to vessels, equipment, payroll and hardware/software. Data acquisition costs include mobilization costs incurred when relocating vessels, equipment and crews to the survey areas. The library also includes the cost of data purchased from third parties. The library of finished data is presented at cost, reduced by accumulated amortization and impairment. Straight-line amortizationAfter a project is completed, it is amortized on a straight-line. The straight-line amortization is assigned over the expected useful life, which for most marine projects is four years. For most onshore projects, the expected useful life after completion of a project is seven years.Accelerated amortization of seismic data No revenue is recognized until the point in time when the license is transferred to the customer, which would typically be upon completion of processing of the survey and granting of access to the finished survey or delivery of the finished data. When a project is completed and after early sales are recognized, an impairment charge may be necessary in the event recoverable value (present value of expected late sales) is lower than net book value of the survey (capitalized cost of the survey). This type of impairment is referred to as \u201caccelerated amortization,\u201d as opposed to impairments caused by reduced cash flow forecasts, which is referred to as \u201cimpairments\u201d in TGS accounts.Following the adoption of the straight-line amortization policy for completed surveys, recognition of accelerated amortization of a library may be necessary in the event that sales for a survey are realized disproportionately soonerthan implied by the straight-line profile over the survey\u2019s useful life.Amortization policy on seismic data purchased from third parties When purchasing seismic data from third parties, straight-line amortization over the remaining useful life of the data is recognized. The straight-line amortization is based on the cost of the seismic data recognized on the date of the purchase. As with organic surveys, accelerated amortization of the in-organic library may be necessary in the event that sales on a survey are realized disproportionately sooner within that survey\u2019s useful life.Amortization policy on well data products The library of multi-client well logs and other types of geological data is presented at cost, reduced by accumulatedamortization. Amortization is recorded as a straight-line amortization over seven years.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForExplorationAndEvaluationExpenditures",
"language": "en",
"entity": "scheme:549300NUPLAXPB0WYH90",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"pp-value-17-3": {
"value": "JOINT ARRANGEMENTS For certain multi-client library projects, TGS invests in the project together with other parties and has cooperationagreements whereby revenues and costs will be shared with other companies. These agreements are initiated andagreed as joint operations where both parties have rights to the assets and share in the liabilities. TGS recognizes its share of the investment in the multi-client library, its share of revenues from the sale of the multi-client survey, related amortization and expenses. When TGS has the right to market and sell the surveys, TGS enters into the license contracts with customers, and invoices and collects payments from the customers. Accounts receivables under these arrangements are presented on a net basis. Similarly, when a partner holds the right to market and selthe project and is the party responsible for invoicing and collection from the customers, TGS only recognizes its share of the related accounts receivables. VARIABLE PAYMENT ARRANGEMENTSFor certain multi-client library projects, TGS may enter into arrangements whereby the supplier of goods or servicesis paid on a variable basis, often linked to future license revenue on that project. In such cases, the supplier has no rights or obligations to the multi-client library and therefore has no control over it. After the underlying project is completed, TGS recognizes the fair value of the variable payments in the initial cost of the asset at the date of acquisition and recognizes a corresponding accrued project cost. The accrual will be made in the currency in which the supplier payments will eventually be made and will be re-assessed periodically.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfOtherAccountingPoliciesRelevantToUnderstandingOfFinancialStatements",
"language": "en",
"entity": "scheme:549300NUPLAXPB0WYH90",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"pp-value-18-3": {
"value": "BUSINESS COMBINATIONS AND GOODWILL When TGS acquires a business, it assesses the financial assets and liabilities assumed for appropriate classificationand designation in accordance with the contractual terms, economic circumstances and pertinent conditions at theacquisition date. This involves recognizing identifiable assets (including previously unrecognized intangible assets) and liabilities (including contingent liabilities but excluding future restructuring) of the purchased business at fair value. This includes the separation of embedded derivatives in host contracts by the acquiree. Any contingent consideration to be transferred by the acquirer will be recognized at fair value at the acquisition date. Subsequent changes to fair value of the contingent consideration, which is deemed to be an asset or liability, will be recognized in the profit and loss account. If the contingent consideration is classified as equity, it will not be remeasured. Subsequent settlement is accounted for in equity. In instances where the contingent consideration does not fall within the scope of IFRS 9, it is measured at fair value at each reporting date and changes in fair value will be recognized in the profit and loss account. Goodwill is initially measured at cost and is only allocated to the majority\u2019s share, being the excess of the aggregateof the consideration transferred and the amount recognized for non-controlling interest over the net identifiable assets acquired and liabilities assumed. If this consideration is lower than the fair value of the net assets of the subsidiary acquired, the difference is recognized as a bargain purchase gain in the profit and loss account. After initial recognition, goodwill is measured at cost, less any accumulated impairment charges. For the purpose of impairment testing, goodwill from a business combination is, from the acquisition date, allocated to each of the TGS cash generating units (CGUs) that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of TGS are assigned to those units. Each unit, or group of units to which the goodwill is allocated, represents the lowest level within TGS at which the goodwill is monitored for internal management purposes. Should part of an operation carrying goodwill be disposed of, goodwill associated with the disposed operation is then included in book value of the operation when determining the gain or loss on the disposal. The goodwill disposed of in this circumstance is measured based on the relative values of the operation disposed of and the portion of the CGU retained. Goodwill is reviewed for impairment annually or more frequently if events or changes in circumstances indicate that the carrying value may be reduced. Impairment is determined for goodwill by assessing the recoverable amount of the CGU, or group of CGUs, to whichthe goodwill relates. Where the recoverable amount of the CGU (or group of CGUs) is less than the book value of theCGU (or group of CGUs) to which goodwill has been allocated, an impairment loss is recognized. Impairment losses relating to goodwill cannot be reversed in future periods.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForBusinessCombinationsAndGoodwillExplanatory",
"language": "en",
"entity": "scheme:549300NUPLAXPB0WYH90",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"pp-value-18-4": {
"value": "BUSINESS COMBINATIONS AND GOODWILL When TGS acquires a business, it assesses the financial assets and liabilities assumed for appropriate classificationand designation in accordance with the contractual terms, economic circumstances and pertinent conditions at theacquisition date. This involves recognizing identifiable assets (including previously unrecognized intangible assets) and liabilities (including contingent liabilities but excluding future restructuring) of the purchased business at fair value. This includes the separation of embedded derivatives in host contracts by the acquiree. Any contingent consideration to be transferred by the acquirer will be recognized at fair value at the acquisition date. Subsequent changes to fair value of the contingent consideration, which is deemed to be an asset or liability, will be recognized in the profit and loss account. If the contingent consideration is classified as equity, it will not be remeasured. Subsequent settlement is accounted for in equity. In instances where the contingent consideration does not fall within the scope of IFRS 9, it is measured at fair value at each reporting date and changes in fair value will be recognized in the profit and loss account. Goodwill is initially measured at cost and is only allocated to the majority\u2019s share, being the excess of the aggregateof the consideration transferred and the amount recognized for non-controlling interest over the net identifiable assets acquired and liabilities assumed. If this consideration is lower than the fair value of the net assets of the subsidiary acquired, the difference is recognized as a bargain purchase gain in the profit and loss account. After initial recognition, goodwill is measured at cost, less any accumulated impairment charges. For the purpose of impairment testing, goodwill from a business combination is, from the acquisition date, allocated to each of the TGS cash generating units (CGUs) that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of TGS are assigned to those units. Each unit, or group of units to which the goodwill is allocated, represents the lowest level within TGS at which the goodwill is monitored for internal management purposes. Should part of an operation carrying goodwill be disposed of, goodwill associated with the disposed operation is then included in book value of the operation when determining the gain or loss on the disposal. The goodwill disposed of in this circumstance is measured based on the relative values of the operation disposed of and the portion of the CGU retained. Goodwill is reviewed for impairment annually or more frequently if events or changes in circumstances indicate that the carrying value may be reduced. Impairment is determined for goodwill by assessing the recoverable amount of the CGU, or group of CGUs, to whichthe goodwill relates. Where the recoverable amount of the CGU (or group of CGUs) is less than the book value of theCGU (or group of CGUs) to which goodwill has been allocated, an impairment loss is recognized. Impairment losses relating to goodwill cannot be reversed in future periods.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForGoodwillExplanatory",
"language": "en",
"entity": "scheme:549300NUPLAXPB0WYH90",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"pp-value-18-5": {
"value": "BUSINESS COMBINATIONS AND GOODWILL When TGS acquires a business, it assesses the financial assets and liabilities assumed for appropriate classificationand designation in accordance with the contractual terms, economic circumstances and pertinent conditions at theacquisition date. This involves recognizing identifiable assets (including previously unrecognized intangible assets) and liabilities (including contingent liabilities but excluding future restructuring) of the purchased business at fair value. This includes the separation of embedded derivatives in host contracts by the acquiree. Any contingent consideration to be transferred by the acquirer will be recognized at fair value at the acquisition date. Subsequent changes to fair value of the contingent consideration, which is deemed to be an asset or liability, will be recognized in the profit and loss account. If the contingent consideration is classified as equity, it will not be remeasured. Subsequent settlement is accounted for in equity. In instances where the contingent consideration does not fall within the scope of IFRS 9, it is measured at fair value at each reporting date and changes in fair value will be recognized in the profit and loss account. Goodwill is initially measured at cost and is only allocated to the majority\u2019s share, being the excess of the aggregateof the consideration transferred and the amount recognized for non-controlling interest over the net identifiable assets acquired and liabilities assumed. If this consideration is lower than the fair value of the net assets of the subsidiary acquired, the difference is recognized as a bargain purchase gain in the profit and loss account. After initial recognition, goodwill is measured at cost, less any accumulated impairment charges. For the purpose of impairment testing, goodwill from a business combination is, from the acquisition date, allocated to each of the TGS cash generating units (CGUs) that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of TGS are assigned to those units. Each unit, or group of units to which the goodwill is allocated, represents the lowest level within TGS at which the goodwill is monitored for internal management purposes. Should part of an operation carrying goodwill be disposed of, goodwill associated with the disposed operation is then included in book value of the operation when determining the gain or loss on the disposal. The goodwill disposed of in this circumstance is measured based on the relative values of the operation disposed of and the portion of the CGU retained. Goodwill is reviewed for impairment annually or more frequently if events or changes in circumstances indicate that the carrying value may be reduced. Impairment is determined for goodwill by assessing the recoverable amount of the CGU, or group of CGUs, to whichthe goodwill relates. Where the recoverable amount of the CGU (or group of CGUs) is less than the book value of theCGU (or group of CGUs) to which goodwill has been allocated, an impairment loss is recognized. Impairment losses relating to goodwill cannot be reversed in future periods.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForBusinessCombinationsExplanatory",
"language": "en",
"entity": "scheme:549300NUPLAXPB0WYH90",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"pp-value-21-4": {
"value": "TANGIBLE NON-CURRENT ASSETS Tangible non-current assets are presented at historical cost, less accumulated depreciation and accumulated impairment charges. Purchases which are expected to have a technical and economic life of more than one yearare capitalized as tangible non-current assets. Depreciation begins when the assets are available for use. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory",
"language": "en",
"entity": "scheme:549300NUPLAXPB0WYH90",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"pp-value-21-5": {
"value": "TANGIBLE NON-CURRENT ASSETS Tangible non-current assets are presented at historical cost, less accumulated depreciation and accumulated impairment charges. Purchases which are expected to have a technical and economic life of more than one yearare capitalized as tangible non-current assets. Depreciation begins when the assets are available for use. LEASES As a lessee:The Group mainly leases offices, vessels and data centers. At the lease commencement date, the Group recognizesa lease liability and corresponding right-of-use asset for all lease agreements in which it is the lessee, except for short-term leases (defined as 12 months or less) and low value assets, for which the Group recognizes the lease payments as other operating expenses in the statement of profit and loss when they incur.The Group measures the lease liability at the present value of the lease payments for the right to use the underlyingasset during the lease term that is not paid at the commencement date, by using the Group\u2019s incremental borrowingrate. The lease term represents the non-cancelable period of the lease, together with periods covered by an option either to extend or to terminate the lease when the Group is reasonably certain to exercise this option. \u25a0 Fixed lease payments (including in-substance fixed payments), less any lease incentives receivable. \u25a0 Amount expected to be payable by TGS under residual value guarantees. \u25a0 The exercise price of a purchase option, if TGS is reasonably certain to exercise that option. \u25a0 Payments of penalties for terminating the lease, if the lease term reflects TGS exercising an option to terminatethe lease.The Group does not include variable lease payments in the lease liability. Instead, the Group recognizes these variable lease expenses in the profit and loss account.The lease liability is subsequently measured by increasing the carrying amount to reflect interest on the lease liability, reducing the carrying amount to reflect the lease payments made, and remeasuring the carrying amount to reflect any reassessment or lease modifications, or to reflect adjustments in lease payments due to an adjustment in a relevant index or rate.The Group measures the right-of-use asset at cost, less any accumulated depreciation and impairment losses, adjusted for any remeasurement of lease liabilities. The lease payments included in the measurement are comprised of",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDepreciationExpenseExplanatory",
"language": "en",
"entity": "scheme:549300NUPLAXPB0WYH90",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"pp-value-20-3": {
"value": "IMPAIRMENT OF NON-FINANCIAL ASSETS In assessing value in use, the estimated future cash flows calculated in USD are discounted to their present value using a post-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset. TGS bases its impairment calculation on detailed budgets and forecast calculations, which are prepared separatelyfor each of the TGS CGUs to which the individual assets are allocated. These budgets and forecast calculations generally cover a period of five years. For longer periods, a long-term growth rate is calculated and applied to project future cash flows after the fifth year.Impairment losses are recognized in the statement of profit and loss in expense categories consistent with the function of the impaired asset. For assets excluding goodwill, an assessment is made at each reporting date to determine whether there is an indication that previously recognized impairment losses no longer exist or have decreased. If such indication exists,TGS estimates the assets or the CGU\u2019s recoverable amount. A previously recognized impairment loss is reversed only if there has been a change in the assumptions used to determine the asset\u2019s recoverable amount since the lastimpairment charge was recognized. The reversal is limited so that the carrying amount of the asset does not exceedits recoverable amount, or the carrying amount that would have been determined, net of depreciation, had no impairment loss been recognized for the asset in prior years. Such reversal is recognized in the statement of profit and loss. Goodwill is reviewed for impairment annually or more frequently if events or changes in circumstances indicate that the carrying value may be impaired. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfAssetsExplanatory",
"language": "en",
"entity": "scheme:549300NUPLAXPB0WYH90",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"pp-value-20-4": {
"value": "IMPAIRMENT OF NON-FINANCIAL ASSETS In assessing value in use, the estimated future cash flows calculated in USD are discounted to their present value using a post-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset. TGS bases its impairment calculation on detailed budgets and forecast calculations, which are prepared separatelyfor each of the TGS CGUs to which the individual assets are allocated. These budgets and forecast calculations generally cover a period of five years. For longer periods, a long-term growth rate is calculated and applied to project future cash flows after the fifth year.Impairment losses are recognized in the statement of profit and loss in expense categories consistent with the function of the impaired asset. For assets excluding goodwill, an assessment is made at each reporting date to determine whether there is an indication that previously recognized impairment losses no longer exist or have decreased. If such indication exists,TGS estimates the assets or the CGU\u2019s recoverable amount. A previously recognized impairment loss is reversed only if there has been a change in the assumptions used to determine the asset\u2019s recoverable amount since the lastimpairment charge was recognized. The reversal is limited so that the carrying amount of the asset does not exceedits recoverable amount, or the carrying amount that would have been determined, net of depreciation, had no impairment loss been recognized for the asset in prior years. Such reversal is recognized in the statement of profit and loss. Goodwill is reviewed for impairment annually or more frequently if events or changes in circumstances indicate that the carrying value may be impaired. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfNonfinancialAssetsExplanatory",
"language": "en",
"entity": "scheme:549300NUPLAXPB0WYH90",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"pp-value-25-3": {
"value": "PROVISIONS AND CONTINGENCIES Provisions are made when TGS has a current obligation (legal or constructive) as a result of a past event. It is probable that an outflow of resources embodying economic benefits will be required to settle the obligation and a reliable estimate can be made of the amount of the obligation. Contingent liabilities are possible obligations caused by a past event where the existence of the liability depends on the occurrence, or not, of a future event. An existing obligation, in which it is not likely that the entity will have to dispose economic benefits, or where the obligation cannot be measured with sufficient reliability, is considered a contingent liability. Contingent liabilities are not recognized in the financial statements but are disclosed unless thepossibility of outflows is remote. A contingent asset is not recognized in the financial statement but disclosed if it is probable that it will be an inflow of economic benefits for TGS. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForProvisionsExplanatory",
"language": "en",
"entity": "scheme:549300NUPLAXPB0WYH90",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"pp-value-25-4": {
"value": "PROVISIONS AND CONTINGENCIES Provisions are made when TGS has a current obligation (legal or constructive) as a result of a past event. It is probable that an outflow of resources embodying economic benefits will be required to settle the obligation and a reliable estimate can be made of the amount of the obligation. Contingent liabilities are possible obligations caused by a past event where the existence of the liability depends on the occurrence, or not, of a future event. An existing obligation, in which it is not likely that the entity will have to dispose economic benefits, or where the obligation cannot be measured with sufficient reliability, is considered a contingent liability. Contingent liabilities are not recognized in the financial statements but are disclosed unless thepossibility of outflows is remote. A contingent asset is not recognized in the financial statement but disclosed if it is probable that it will be an inflow of economic benefits for TGS. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForContingentLiabilitiesAndContingentAssetsExplanatory",
"language": "en",
"entity": "scheme:549300NUPLAXPB0WYH90",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"pp-value-24-3": {
"value": "INCOME TAXES Current income taxCurrent income tax assets and liabilities for the current and prior periods are measured at the amount expected to be recovered from or paid to the tax authorities. The tax rates and tax laws used to compute the amount are thosethat are enacted or substantively enacted at the reporting date in the countries where TGS operates and generates taxable income. Deferred tax Deferred tax is provided using the liability method on temporary differences at the balance sheet date between the tax bases of assets and liabilities and their respective carrying amounts for financial reporting purposes at the reporting date. Deferred tax liabilities have been recognized for all taxable temporary differences. Deferred tax assets are recognized for all deductible temporary differences, the carryforward of unused tax credits and unused tax losses, to the extent that it is probable that taxable profit will be available against which the deductible temporary differences, and the carryforward of unused tax credits and unused tax losses can be utilized.The carrying amount of deferred tax assets is reviewed at each reporting date and reduced to the extent that it is no longer probable that sufficient taxable profit will be available to allow all or part of the deferred tax asset to be utilized. Unrecognized deferred tax assets are re-assessed at each reporting date and are recognized to the extent that it has become probable that future taxable profits will allow the deferred tax asset to be recovered. Deferred tax assets and deferred tax liabilities are offset, if a legally enforceable right exists to offset current incometax assets against current income tax liabilities and the deferred taxes relate to the same taxable company and the same taxation authority. Deferred tax assets and liabilities are measured at the tax rates that are expected to apply to the year when the asset is realized, or the liability is settled, based on tax rates (and tax laws) that have been enacted or substantively enacted at the balance sheet date. Deferred tax relating to items recognized outside of the profit and loss account are correspondingly recognized outside of the profit and loss account. Deferred tax items are recognized in parallel to the underlying transaction either in OCI or directly in equity. The Parent Company and other Norwegian subsidiaries pay their tax obligation in NOK. Fluctuations between the NOK and the USD thus impact the USD denominated financial statements. Also, other legal entities that do not havetheir tax base in USD are exposed to changes in the USD versus the tax base-currency rates. Effects within the current year are classified as tax expense. Tax positions subject to uncertainty are identified and assessed either individually or in groups based on estimates of the probabilities that the tax authorities will accept or reject a certain treatment. Where it is assessed that it is not probable, the tax authorities will accept an uncertain tax treatment, and the effect of the uncertainty is reflectedin the calculation of the taxable profit, tax bases, unused tax losses or credits, or tax rates. The effect of the uncertainty is calculated by applying the most appropriate method (most likely amount or expected value). Changesin circumstances are assessed and reflected at each reporting date.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:549300NUPLAXPB0WYH90",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"pp-value-24-4": {
"value": "INCOME TAXES Current income taxCurrent income tax assets and liabilities for the current and prior periods are measured at the amount expected to be recovered from or paid to the tax authorities. The tax rates and tax laws used to compute the amount are thosethat are enacted or substantively enacted at the reporting date in the countries where TGS operates and generates taxable income. Deferred tax Deferred tax is provided using the liability method on temporary differences at the balance sheet date between the tax bases of assets and liabilities and their respective carrying amounts for financial reporting purposes at the reporting date. Deferred tax liabilities have been recognized for all taxable temporary differences. Deferred tax assets are recognized for all deductible temporary differences, the carryforward of unused tax credits and unused tax losses, to the extent that it is probable that taxable profit will be available against which the deductible temporary differences, and the carryforward of unused tax credits and unused tax losses can be utilized.The carrying amount of deferred tax assets is reviewed at each reporting date and reduced to the extent that it is no longer probable that sufficient taxable profit will be available to allow all or part of the deferred tax asset to be utilized. Unrecognized deferred tax assets are re-assessed at each reporting date and are recognized to the extent that it has become probable that future taxable profits will allow the deferred tax asset to be recovered. Deferred tax assets and deferred tax liabilities are offset, if a legally enforceable right exists to offset current incometax assets against current income tax liabilities and the deferred taxes relate to the same taxable company and the same taxation authority. Deferred tax assets and liabilities are measured at the tax rates that are expected to apply to the year when the asset is realized, or the liability is settled, based on tax rates (and tax laws) that have been enacted or substantively enacted at the balance sheet date. Deferred tax relating to items recognized outside of the profit and loss account are correspondingly recognized outside of the profit and loss account. Deferred tax items are recognized in parallel to the underlying transaction either in OCI or directly in equity. The Parent Company and other Norwegian subsidiaries pay their tax obligation in NOK. Fluctuations between the NOK and the USD thus impact the USD denominated financial statements. Also, other legal entities that do not havetheir tax base in USD are exposed to changes in the USD versus the tax base-currency rates. Effects within the current year are classified as tax expense. Tax positions subject to uncertainty are identified and assessed either individually or in groups based on estimates of the probabilities that the tax authorities will accept or reject a certain treatment. Where it is assessed that it is not probable, the tax authorities will accept an uncertain tax treatment, and the effect of the uncertainty is reflectedin the calculation of the taxable profit, tax bases, unused tax losses or credits, or tax rates. The effect of the uncertainty is calculated by applying the most appropriate method (most likely amount or expected value). Changesin circumstances are assessed and reflected at each reporting date.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDeferredIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:549300NUPLAXPB0WYH90",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"pp-value-31-3": {
"value": "SHARE-BASED PAYMENTS Key employees of TGS receive remuneration in the form of share-based payments pursuant to which employees render services as consideration for Performance Share Units (PSUs) and Restricted Share Units (RSUs). The cost of the equity-settled transactions (PSUs and RSUs) is measured by reference to the fair value at the date on which they are granted. The fair value is determined by an external valuator using an appropriate pricing model.The expense of the equity-settled transactions is recognized, together with a corresponding increase in equity, over the period in which the performance and/or service conditions are fulfilled, ending on the date on which the relevant employees become fully entitled to the award (the vesting date). The cumulative expense recognized for equity-settled transactions at each reporting date until the vesting date reflects the extent to which the vesting period has expired and the TGS best estimate of the number of the equity instruments that will ultimately vest. The Consolidated Statement of Comprehensive Income for a period represents the movement in cumulative expense recognized at the beginning and end of that period. No expense is recognized for awards that do not ultimately vest.The dilutive effect of outstanding unvested PSUs and RSUs is reflected as additional share dilution in the computation of diluted earnings per share.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForSharebasedPaymentTransactionsExplanatory",
"language": "en",
"entity": "scheme:549300NUPLAXPB0WYH90",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"pp-value-27-3": {
"value": "FINANCIAL ASSETSThe Group\u2019s financial assets are accounts receivables, other receivables, and cash and cash equivalents. On initial recognition, the financial assets are classified at fair value. Based on the nature of these assets and how they are managed, the Group has evaluated that these qualify for the criteria in IFRS 9 for classification as measured at amortized cost. Cash and cash equivalents in the balance sheet comprise cash in bank accounts, on hand and short-term depositswith an original maturity of three months or less.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialAssetsExplanatory",
"language": "en",
"entity": "scheme:549300NUPLAXPB0WYH90",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"pp-value-27-4": {
"value": "FINANCIAL ASSETSThe Group\u2019s financial assets are accounts receivables, other receivables, and cash and cash equivalents. On initial recognition, the financial assets are classified at fair value. Based on the nature of these assets and how they are managed, the Group has evaluated that these qualify for the criteria in IFRS 9 for classification as measured at amortized cost. Cash and cash equivalents in the balance sheet comprise cash in bank accounts, on hand and short-term depositswith an original maturity of three months or less.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:549300NUPLAXPB0WYH90",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"pp-value-27-5": {
"value": "FINANCIAL ASSETSThe Group\u2019s financial assets are accounts receivables, other receivables, and cash and cash equivalents. On initial recognition, the financial assets are classified at fair value. Based on the nature of these assets and how they are managed, the Group has evaluated that these qualify for the criteria in IFRS 9 for classification as measured at amortized cost. Cash and cash equivalents in the balance sheet comprise cash in bank accounts, on hand and short-term depositswith an original maturity of three months or less.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsAtFairValueThroughProfitOrLossExplanatory",
"language": "en",
"entity": "scheme:549300NUPLAXPB0WYH90",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"pp-value-28-3": {
"value": "FINANCIAL LIABILITIES The Group has financial liabilities measured at amortized cost. Financial liabilities at amortized cost consist largelyof accounts payable and debt to partners. These obligations are initially recognized at fair value less transaction cost, and subsequently measured at amortized cost by using the effective interest method. The Group has no financial liabilities at fair value through profit and loss (FVTPL). ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:549300NUPLAXPB0WYH90",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"pp-value-26-3": {
"value": "PENSIONS TGS operates defined contribution plans in Norway, UK, USA (401k) and Australia where the Group covers thesuperannuation. Contributions are expensed to the income statement as they become payable. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory",
"language": "en",
"entity": "scheme:549300NUPLAXPB0WYH90",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"pp-value-30-4": {
"value": "LEASES As a lessee:The Group mainly leases offices, vessels and data centers. At the lease commencement date, the Group recognizesa lease liability and corresponding right-of-use asset for all lease agreements in which it is the lessee, except for short-term leases (defined as 12 months or less) and low value assets, for which the Group recognizes the lease payments as other operating expenses in the statement of profit and loss when they incur.The Group measures the lease liability at the present value of the lease payments for the right to use the underlyingasset during the lease term that is not paid at the commencement date, by using the Group\u2019s incremental borrowingrate. The lease term represents the non-cancelable period of the lease, together with periods covered by an option either to extend or to terminate the lease when the Group is reasonably certain to exercise this option. \u25a0 Fixed lease payments (including in-substance fixed payments), less any lease incentives receivable. \u25a0 Amount expected to be payable by TGS under residual value guarantees. \u25a0 The exercise price of a purchase option, if TGS is reasonably certain to exercise that option. \u25a0 Payments of penalties for terminating the lease, if the lease term reflects TGS exercising an option to terminatethe lease.The Group does not include variable lease payments in the lease liability. Instead, the Group recognizes these variable lease expenses in the profit and loss account.The lease liability is subsequently measured by increasing the carrying amount to reflect interest on the lease liability, reducing the carrying amount to reflect the lease payments made, and remeasuring the carrying amount to reflect any reassessment or lease modifications, or to reflect adjustments in lease payments due to an adjustment in a relevant index or rate.The Group measures the right-of-use asset at cost, less any accumulated depreciation and impairment losses, adjusted for any remeasurement of lease liabilities. The lease payments included in the measurement are comprised of",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForLeasesExplanatory",
"language": "en",
"entity": "scheme:549300NUPLAXPB0WYH90",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"pp-value-32-2": {
"value": "CHANGES IN ACCOUNTING POLICY AND DISCLOSURES The Group has adopted Disclosure of Accounting Policies (Amendments to IAS 1 and IFRS Practice Statement 2 Making Materiality Judgments) from 1 January 2023. The amendments have had an impact on the Group\u2019s disclosures of accounting policies, but not on the measurement, recognition or presentation of any items in the Group\u2019s financial statements. The amendments require the disclosure of material rather than significant accountingpolicies. Management has reviewed the accounting policies and made updates to the information disclosed in Note 1 on Material accounting policies (2022: Significant accounting policies).",
"dimensions": {
"concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesAccountingEstimatesAndErrorsExplanatory",
"language": "en",
"entity": "scheme:549300NUPLAXPB0WYH90",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"pp-value-32-3": {
"value": "CHANGES IN ACCOUNTING POLICY AND DISCLOSURES The Group has adopted Disclosure of Accounting Policies (Amendments to IAS 1 and IFRS Practice Statement 2 Making Materiality Judgments) from 1 January 2023. The amendments have had an impact on the Group\u2019s disclosures of accounting policies, but not on the measurement, recognition or presentation of any items in the Group\u2019s financial statements. The amendments require the disclosure of material rather than significant accountingpolicies. Management has reviewed the accounting policies and made updates to the information disclosed in Note 1 on Material accounting policies (2022: Significant accounting policies).",
"dimensions": {
"concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesExplanatory",
"language": "en",
"entity": "scheme:549300NUPLAXPB0WYH90",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"pp-value-33-2": {
"value": "Level 1: Quoted (unadjusted) prices in active markets for identical assets or liabilities. Other techniques for which all inputs which have a significant effect on the recorded fair value are observableLevel 2:either directly or indirectly.Techniques which use inputs which have a significant effect on the recorded fair value that are not based Level 3:on observable market data.Further information about the assumptions made in measuring fair values is included in the respective notes \u25a0 Share-based payments \u2013 Note 13 \u25a0 Acquisition of subsidiary \u2013 Note 3 and 25Use of judgments and estimatesIn the process of applying the TGS accounting principles, management is required to make estimates, judgments and assumptions that affect the amounts of assets, liabilities, income and expenses reported in the Consolidated Financial Statements and accompanying notes. Actual results may differ from these estimates. Significant accounting judgments mainly relate to items that are disclosed in section \u201cassumption and estimation uncertainties.\u201d Measurement of fair valueSeveral of the TGS accounting policies and disclosures require the measurement of fair values, for both financial and non-financial assets and liabilities. Management has oversight on all significant fair value measurements, which include regular identification and review of significant unobservable inputs. Where necessary, TGS will engagethe services of independent specialists to support key fair value inputs. When measuring the fair value of an asset or liability, the Group uses observable market data when possible. Fair values are categorized into different levels in a fair value hierarchy based on the inputs used in the valuation techniques as follows.umptionsNote 2: Significant accountingjudgments, estimates and assAssumptions and estimation uncertaintiesIMPAIRMENT EVALUATION OF GOODWILL Management bases its estimates and judgments on historical experience and on various other factors that are TGS tests the value of its goodwill on an annual basis or when there are indicators that the carrying amount may believed to be reasonable under the circumstances. The results will form the basis for making judgments on not be recoverable. This requires an estimation of the value-in-use or fair value less cost of disposal of the group carrying values of assets and liabilities that are not readily apparent from other sources. Such judgments are of CGUs. The greatest of which is the recoverable amount.reviewed on an ongoing basis and any revisions to estimates are recognized prospectively. Estimating the value-in-use requires an estimate of future cash flows for that Group of CGUs, as well as an The key sources of judgment and estimation of uncertainties at the balance sheet date that have a significant risk appropriate discount factor. Variables such as estimated future revenues, margins and estimated long-term of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are growth are the key drivers for the basis of the value-in-use calculations. Future cash flows also depend discussed below. on general development in E&P spending, the number of market participants and technological developments. For details about goodwill and impairment, see Notes 9 and 10. IMPAIRMENT EVALUATION OF MULTI-CLIENT LIBRARY TGS reviews the carrying value of its multi-client library when there are events and changes in circumstances that DEFERRED TAX ASSETS, LIABILITIES AND UNCERTAIN TAX POSITIONS the carrying value of these assets may not be recoverable. If impairment triggers are identified, the Group estimates TGS operates in a range of tax jurisdictions with complex considerations and legislation concerning both indirect the value-in-use based on discounted estimated future sales forecasts. The underlying factors that drive the and direct taxation, including that of Brazil and Argentina. Because of this, there is a degree of uncertainty related estimated sales forecast include the number of oil and gas exploration and production (E&P) companies operating to reported tax liabilities and exposures. Tax assets and liabilities (both direct and indirect), are reported and in the relevant areas that could potentially be interested in the data, overall E&P spending, expectations regarding assessed based on all known and available information and represent the TGS best estimate. hydrocarbons in the relevant areas, whether licenses will be awarded in the future, expected farm-ins to licenses, relinquishments, etc. Local corporate tax rates and sales costs are applied. Changes in these estimates could The jurisdictions in which TGS operates are further subject to changing tax regulations which may impact various materially affect the estimated future sales forecasts. assessments. An example of this includes the determination of the recoverability of credits. In addition, tax authorities may challenge prior period tax and tax credit lodgment made by the Group. These could result Further, the weighted average cost of capital (WACC) is used to discount such sales forecasts. The key judgment in changes to previously reported and calculated tax positions, which may impact the TGS results in each period.involved in the determination of WACC is the country-specific risk premiums that impact the value of WACC used for particular library projects.For details about uncertain tax positions and tax contingencies, see Note 26.Where impairment triggers are identified, the future sales forecasts are evaluated, and impairments are recognized Deferred tax assets are recognized for temporary deductible differences and for carryforward tax losses to the in the period they occur. extent that it is probable that taxable profit will be available against which the losses can be utilized. Management judgment is required to determine the amount of deferred tax assets that can be recognized, based upon the likelyFor details about the book value, amortization and impairment of the multi-client library, see Notes 9 and 10. timing, any expiration of tax losses to be carried forward, and level of future taxable profits, together with future taxplanning strategies. For details about deferred tax assets, see Note 29. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory",
"language": "en",
"entity": "scheme:549300NUPLAXPB0WYH90",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"pp-value-33-3": {
"value": "Level 1: Quoted (unadjusted) prices in active markets for identical assets or liabilities. Other techniques for which all inputs which have a significant effect on the recorded fair value are observableLevel 2:either directly or indirectly.Techniques which use inputs which have a significant effect on the recorded fair value that are not based Level 3:on observable market data.Further information about the assumptions made in measuring fair values is included in the respective notes \u25a0 Share-based payments \u2013 Note 13 \u25a0 Acquisition of subsidiary \u2013 Note 3 and 25Use of judgments and estimatesIn the process of applying the TGS accounting principles, management is required to make estimates, judgments and assumptions that affect the amounts of assets, liabilities, income and expenses reported in the Consolidated Financial Statements and accompanying notes. Actual results may differ from these estimates. Significant accounting judgments mainly relate to items that are disclosed in section \u201cassumption and estimation uncertainties.\u201d Measurement of fair valueSeveral of the TGS accounting policies and disclosures require the measurement of fair values, for both financial and non-financial assets and liabilities. Management has oversight on all significant fair value measurements, which include regular identification and review of significant unobservable inputs. Where necessary, TGS will engagethe services of independent specialists to support key fair value inputs. When measuring the fair value of an asset or liability, the Group uses observable market data when possible. Fair values are categorized into different levels in a fair value hierarchy based on the inputs used in the valuation techniques as follows.umptionsNote 2: Significant accountingjudgments, estimates and assAssumptions and estimation uncertaintiesIMPAIRMENT EVALUATION OF GOODWILL Management bases its estimates and judgments on historical experience and on various other factors that are TGS tests the value of its goodwill on an annual basis or when there are indicators that the carrying amount may believed to be reasonable under the circumstances. The results will form the basis for making judgments on not be recoverable. This requires an estimation of the value-in-use or fair value less cost of disposal of the group carrying values of assets and liabilities that are not readily apparent from other sources. Such judgments are of CGUs. The greatest of which is the recoverable amount.reviewed on an ongoing basis and any revisions to estimates are recognized prospectively. Estimating the value-in-use requires an estimate of future cash flows for that Group of CGUs, as well as an The key sources of judgment and estimation of uncertainties at the balance sheet date that have a significant risk appropriate discount factor. Variables such as estimated future revenues, margins and estimated long-term of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are growth are the key drivers for the basis of the value-in-use calculations. Future cash flows also depend discussed below. on general development in E&P spending, the number of market participants and technological developments. For details about goodwill and impairment, see Notes 9 and 10. IMPAIRMENT EVALUATION OF MULTI-CLIENT LIBRARY TGS reviews the carrying value of its multi-client library when there are events and changes in circumstances that DEFERRED TAX ASSETS, LIABILITIES AND UNCERTAIN TAX POSITIONS the carrying value of these assets may not be recoverable. If impairment triggers are identified, the Group estimates TGS operates in a range of tax jurisdictions with complex considerations and legislation concerning both indirect the value-in-use based on discounted estimated future sales forecasts. The underlying factors that drive the and direct taxation, including that of Brazil and Argentina. Because of this, there is a degree of uncertainty related estimated sales forecast include the number of oil and gas exploration and production (E&P) companies operating to reported tax liabilities and exposures. Tax assets and liabilities (both direct and indirect), are reported and in the relevant areas that could potentially be interested in the data, overall E&P spending, expectations regarding assessed based on all known and available information and represent the TGS best estimate. hydrocarbons in the relevant areas, whether licenses will be awarded in the future, expected farm-ins to licenses, relinquishments, etc. Local corporate tax rates and sales costs are applied. Changes in these estimates could The jurisdictions in which TGS operates are further subject to changing tax regulations which may impact various materially affect the estimated future sales forecasts. assessments. An example of this includes the determination of the recoverability of credits. In addition, tax authorities may challenge prior period tax and tax credit lodgment made by the Group. These could result Further, the weighted average cost of capital (WACC) is used to discount such sales forecasts. The key judgment in changes to previously reported and calculated tax positions, which may impact the TGS results in each period.involved in the determination of WACC is the country-specific risk premiums that impact the value of WACC used for particular library projects.For details about uncertain tax positions and tax contingencies, see Note 26.Where impairment triggers are identified, the future sales forecasts are evaluated, and impairments are recognized Deferred tax assets are recognized for temporary deductible differences and for carryforward tax losses to the in the period they occur. extent that it is probable that taxable profit will be available against which the losses can be utilized. Management judgment is required to determine the amount of deferred tax assets that can be recognized, based upon the likelyFor details about the book value, amortization and impairment of the multi-client library, see Notes 9 and 10. timing, any expiration of tax losses to be carried forward, and level of future taxable profits, together with future taxplanning strategies. For details about deferred tax assets, see Note 29. ",
"dimensions": {
"concept": "ifrs-full:ExplanationOfAssumptionAboutFutureWithSignificantRiskOfResultingInMaterialAdjustments",
"language": "en",
"entity": "scheme:549300NUPLAXPB0WYH90",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"pp-value-41-2": {
"value": "Note 3: Business combinationsMAGSEIS FAIRFIELD ASA(All amounts in USD millions) Fair value recognized on acquisitionOn 29 June 2022, TGS announced its intent to launch a recommended voluntary exchange offer, through Lease liabilities 26.2 a combination of TGS common shares and cash, for all outstanding shares of Magseis Fairfield ASA (Magseis), Trade payables 24.4 which was formally launched on 24 August 2022. Upon expiration of the offer period on 28 September 2022, Short term interest bearing debt 44.5 approximately 75% of the Magseis shareholders had accepted the offer, with settlement completed on 11 October Other current liabilities 62.3 2022. TGS launched a mandatory cash offer for the remaining shares on Magseis on 10 November 2022. When Current tax payables 4.0 the mandatory offer period lapsed on 21 December 2022, another 22% of shareholders accepted the offer, taking Deferred tax liability 3.4 TGS ownership up to 97%.Liabilities 164.8 In accordance with IFRS 3, it is a choice if non-controlling interest should be measured at fair value or share of net Total identifiable net assets at fair value 134.9 assets. In this transaction, non-controlling interest has been valued to share of net assets.Goodwill arising on acquisition 69.2The fair value of the identifiable assets and liabilities of Magseis at the date of acquisition were:Minority share to be excluded 33.2Purchase consideration transferred 170.8(All amounts in USD millions) Fair value recognized on acquisitionOther intangible assets 32.7 The fair value of the goodwill represents the excess purchase price after all the identifiable assets, liabilities and Multi-client library 4.2 obligations are recognized. The goodwill arising from the acquisition consists mainly of synergies from combining Property, plant and equipment 120.9 the operations of TGS and Magseis, workforce and deferred tax of USD 3.4 million.Right-of-use asset 26.2 Accounts receivable 42.6 In the period from 11 October 2022 to 31 December 2022, Magseis contributed with net revenues Cash 31.9 of USD 54.1 million, and profit before tax amounting to USD 1.6 million. This is reflected in the Consolidated Statement of Comprehensive Income for TGS. If the acquisition had been completed as of 1 January 2022, Other current assets 41.2 management estimates that consolidated net revenue for the 12 months ended 31 December 2022 would have Assets 299.7 been USD 970 million, and consolidated profit (before tax and financial items) for the same period would have beenUSD 99 million. These amounts have been determined by applying TGS principles, and it is assumed that the fair value arising on the date of acquisition would have been the same if the acquisition had occurred on 1 January 2022.(All amounts in USD millions)Purchase priceShare consideration 125.3Cash paid 45.6Purchase consideration 170.8Analysis of cash flows on acquisitionNet cash acquired 31.9Cash paid -45.6Net cash flow on acquisition -13.7TGS incurred acquisition-related costs of USD 3.0 million, consisting of legal fees and due diligence costs. USD 1.6 million have been included in operating expenses and USD 1.4 million have been recorded in equity.As of 31 December 2022, TGS had taken ownership of 97% of Magseis. On 5 January 2023, TGS announced the compulsory acquisition of remaining shares in cash. In 2023, TGS had a total cash outflow of USD 54.4 million, and this relates to the acquisition of the 22% shares from 2022 and the acquisition of the remaining 3% of shares in 2023. PGS ASAOn 18 September 2023, TGS announced that it has agreed to the principal terms of the acquisition of PGS ASA by TGS to create a strong full-service energy data company. On 25 October 2023, TGS and PGS executed the merger documentation, including a merger agreement and the merger plan. On 1 December 2023, the ExtraordinaryGeneral Meetings of TGS and PGS approved the merger plan. The transaction is subject to authorization from the competition authorities and closing is expected during the second quarter of 2024. The transaction is expected to be completed as a statutory merger pursuant to Norwegian corporate law, with merger consideration to PGS shareholders in the form of 0.06829 ordinary shares of TGS for each PGS share in addition to compensation for dividends paid by TGS. On 31 January 2024, TGS entered into a commitment of USD 60 million to refinance PGS ASA Super Senior loan, on market terms. The loan agreementis signed, and payment was made on 18 March 2024.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfBusinessCombinationsExplanatory",
"language": "en",
"entity": "scheme:549300NUPLAXPB0WYH90",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"pp-value-43-2": {
"value": "Note 4: Revenue from contracts with customersThe Group\u2019s revenue from contracts with customers has been disaggregated and presented in the table below:Revenue type 2023 2022Early sales 136,581 257,272 Late sales 238,723 374,132 Proprietary 418,993 85,230 Total 794,297 716,633 Early- and late- sales\u2019 revenues are mainly related to multi-client sales in the Western Hemisphere and Eastern Hemisphere segments. Proprietary sales are mainly revenues from the Acquisition segment, in addition to the external revenues from Imaging. Digital Energy Solutions has revenues related to both late sales and proprietary revenues. PAYMENT TERMSPayment terms for sale of unfinished data (early sales) vary for each contract and are generally paid in portions over a longer period with 30 days payment terms. Payment terms for finished data and proprietary sales are mainly 30 days.OTHER TERMSThe Group\u2019s refund liability, return liability and warranties are considered limited, and the Group has not recognizedany such liabilities in the Consolidated Balance Sheet. Remaining performance obligations unsatisfied or partly unsatisfied are as of year-end:Performance obligations unsatisfied at year-end 2023 2022Expected to be realized within 9 months 454,893 365,127Expected to be realized after 9 months 383,595 201,548 Total 838,488 566,675 The following table provides information about account receivables, accounts payables, contract assets and contract liabilities from contracts with customers.(All amounts in USD 1,000s) 2023 2022Accounts receivables 93,712 142,781 Accrued revenues (contract asset) 63,217 97,538 Accounts payable and debt to partners (95,049) (72,862)Deferred revenue (contract liabilities) (276,064) (126,462)Contract liabilities 2023 2022At 1 January (126,462) (238,169)Deferred during the year (223,120) (136,929)Recognized as revenue during the year 73,517 194,908 Effect of change from gross to net \u2013 53,728At 31 December (276,064) (126,462)The contract liabilities primarily relate to advance consideration received from customers for multi-client and proprietary revenues, for which revenue is recognized point in time and over time respectively.The Group applies the practical expedient for short-term advances received from customers. That is, the promised amount of consideration is not adjusted for the effects of a significant financing component if the period between the transfer of the promised goods or services and the payment if the payment term is one year or less. Further, theGroup applies the practical expedient to immediately expense costs to obtain a contract if the amortization period of the asset that would have been recognized is one year or less. Costs to obtain and costs to fulfill contracts are not considered significant by the Group, and these are therefore not capitalized.Note 20: Joint operationsAs part of its multi-client business, TGS invests in some of the multi-client projects as joint operations. Projects considered as joint operations are typically seismic projects organized between two parties where a vessel-owningcompany provides the vessel used to acquire the data, while TGS provides the data processing services. Both parties have rights to the assets and liabilities relating to these arrangements and share the costs of the project.TGS has not established any material legal entities together with other companies with the purpose of acquiring a seismic project. The table below shows the TGS share of revenues, amortization, impairment and net book value of the multi-client library at year-end for projects considered as joint operations: (All amounts in USD 1,000s) 2023 2022Revenue joint operations (projects invoiced by TGS) 185,726 179,111 Revenue allocated to partners (projects invoiced by TGS) (83,099) (66,712)Net revenue (projects invoiced by TGS) 102,626 112,398 Revenue allocated to TGS from partners (projects invoiced by partner) 83,222 84,611 Net revenue joint operations 185,848 197,010 Straight-line amortization 67,600 59,312 Accelerated amortization/Impairment 46,822 42,152 Net book value of multi-client library (joint operations) at 31 December 362,602 220,223 Note 27: Gross and net revenuesTGS enters into multi-client contracts with other companies whereby revenue is shared proportionally and presented net (see Note 20). In some cases, TGS enters into multi-client contracts where a portion of revenue is shared with governments and/or selling agents in certain countries. The table below provides the breakdownfor 2023 and 2022.(All amounts in USD 1,000s) 2023 2022Gross revenues from sales 903,975 825,911 Revenue sharing (109,678) (109,277)Revenues 794,297 716,633 (All amounts in USD 1,000s) 2023 2022Revenues allocated to joint operation partners (83,099) (66,712)Revenue allocated to other partners (26,579) (42,565)Total revenue sharing (109,678) (109,277)",
"dimensions": {
"concept": "ifrs-full:DisclosureOfRevenueExplanatory",
"language": "en",
"entity": "scheme:549300NUPLAXPB0WYH90",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"pp-value-43-3": {
"value": "Note 4: Revenue from contracts with customersThe Group\u2019s revenue from contracts with customers has been disaggregated and presented in the table below:Revenue type 2023 2022Early sales 136,581 257,272 Late sales 238,723 374,132 Proprietary 418,993 85,230 Total 794,297 716,633 Early- and late- sales\u2019 revenues are mainly related to multi-client sales in the Western Hemisphere and Eastern Hemisphere segments. Proprietary sales are mainly revenues from the Acquisition segment, in addition to the external revenues from Imaging. Digital Energy Solutions has revenues related to both late sales and proprietary revenues. PAYMENT TERMSPayment terms for sale of unfinished data (early sales) vary for each contract and are generally paid in portions over a longer period with 30 days payment terms. Payment terms for finished data and proprietary sales are mainly 30 days.OTHER TERMSThe Group\u2019s refund liability, return liability and warranties are considered limited, and the Group has not recognizedany such liabilities in the Consolidated Balance Sheet. Remaining performance obligations unsatisfied or partly unsatisfied are as of year-end:Performance obligations unsatisfied at year-end 2023 2022Expected to be realized within 9 months 454,893 365,127Expected to be realized after 9 months 383,595 201,548 Total 838,488 566,675 The following table provides information about account receivables, accounts payables, contract assets and contract liabilities from contracts with customers.(All amounts in USD 1,000s) 2023 2022Accounts receivables 93,712 142,781 Accrued revenues (contract asset) 63,217 97,538 Accounts payable and debt to partners (95,049) (72,862)Deferred revenue (contract liabilities) (276,064) (126,462)Contract liabilities 2023 2022At 1 January (126,462) (238,169)Deferred during the year (223,120) (136,929)Recognized as revenue during the year 73,517 194,908 Effect of change from gross to net \u2013 53,728At 31 December (276,064) (126,462)The contract liabilities primarily relate to advance consideration received from customers for multi-client and proprietary revenues, for which revenue is recognized point in time and over time respectively.The Group applies the practical expedient for short-term advances received from customers. That is, the promised amount of consideration is not adjusted for the effects of a significant financing component if the period between the transfer of the promised goods or services and the payment if the payment term is one year or less. Further, theGroup applies the practical expedient to immediately expense costs to obtain a contract if the amortization period of the asset that would have been recognized is one year or less. Costs to obtain and costs to fulfill contracts are not considered significant by the Group, and these are therefore not capitalized.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfRevenueFromContractsWithCustomersExplanatory",
"language": "en",
"entity": "scheme:549300NUPLAXPB0WYH90",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"pp-value-43-4": {
"value": "Note 4: Revenue from contracts with customersThe Group\u2019s revenue from contracts with customers has been disaggregated and presented in the table below:Revenue type 2023 2022Early sales 136,581 257,272 Late sales 238,723 374,132 Proprietary 418,993 85,230 Total 794,297 716,633 Early- and late- sales\u2019 revenues are mainly related to multi-client sales in the Western Hemisphere and Eastern Hemisphere segments. Proprietary sales are mainly revenues from the Acquisition segment, in addition to the external revenues from Imaging. Digital Energy Solutions has revenues related to both late sales and proprietary revenues. PAYMENT TERMSPayment terms for sale of unfinished data (early sales) vary for each contract and are generally paid in portions over a longer period with 30 days payment terms. Payment terms for finished data and proprietary sales are mainly 30 days.OTHER TERMSThe Group\u2019s refund liability, return liability and warranties are considered limited, and the Group has not recognizedany such liabilities in the Consolidated Balance Sheet. Remaining performance obligations unsatisfied or partly unsatisfied are as of year-end:Performance obligations unsatisfied at year-end 2023 2022Expected to be realized within 9 months 454,893 365,127Expected to be realized after 9 months 383,595 201,548 Total 838,488 566,675 The following table provides information about account receivables, accounts payables, contract assets and contract liabilities from contracts with customers.(All amounts in USD 1,000s) 2023 2022Accounts receivables 93,712 142,781 Accrued revenues (contract asset) 63,217 97,538 Accounts payable and debt to partners (95,049) (72,862)Deferred revenue (contract liabilities) (276,064) (126,462)Contract liabilities 2023 2022At 1 January (126,462) (238,169)Deferred during the year (223,120) (136,929)Recognized as revenue during the year 73,517 194,908 Effect of change from gross to net \u2013 53,728At 31 December (276,064) (126,462)The contract liabilities primarily relate to advance consideration received from customers for multi-client and proprietary revenues, for which revenue is recognized point in time and over time respectively.The Group applies the practical expedient for short-term advances received from customers. That is, the promised amount of consideration is not adjusted for the effects of a significant financing component if the period between the transfer of the promised goods or services and the payment if the payment term is one year or less. Further, theGroup applies the practical expedient to immediately expense costs to obtain a contract if the amortization period of the asset that would have been recognized is one year or less. Costs to obtain and costs to fulfill contracts are not considered significant by the Group, and these are therefore not capitalized.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDeferredIncomeExplanatory",
"language": "en",
"entity": "scheme:549300NUPLAXPB0WYH90",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
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},
"pp-value-46-2": {
"value": "Note 5: Cost of sales \u2013 proprietary and other(All amounts in USD 1,000s) 2023 2022Charter hire and other vessel costs 110,753 23,835Fuel cost 32,505 6,535Crew cost 22,040 \u2013Other cost of sales 52,119 7,157Total cost of sales 217,417 37,527Cost of sales relates to proprietary work on behalf of customers and is mainly generated in the Acquisition businessunit. The increase from 2022 is caused by the acquisition of Magseis in Q4 2022.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCostOfSalesExplanatory",
"language": "en",
"entity": "scheme:549300NUPLAXPB0WYH90",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
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},
"pp-value-48-2": {
"value": "Note 6: Segment informationTGS reports monthly management information to the Executive Management based on defined operating business units based on the nature of the products and services sold. Where appropriate, these operating business units are aggregated into reportable segments that form the basis of the monthly management reporting. In 2023, the reportable segments are divided into six overall business units: Western Hemisphere (WH), Eastern Hemisphere (EH), Digital Energy Solutions (DES), Acquisition (ACQ), Imaging and G&A. The Group does not allocate all cost items to its reportable business units during the year.Digital Western Eastern (All amounts in USD 1,000s)AcquisitionEnergy Imaging G&A Elimination TotalHemisphereHemisphereSolutions2023 Operating revenues 208,863 131,512 414,056 68,843 45,288 (136) (74,130) 794,297Straight\u2013line amortization (97,157) (50,870) \u2013 (15,395) \u2013 (29) \u2013 (163,451Accelerated amortization / impairment (32,237) (35,711) \u2013 (2,273) \u2013 \u2013 \u2013 (70,221Cost of sales \u2013 proprietary and other (1,004) (2,853) (231,329) (759) (117) 352 18,294 (217,417Other operating cost (15,164) (9,786) (127,426) (51,853) (55,184) (82,212) 51,683 (289,941)Operating profit 63,301 32,292 55,301 (1,436) (10,012) (82,025) (4,154) 53,2682022 Operating revenues 467,795 151,365 61,694 43,494 42,022 82 (49,819) 716,633Straight-line amortization (94,545) (42,447) 198 (15,612) 0 158 0 (152,247Accelerated amortization / impairment (186,339) (34,677) 0 0 0 0 0 (221,016Cost of sales - proprietary and other (338) (10,906) (30,416) (122) (2,022) (56) 4,313 (39,549Other operating cost (12,833) (7,593) (31,156) (37,846) (57,240) (64,976) 39,856 (171,789)Operating profit 173,739 55,742 321 (10,086) (17,240) (64,792) (5,651) 132,033",
"dimensions": {
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"language": "en",
"entity": "scheme:549300NUPLAXPB0WYH90",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
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},
"pp-value-48-3": {
"value": "Note 6: Segment informationTGS reports monthly management information to the Executive Management based on defined operating business units based on the nature of the products and services sold. Where appropriate, these operating business units are aggregated into reportable segments that form the basis of the monthly management reporting. In 2023, the reportable segments are divided into six overall business units: Western Hemisphere (WH), Eastern Hemisphere (EH), Digital Energy Solutions (DES), Acquisition (ACQ), Imaging and G&A. The Group does not allocate all cost items to its reportable business units during the year.Digital Western Eastern (All amounts in USD 1,000s)AcquisitionEnergy Imaging G&A Elimination TotalHemisphereHemisphereSolutions2023 Operating revenues 208,863 131,512 414,056 68,843 45,288 (136) (74,130) 794,297Straight\u2013line amortization (97,157) (50,870) \u2013 (15,395) \u2013 (29) \u2013 (163,451Accelerated amortization / impairment (32,237) (35,711) \u2013 (2,273) \u2013 \u2013 \u2013 (70,221Cost of sales \u2013 proprietary and other (1,004) (2,853) (231,329) (759) (117) 352 18,294 (217,417Other operating cost (15,164) (9,786) (127,426) (51,853) (55,184) (82,212) 51,683 (289,941)Operating profit 63,301 32,292 55,301 (1,436) (10,012) (82,025) (4,154) 53,2682022 Operating revenues 467,795 151,365 61,694 43,494 42,022 82 (49,819) 716,633Straight-line amortization (94,545) (42,447) 198 (15,612) 0 158 0 (152,247Accelerated amortization / impairment (186,339) (34,677) 0 0 0 0 0 (221,016Cost of sales - proprietary and other (338) (10,906) (30,416) (122) (2,022) (56) 4,313 (39,549Other operating cost (12,833) (7,593) (31,156) (37,846) (57,240) (64,976) 39,856 (171,789)Operating profit 173,739 55,742 321 (10,086) (17,240) (64,792) (5,651) 132,033Note 7: Buildings, machinery and equipmentMachinery Machinery 552023BuildingsTotal2022BuildingsTotaland equipment\u2074and equipment\u2074Cost as of 1 January 2023 281,591 10,809 292,400 Cost as of 1 January 2022 144,880 9,318 154,199Addition through business combination \u2013 \u2013 \u2013Addition through business combination\u00b9 129,325 48 129,372Reclassification\u00b9 2,699 \u2013 2,699 Reclassification\ue7c3 (21) 21 \u2013Additions 28,132 71 28,203 Additions 7,938 1,422 9,36123Disposals(14,616) \u2013 (14,616)Disposals(532) \u2013 (532Cost as of 31 December 2023 289,994 10,878 300,872 Cost as of 31 December 2022 281,591 10,809 292,400Accumulated depreciation Accumulated depreciation 140,965 6,335 147,300 128,418 6,261 134,679as of 1 January 2023as of 1 January 2022Reclassification 117 (101) 16 Reclassification\u00b2 914 (914) \u2013Depreciation for the year 27,452 424 27,876 Depreciation for the year 9,739 880 10,618Accumulated depreciation on disposals (6,881) \u2013 (6,881)Accumulated depreciation on disposals (530) \u2013 (53034Capitalized to the multi\u2013client library555 34 589 Capitalized to the multi\u2013client library2,425 108 2,533Accumulated depreciation Accumulated depreciation 162,207 6,693 168,900 140,965 6,335 147,300as of 31 December 2023as of 31 December 2022Net book value as of Net book value as of 127,786 4,183 131,970 140,625 4,474 145,09831 December 202331 December 2022Useful life 2 to 8 years 3 to 12 yearsUseful life 2 to 8 years 3 to 12 years11 Mainly reclass from inventory. Acquisition of Prediktor and Magseis. 22 Gains on disposals during the year were recognized by USD 2.4 million. Reclassification from Buildings to Machinery and equipment.33 Capitalized directly as multi-client library, and is not part of the depreciation charges recognized in the Statement of Comprehensive Income. Gains on disposals during the year were recognized by 0,2 million.44 Includes seismic equipment (nodes). Capitalized directly as multi-client library, and is not part of the depreciation charges recognized in the Statement of Comprehensive Income. 55 Mainly leasehold improvements. Mainly leasehold improvements.Note 8: LeasesLEASES AS A LESSEEThe Group mainly holds vessels, office and data center leases. These leases run for a period between three to 11 years. The Group has applied the exemption in IFRS 16 and not capitalized leases of low-value assets or short-term leases. Right\u2013of\u2013use asset Office leases Data centers Vessels TotalBalance at 1 January 2023 30,210 4,763 24,645 59,619Additions 1,152 9,333 63,574 74,059Impairments \u2013 \u2013 \u2013 \u2013Adjustments (2,119) 2,812 9,343 10,036Depreciation (5,564) (8,330) (51,382) (65,276Balance at 31 December 2023 23,680 8,578 46,180 78,438Right\u2013of\u2013use asset Office leases Data centers Vessels TotalBalance at 1 January 2022 21,619 14,151 \u2013 35,770Addition through business combination 8,054 \u2013 18,225 26,278Additions 3,604 \u2013 14,371 17,974Impairments \u2013 \u2013 \u2013 \u2013Adjustments 861 (2,432) \u2013 (1,571Depreciation (3,927) (6,956) (7,950) (18,833)Balance at 31 December 2022 30,210 4,763 24,645 59,619The following table sets out a maturity analysis of lease payables, showing the undiscounted lease payments to beAmounts recognized in profit and loss account 2023 2022paid after reporting date.Interest on lease liability 4,716 1,776Expense related to short\u2013term leases 109,515 14,784Maturity analysis \u2013 lease payables 2023 2022Expense related to leases of low\u2013value assets, 4,050 1,842Less than one year 46,906 38,405 excluding short\u2013term leases of low\u2013value assetsOne to five years 40,122 25,024 Variable lease payments 1,557 727More than five years 4,429 7,477 Depreciation charge for the year\u00b9 60,224 13,732Total undiscounted lease payments 91,457 70,906 1 Depreciation charge for the year in the above table has been reduced with depreciations capitalized, and hence not directly expensed as depreciations in the Statement of Comprehensive Income.Discount effect (6,249) (3,947)Lease liability as of 31 December 85,207 66,959 Amounts recognized in the 2023 2022statement of cash flowLease liability 2023 2022Repayment of lease liabilities 60,952 20,599 Current lease liabilities 43,877 38,350 Some leases include extension options exercisable near the end of the lease term. The Group assesses at lease Non\u2013current liabilities 41,331 28,609 commencement date whether it is reasonably certain to exercise the extension options. Lease liability as of 31 December 85,207 66,959 Note 9: Intangible assetsMulti-client library Other intangible 2023 Goodwill Multi-client libraryTotalin progressassetsCost as of 1 January 2023 435,264 5,828,793 190,372 175,912 6,630,3411Additions \u2013 21,435 389,985 22,061 433,477Transfers \u2013 171,966 (171,966) \u2013 \u2013Cost as of 31 December 2023 435,264 6,022,193 408,391 197,974 7,063,819Accumulated amortization and impairment as of 1 January 2023 50,615 5,426,031 17,797 110,107 5,604,550Amortization for the year \u2013 163,451 \u2013 11,682 178,295Accelerated amortization / Impairment for the year \u2013 61,309 8,912 \u2013 70,221Transfers 6,331 (6,331) \u2013Capitalized to the multi\u2013client library\ue7c3 3,164 3,164Accumulated amortization and impairment as of 31 December 2023 50,615 5,657,122 20,378 124,954 5,853,066Net book value as of 31 December 2023 384,649 365,071 388,013 73,020 1,210,753Useful life 4 to 7 years 3 to 15 years1 Additions to other intangible assets are internally developed software.2 Capitalized directly as multi\u2013client library and is not part of the depreciation charges recognized in the Statement of Comprehensive Income.Multi-client library Other intangible 2022 Goodwill Multi-client libraryTotalin progressassetsCost as of 1 January 2022 354,578 5,421,467 353,967 122,537 6,252,548Additions through business combinations 80,686 20,341 \u2013 41,285 142,3121Additions\u2013 71,004 152,387 12,090 235,481Transfers \u2013 315,982 (315,982) \u2013 \u2013Cost as of 31 December 2022 435,264 5,828,793 190,372 175,912 6,630,341Accumulated amortization and impairment as of 1 January 2022 50,615 5,044,387 26,179 97,060 5,218,241Amortization for the year \u2013 152,247 \u2013 9,882 162,129Accelerated amortization / Impairment for the year \u2013 204,269 16,747 \u2013 221,016Transfers 25,129 (25,129) \u2013 \u2013Capitalized to the multi\u2013client library\u00b2 \u2013 \u2013 \u2013 3,165 3,165Accumulated amortization and impairment as of 31 December 2022 50,615 5,426,031 17,797 110,107 5,604,550Net book value as of 31 December 2022 384,650 402,762 172,575 65,805 1,025,791Useful life 4 to 7 years 3 to 15 years1 Additions to other intangible assets are internally developed software.2 Capitalized directly as multi\u2013client library and is not part of the depreciation charges recognized in the Statement of Comprehensive Income.",
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"pp-value-48-4": {
"value": "Note 6: Segment informationTGS reports monthly management information to the Executive Management based on defined operating business units based on the nature of the products and services sold. Where appropriate, these operating business units are aggregated into reportable segments that form the basis of the monthly management reporting. In 2023, the reportable segments are divided into six overall business units: Western Hemisphere (WH), Eastern Hemisphere (EH), Digital Energy Solutions (DES), Acquisition (ACQ), Imaging and G&A. The Group does not allocate all cost items to its reportable business units during the year.Digital Western Eastern (All amounts in USD 1,000s)AcquisitionEnergy Imaging G&A Elimination TotalHemisphereHemisphereSolutions2023 Operating revenues 208,863 131,512 414,056 68,843 45,288 (136) (74,130) 794,297Straight\u2013line amortization (97,157) (50,870) \u2013 (15,395) \u2013 (29) \u2013 (163,451Accelerated amortization / impairment (32,237) (35,711) \u2013 (2,273) \u2013 \u2013 \u2013 (70,221Cost of sales \u2013 proprietary and other (1,004) (2,853) (231,329) (759) (117) 352 18,294 (217,417Other operating cost (15,164) (9,786) (127,426) (51,853) (55,184) (82,212) 51,683 (289,941)Operating profit 63,301 32,292 55,301 (1,436) (10,012) (82,025) (4,154) 53,2682022 Operating revenues 467,795 151,365 61,694 43,494 42,022 82 (49,819) 716,633Straight-line amortization (94,545) (42,447) 198 (15,612) 0 158 0 (152,247Accelerated amortization / impairment (186,339) (34,677) 0 0 0 0 0 (221,016Cost of sales - proprietary and other (338) (10,906) (30,416) (122) (2,022) (56) 4,313 (39,549Other operating cost (12,833) (7,593) (31,156) (37,846) (57,240) (64,976) 39,856 (171,789)Operating profit 173,739 55,742 321 (10,086) (17,240) (64,792) (5,651) 132,033Note 7: Buildings, machinery and equipmentMachinery Machinery 552023BuildingsTotal2022BuildingsTotaland equipment\u2074and equipment\u2074Cost as of 1 January 2023 281,591 10,809 292,400 Cost as of 1 January 2022 144,880 9,318 154,199Addition through business combination \u2013 \u2013 \u2013Addition through business combination\u00b9 129,325 48 129,372Reclassification\u00b9 2,699 \u2013 2,699 Reclassification\ue7c3 (21) 21 \u2013Additions 28,132 71 28,203 Additions 7,938 1,422 9,36123Disposals(14,616) \u2013 (14,616)Disposals(532) \u2013 (532Cost as of 31 December 2023 289,994 10,878 300,872 Cost as of 31 December 2022 281,591 10,809 292,400Accumulated depreciation Accumulated depreciation 140,965 6,335 147,300 128,418 6,261 134,679as of 1 January 2023as of 1 January 2022Reclassification 117 (101) 16 Reclassification\u00b2 914 (914) \u2013Depreciation for the year 27,452 424 27,876 Depreciation for the year 9,739 880 10,618Accumulated depreciation on disposals (6,881) \u2013 (6,881)Accumulated depreciation on disposals (530) \u2013 (53034Capitalized to the multi\u2013client library555 34 589 Capitalized to the multi\u2013client library2,425 108 2,533Accumulated depreciation Accumulated depreciation 162,207 6,693 168,900 140,965 6,335 147,300as of 31 December 2023as of 31 December 2022Net book value as of Net book value as of 127,786 4,183 131,970 140,625 4,474 145,09831 December 202331 December 2022Useful life 2 to 8 years 3 to 12 yearsUseful life 2 to 8 years 3 to 12 years11 Mainly reclass from inventory. Acquisition of Prediktor and Magseis. 22 Gains on disposals during the year were recognized by USD 2.4 million. Reclassification from Buildings to Machinery and equipment.33 Capitalized directly as multi-client library, and is not part of the depreciation charges recognized in the Statement of Comprehensive Income. Gains on disposals during the year were recognized by 0,2 million.44 Includes seismic equipment (nodes). Capitalized directly as multi-client library, and is not part of the depreciation charges recognized in the Statement of Comprehensive Income. 55 Mainly leasehold improvements. Mainly leasehold improvements.Note 8: LeasesLEASES AS A LESSEEThe Group mainly holds vessels, office and data center leases. These leases run for a period between three to 11 years. The Group has applied the exemption in IFRS 16 and not capitalized leases of low-value assets or short-term leases. Right\u2013of\u2013use asset Office leases Data centers Vessels TotalBalance at 1 January 2023 30,210 4,763 24,645 59,619Additions 1,152 9,333 63,574 74,059Impairments \u2013 \u2013 \u2013 \u2013Adjustments (2,119) 2,812 9,343 10,036Depreciation (5,564) (8,330) (51,382) (65,276Balance at 31 December 2023 23,680 8,578 46,180 78,438Right\u2013of\u2013use asset Office leases Data centers Vessels TotalBalance at 1 January 2022 21,619 14,151 \u2013 35,770Addition through business combination 8,054 \u2013 18,225 26,278Additions 3,604 \u2013 14,371 17,974Impairments \u2013 \u2013 \u2013 \u2013Adjustments 861 (2,432) \u2013 (1,571Depreciation (3,927) (6,956) (7,950) (18,833)Balance at 31 December 2022 30,210 4,763 24,645 59,619The following table sets out a maturity analysis of lease payables, showing the undiscounted lease payments to beAmounts recognized in profit and loss account 2023 2022paid after reporting date.Interest on lease liability 4,716 1,776Expense related to short\u2013term leases 109,515 14,784Maturity analysis \u2013 lease payables 2023 2022Expense related to leases of low\u2013value assets, 4,050 1,842Less than one year 46,906 38,405 excluding short\u2013term leases of low\u2013value assetsOne to five years 40,122 25,024 Variable lease payments 1,557 727More than five years 4,429 7,477 Depreciation charge for the year\u00b9 60,224 13,732Total undiscounted lease payments 91,457 70,906 1 Depreciation charge for the year in the above table has been reduced with depreciations capitalized, and hence not directly expensed as depreciations in the Statement of Comprehensive Income.Discount effect (6,249) (3,947)Lease liability as of 31 December 85,207 66,959 Amounts recognized in the 2023 2022statement of cash flowLease liability 2023 2022Repayment of lease liabilities 60,952 20,599 Current lease liabilities 43,877 38,350 Some leases include extension options exercisable near the end of the lease term. The Group assesses at lease Non\u2013current liabilities 41,331 28,609 commencement date whether it is reasonably certain to exercise the extension options. Lease liability as of 31 December 85,207 66,959 Note 9: Intangible assetsMulti-client library Other intangible 2023 Goodwill Multi-client libraryTotalin progressassetsCost as of 1 January 2023 435,264 5,828,793 190,372 175,912 6,630,3411Additions \u2013 21,435 389,985 22,061 433,477Transfers \u2013 171,966 (171,966) \u2013 \u2013Cost as of 31 December 2023 435,264 6,022,193 408,391 197,974 7,063,819Accumulated amortization and impairment as of 1 January 2023 50,615 5,426,031 17,797 110,107 5,604,550Amortization for the year \u2013 163,451 \u2013 11,682 178,295Accelerated amortization / Impairment for the year \u2013 61,309 8,912 \u2013 70,221Transfers 6,331 (6,331) \u2013Capitalized to the multi\u2013client library\ue7c3 3,164 3,164Accumulated amortization and impairment as of 31 December 2023 50,615 5,657,122 20,378 124,954 5,853,066Net book value as of 31 December 2023 384,649 365,071 388,013 73,020 1,210,753Useful life 4 to 7 years 3 to 15 years1 Additions to other intangible assets are internally developed software.2 Capitalized directly as multi\u2013client library and is not part of the depreciation charges recognized in the Statement of Comprehensive Income.Multi-client library Other intangible 2022 Goodwill Multi-client libraryTotalin progressassetsCost as of 1 January 2022 354,578 5,421,467 353,967 122,537 6,252,548Additions through business combinations 80,686 20,341 \u2013 41,285 142,3121Additions\u2013 71,004 152,387 12,090 235,481Transfers \u2013 315,982 (315,982) \u2013 \u2013Cost as of 31 December 2022 435,264 5,828,793 190,372 175,912 6,630,341Accumulated amortization and impairment as of 1 January 2022 50,615 5,044,387 26,179 97,060 5,218,241Amortization for the year \u2013 152,247 \u2013 9,882 162,129Accelerated amortization / Impairment for the year \u2013 204,269 16,747 \u2013 221,016Transfers 25,129 (25,129) \u2013 \u2013Capitalized to the multi\u2013client library\u00b2 \u2013 \u2013 \u2013 3,165 3,165Accumulated amortization and impairment as of 31 December 2022 50,615 5,426,031 17,797 110,107 5,604,550Net book value as of 31 December 2022 384,650 402,762 172,575 65,805 1,025,791Useful life 4 to 7 years 3 to 15 years1 Additions to other intangible assets are internally developed software.2 Capitalized directly as multi\u2013client library and is not part of the depreciation charges recognized in the Statement of Comprehensive Income.",
"dimensions": {
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"entity": "scheme:549300NUPLAXPB0WYH90",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
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},
"pp-value-48-5": {
"value": "Note 6: Segment informationTGS reports monthly management information to the Executive Management based on defined operating business units based on the nature of the products and services sold. Where appropriate, these operating business units are aggregated into reportable segments that form the basis of the monthly management reporting. In 2023, the reportable segments are divided into six overall business units: Western Hemisphere (WH), Eastern Hemisphere (EH), Digital Energy Solutions (DES), Acquisition (ACQ), Imaging and G&A. The Group does not allocate all cost items to its reportable business units during the year.Digital Western Eastern (All amounts in USD 1,000s)AcquisitionEnergy Imaging G&A Elimination TotalHemisphereHemisphereSolutions2023 Operating revenues 208,863 131,512 414,056 68,843 45,288 (136) (74,130) 794,297Straight\u2013line amortization (97,157) (50,870) \u2013 (15,395) \u2013 (29) \u2013 (163,451Accelerated amortization / impairment (32,237) (35,711) \u2013 (2,273) \u2013 \u2013 \u2013 (70,221Cost of sales \u2013 proprietary and other (1,004) (2,853) (231,329) (759) (117) 352 18,294 (217,417Other operating cost (15,164) (9,786) (127,426) (51,853) (55,184) (82,212) 51,683 (289,941)Operating profit 63,301 32,292 55,301 (1,436) (10,012) (82,025) (4,154) 53,2682022 Operating revenues 467,795 151,365 61,694 43,494 42,022 82 (49,819) 716,633Straight-line amortization (94,545) (42,447) 198 (15,612) 0 158 0 (152,247Accelerated amortization / impairment (186,339) (34,677) 0 0 0 0 0 (221,016Cost of sales - proprietary and other (338) (10,906) (30,416) (122) (2,022) (56) 4,313 (39,549Other operating cost (12,833) (7,593) (31,156) (37,846) (57,240) (64,976) 39,856 (171,789)Operating profit 173,739 55,742 321 (10,086) (17,240) (64,792) (5,651) 132,033Note 7: Buildings, machinery and equipmentMachinery Machinery 552023BuildingsTotal2022BuildingsTotaland equipment\u2074and equipment\u2074Cost as of 1 January 2023 281,591 10,809 292,400 Cost as of 1 January 2022 144,880 9,318 154,199Addition through business combination \u2013 \u2013 \u2013Addition through business combination\u00b9 129,325 48 129,372Reclassification\u00b9 2,699 \u2013 2,699 Reclassification\ue7c3 (21) 21 \u2013Additions 28,132 71 28,203 Additions 7,938 1,422 9,36123Disposals(14,616) \u2013 (14,616)Disposals(532) \u2013 (532Cost as of 31 December 2023 289,994 10,878 300,872 Cost as of 31 December 2022 281,591 10,809 292,400Accumulated depreciation Accumulated depreciation 140,965 6,335 147,300 128,418 6,261 134,679as of 1 January 2023as of 1 January 2022Reclassification 117 (101) 16 Reclassification\u00b2 914 (914) \u2013Depreciation for the year 27,452 424 27,876 Depreciation for the year 9,739 880 10,618Accumulated depreciation on disposals (6,881) \u2013 (6,881)Accumulated depreciation on disposals (530) \u2013 (53034Capitalized to the multi\u2013client library555 34 589 Capitalized to the multi\u2013client library2,425 108 2,533Accumulated depreciation Accumulated depreciation 162,207 6,693 168,900 140,965 6,335 147,300as of 31 December 2023as of 31 December 2022Net book value as of Net book value as of 127,786 4,183 131,970 140,625 4,474 145,09831 December 202331 December 2022Useful life 2 to 8 years 3 to 12 yearsUseful life 2 to 8 years 3 to 12 years11 Mainly reclass from inventory. Acquisition of Prediktor and Magseis. 22 Gains on disposals during the year were recognized by USD 2.4 million. Reclassification from Buildings to Machinery and equipment.33 Capitalized directly as multi-client library, and is not part of the depreciation charges recognized in the Statement of Comprehensive Income. Gains on disposals during the year were recognized by 0,2 million.44 Includes seismic equipment (nodes). Capitalized directly as multi-client library, and is not part of the depreciation charges recognized in the Statement of Comprehensive Income. 55 Mainly leasehold improvements. Mainly leasehold improvements.Note 8: LeasesLEASES AS A LESSEEThe Group mainly holds vessels, office and data center leases. These leases run for a period between three to 11 years. The Group has applied the exemption in IFRS 16 and not capitalized leases of low-value assets or short-term leases. Right\u2013of\u2013use asset Office leases Data centers Vessels TotalBalance at 1 January 2023 30,210 4,763 24,645 59,619Additions 1,152 9,333 63,574 74,059Impairments \u2013 \u2013 \u2013 \u2013Adjustments (2,119) 2,812 9,343 10,036Depreciation (5,564) (8,330) (51,382) (65,276Balance at 31 December 2023 23,680 8,578 46,180 78,438Right\u2013of\u2013use asset Office leases Data centers Vessels TotalBalance at 1 January 2022 21,619 14,151 \u2013 35,770Addition through business combination 8,054 \u2013 18,225 26,278Additions 3,604 \u2013 14,371 17,974Impairments \u2013 \u2013 \u2013 \u2013Adjustments 861 (2,432) \u2013 (1,571Depreciation (3,927) (6,956) (7,950) (18,833)Balance at 31 December 2022 30,210 4,763 24,645 59,619The following table sets out a maturity analysis of lease payables, showing the undiscounted lease payments to beAmounts recognized in profit and loss account 2023 2022paid after reporting date.Interest on lease liability 4,716 1,776Expense related to short\u2013term leases 109,515 14,784Maturity analysis \u2013 lease payables 2023 2022Expense related to leases of low\u2013value assets, 4,050 1,842Less than one year 46,906 38,405 excluding short\u2013term leases of low\u2013value assetsOne to five years 40,122 25,024 Variable lease payments 1,557 727More than five years 4,429 7,477 Depreciation charge for the year\u00b9 60,224 13,732Total undiscounted lease payments 91,457 70,906 1 Depreciation charge for the year in the above table has been reduced with depreciations capitalized, and hence not directly expensed as depreciations in the Statement of Comprehensive Income.Discount effect (6,249) (3,947)Lease liability as of 31 December 85,207 66,959 Amounts recognized in the 2023 2022statement of cash flowLease liability 2023 2022Repayment of lease liabilities 60,952 20,599 Current lease liabilities 43,877 38,350 Some leases include extension options exercisable near the end of the lease term. The Group assesses at lease Non\u2013current liabilities 41,331 28,609 commencement date whether it is reasonably certain to exercise the extension options. Lease liability as of 31 December 85,207 66,959 Note 9: Intangible assetsMulti-client library Other intangible 2023 Goodwill Multi-client libraryTotalin progressassetsCost as of 1 January 2023 435,264 5,828,793 190,372 175,912 6,630,3411Additions \u2013 21,435 389,985 22,061 433,477Transfers \u2013 171,966 (171,966) \u2013 \u2013Cost as of 31 December 2023 435,264 6,022,193 408,391 197,974 7,063,819Accumulated amortization and impairment as of 1 January 2023 50,615 5,426,031 17,797 110,107 5,604,550Amortization for the year \u2013 163,451 \u2013 11,682 178,295Accelerated amortization / Impairment for the year \u2013 61,309 8,912 \u2013 70,221Transfers 6,331 (6,331) \u2013Capitalized to the multi\u2013client library\ue7c3 3,164 3,164Accumulated amortization and impairment as of 31 December 2023 50,615 5,657,122 20,378 124,954 5,853,066Net book value as of 31 December 2023 384,649 365,071 388,013 73,020 1,210,753Useful life 4 to 7 years 3 to 15 years1 Additions to other intangible assets are internally developed software.2 Capitalized directly as multi\u2013client library and is not part of the depreciation charges recognized in the Statement of Comprehensive Income.Multi-client library Other intangible 2022 Goodwill Multi-client libraryTotalin progressassetsCost as of 1 January 2022 354,578 5,421,467 353,967 122,537 6,252,548Additions through business combinations 80,686 20,341 \u2013 41,285 142,3121Additions\u2013 71,004 152,387 12,090 235,481Transfers \u2013 315,982 (315,982) \u2013 \u2013Cost as of 31 December 2022 435,264 5,828,793 190,372 175,912 6,630,341Accumulated amortization and impairment as of 1 January 2022 50,615 5,044,387 26,179 97,060 5,218,241Amortization for the year \u2013 152,247 \u2013 9,882 162,129Accelerated amortization / Impairment for the year \u2013 204,269 16,747 \u2013 221,016Transfers 25,129 (25,129) \u2013 \u2013Capitalized to the multi\u2013client library\u00b2 \u2013 \u2013 \u2013 3,165 3,165Accumulated amortization and impairment as of 31 December 2022 50,615 5,426,031 17,797 110,107 5,604,550Net book value as of 31 December 2022 384,650 402,762 172,575 65,805 1,025,791Useful life 4 to 7 years 3 to 15 years1 Additions to other intangible assets are internally developed software.2 Capitalized directly as multi\u2013client library and is not part of the depreciation charges recognized in the Statement of Comprehensive Income.",
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"pp-value-48-6": {
"value": "Note 6: Segment informationTGS reports monthly management information to the Executive Management based on defined operating business units based on the nature of the products and services sold. Where appropriate, these operating business units are aggregated into reportable segments that form the basis of the monthly management reporting. In 2023, the reportable segments are divided into six overall business units: Western Hemisphere (WH), Eastern Hemisphere (EH), Digital Energy Solutions (DES), Acquisition (ACQ), Imaging and G&A. The Group does not allocate all cost items to its reportable business units during the year.Digital Western Eastern (All amounts in USD 1,000s)AcquisitionEnergy Imaging G&A Elimination TotalHemisphereHemisphereSolutions2023 Operating revenues 208,863 131,512 414,056 68,843 45,288 (136) (74,130) 794,297Straight\u2013line amortization (97,157) (50,870) \u2013 (15,395) \u2013 (29) \u2013 (163,451Accelerated amortization / impairment (32,237) (35,711) \u2013 (2,273) \u2013 \u2013 \u2013 (70,221Cost of sales \u2013 proprietary and other (1,004) (2,853) (231,329) (759) (117) 352 18,294 (217,417Other operating cost (15,164) (9,786) (127,426) (51,853) (55,184) (82,212) 51,683 (289,941)Operating profit 63,301 32,292 55,301 (1,436) (10,012) (82,025) (4,154) 53,2682022 Operating revenues 467,795 151,365 61,694 43,494 42,022 82 (49,819) 716,633Straight-line amortization (94,545) (42,447) 198 (15,612) 0 158 0 (152,247Accelerated amortization / impairment (186,339) (34,677) 0 0 0 0 0 (221,016Cost of sales - proprietary and other (338) (10,906) (30,416) (122) (2,022) (56) 4,313 (39,549Other operating cost (12,833) (7,593) (31,156) (37,846) (57,240) (64,976) 39,856 (171,789)Operating profit 173,739 55,742 321 (10,086) (17,240) (64,792) (5,651) 132,033Note 7: Buildings, machinery and equipmentMachinery Machinery 552023BuildingsTotal2022BuildingsTotaland equipment\u2074and equipment\u2074Cost as of 1 January 2023 281,591 10,809 292,400 Cost as of 1 January 2022 144,880 9,318 154,199Addition through business combination \u2013 \u2013 \u2013Addition through business combination\u00b9 129,325 48 129,372Reclassification\u00b9 2,699 \u2013 2,699 Reclassification\ue7c3 (21) 21 \u2013Additions 28,132 71 28,203 Additions 7,938 1,422 9,36123Disposals(14,616) \u2013 (14,616)Disposals(532) \u2013 (532Cost as of 31 December 2023 289,994 10,878 300,872 Cost as of 31 December 2022 281,591 10,809 292,400Accumulated depreciation Accumulated depreciation 140,965 6,335 147,300 128,418 6,261 134,679as of 1 January 2023as of 1 January 2022Reclassification 117 (101) 16 Reclassification\u00b2 914 (914) \u2013Depreciation for the year 27,452 424 27,876 Depreciation for the year 9,739 880 10,618Accumulated depreciation on disposals (6,881) \u2013 (6,881)Accumulated depreciation on disposals (530) \u2013 (53034Capitalized to the multi\u2013client library555 34 589 Capitalized to the multi\u2013client library2,425 108 2,533Accumulated depreciation Accumulated depreciation 162,207 6,693 168,900 140,965 6,335 147,300as of 31 December 2023as of 31 December 2022Net book value as of Net book value as of 127,786 4,183 131,970 140,625 4,474 145,09831 December 202331 December 2022Useful life 2 to 8 years 3 to 12 yearsUseful life 2 to 8 years 3 to 12 years11 Mainly reclass from inventory. Acquisition of Prediktor and Magseis. 22 Gains on disposals during the year were recognized by USD 2.4 million. Reclassification from Buildings to Machinery and equipment.33 Capitalized directly as multi-client library, and is not part of the depreciation charges recognized in the Statement of Comprehensive Income. Gains on disposals during the year were recognized by 0,2 million.44 Includes seismic equipment (nodes). Capitalized directly as multi-client library, and is not part of the depreciation charges recognized in the Statement of Comprehensive Income. 55 Mainly leasehold improvements. Mainly leasehold improvements.Note 8: LeasesLEASES AS A LESSEEThe Group mainly holds vessels, office and data center leases. These leases run for a period between three to 11 years. The Group has applied the exemption in IFRS 16 and not capitalized leases of low-value assets or short-term leases. Right\u2013of\u2013use asset Office leases Data centers Vessels TotalBalance at 1 January 2023 30,210 4,763 24,645 59,619Additions 1,152 9,333 63,574 74,059Impairments \u2013 \u2013 \u2013 \u2013Adjustments (2,119) 2,812 9,343 10,036Depreciation (5,564) (8,330) (51,382) (65,276Balance at 31 December 2023 23,680 8,578 46,180 78,438Right\u2013of\u2013use asset Office leases Data centers Vessels TotalBalance at 1 January 2022 21,619 14,151 \u2013 35,770Addition through business combination 8,054 \u2013 18,225 26,278Additions 3,604 \u2013 14,371 17,974Impairments \u2013 \u2013 \u2013 \u2013Adjustments 861 (2,432) \u2013 (1,571Depreciation (3,927) (6,956) (7,950) (18,833)Balance at 31 December 2022 30,210 4,763 24,645 59,619The following table sets out a maturity analysis of lease payables, showing the undiscounted lease payments to beAmounts recognized in profit and loss account 2023 2022paid after reporting date.Interest on lease liability 4,716 1,776Expense related to short\u2013term leases 109,515 14,784Maturity analysis \u2013 lease payables 2023 2022Expense related to leases of low\u2013value assets, 4,050 1,842Less than one year 46,906 38,405 excluding short\u2013term leases of low\u2013value assetsOne to five years 40,122 25,024 Variable lease payments 1,557 727More than five years 4,429 7,477 Depreciation charge for the year\u00b9 60,224 13,732Total undiscounted lease payments 91,457 70,906 1 Depreciation charge for the year in the above table has been reduced with depreciations capitalized, and hence not directly expensed as depreciations in the Statement of Comprehensive Income.Discount effect (6,249) (3,947)Lease liability as of 31 December 85,207 66,959 Amounts recognized in the 2023 2022statement of cash flowLease liability 2023 2022Repayment of lease liabilities 60,952 20,599 Current lease liabilities 43,877 38,350 Some leases include extension options exercisable near the end of the lease term. The Group assesses at lease Non\u2013current liabilities 41,331 28,609 commencement date whether it is reasonably certain to exercise the extension options. Lease liability as of 31 December 85,207 66,959 Note 9: Intangible assetsMulti-client library Other intangible 2023 Goodwill Multi-client libraryTotalin progressassetsCost as of 1 January 2023 435,264 5,828,793 190,372 175,912 6,630,3411Additions \u2013 21,435 389,985 22,061 433,477Transfers \u2013 171,966 (171,966) \u2013 \u2013Cost as of 31 December 2023 435,264 6,022,193 408,391 197,974 7,063,819Accumulated amortization and impairment as of 1 January 2023 50,615 5,426,031 17,797 110,107 5,604,550Amortization for the year \u2013 163,451 \u2013 11,682 178,295Accelerated amortization / Impairment for the year \u2013 61,309 8,912 \u2013 70,221Transfers 6,331 (6,331) \u2013Capitalized to the multi\u2013client library\ue7c3 3,164 3,164Accumulated amortization and impairment as of 31 December 2023 50,615 5,657,122 20,378 124,954 5,853,066Net book value as of 31 December 2023 384,649 365,071 388,013 73,020 1,210,753Useful life 4 to 7 years 3 to 15 years1 Additions to other intangible assets are internally developed software.2 Capitalized directly as multi\u2013client library and is not part of the depreciation charges recognized in the Statement of Comprehensive Income.Multi-client library Other intangible 2022 Goodwill Multi-client libraryTotalin progressassetsCost as of 1 January 2022 354,578 5,421,467 353,967 122,537 6,252,548Additions through business combinations 80,686 20,341 \u2013 41,285 142,3121Additions\u2013 71,004 152,387 12,090 235,481Transfers \u2013 315,982 (315,982) \u2013 \u2013Cost as of 31 December 2022 435,264 5,828,793 190,372 175,912 6,630,341Accumulated amortization and impairment as of 1 January 2022 50,615 5,044,387 26,179 97,060 5,218,241Amortization for the year \u2013 152,247 \u2013 9,882 162,129Accelerated amortization / Impairment for the year \u2013 204,269 16,747 \u2013 221,016Transfers 25,129 (25,129) \u2013 \u2013Capitalized to the multi\u2013client library\u00b2 \u2013 \u2013 \u2013 3,165 3,165Accumulated amortization and impairment as of 31 December 2022 50,615 5,426,031 17,797 110,107 5,604,550Net book value as of 31 December 2022 384,650 402,762 172,575 65,805 1,025,791Useful life 4 to 7 years 3 to 15 years1 Additions to other intangible assets are internally developed software.2 Capitalized directly as multi\u2013client library and is not part of the depreciation charges recognized in the Statement of Comprehensive Income.Note 10: Impairment evaluation of multi-client library, goodwill and other intangible assetsMULTI-CLIENT LIBRARYGoodwill acquired through business combinations has been allocated to a group of cash generating units, presented in the table below as an aggregation of CGUs grouped by TGS management reporting structure:TGS reviews the carrying value of its multi-client libraries when there are events and changes in circumstances that indicate that the carrying value of these assets may not be recoverable. TGS has not identified any new impairment Digital triggers in 2023, except for project specific cost overruns and changes in sales forecasts. Western Eastern (All amounts in USD 1,000s)AcquisitionEnergy Total11HemisphereHemisphereSolutionsKey inputs and assumptions in the impairment model have been revisited as part of the process of evaluating Net book value as of whether any impairment triggers have been identified.169,502 95,432 69,216 50,499 384,64931 December 2023WACC post-tax 11.53% 10.94% 9.96% 9.96% The underlying estimates that form the basis for the sales forecast depend on a number of variables, such as the \u00b9 Goodwill for imaging has been allocated to Western Hemisphere and Eastern Hemisphere based on proportion of revenues. number of oil and gas exploration and production (E&P) companies operating in the area with potential interest in the data, overall E&P spending, expectations regarding hydrocarbons in the area, oil price, whether licenses Based on the impairment testing performed, no goodwill impairment has been recognized during 2023 (2022: will be awarded in the future, expected farm-ins to licenses, relinquishments, etc. These variables are subject USD 0 million).to underlying uncertainties. In assessing value in use, the estimated future cash flows both from the current multi-client library and expected Management has evaluated the carrying amount of the net assets of the Group in respect of the market future investments are discounted to their present value using a post-tax discount rate that reflects current marketcapitalization, changes in interest rates and assumptions applied in the WACC, as well as the developments assessments of the time value of money and the risks specific to the asset. The post-tax rate is calculated based and expected developments in the oil price. The developments through 2023 did not reveal any new factors on the local tax rates in the relevant tax jurisdictions and applying an average of the relevant country risks for the considered to trigger an impairment analysis. Following internal reporting from TGS business units, evidence groups of CGUs as specified in the table above. TGS bases its impairment calculation on detailed budgets and available does not indicate that the economic performance of multi-client libraries or the related sales forecasts forecasts, which are prepared separately for each TGS group of CGUs to which the individual assets are allocated. are worse, or significantly changed, from the assumptions utilized in the impairment tests during the preceding Currently a long-term growth rate of 0% is applied. year. Notwithstanding the above, the Group has charged impairments of USD 7.6 million during 2023 (2022: USD 19.3 million), on certain projects, mainly related to cost increases or decreases of future sales forecasts.The impairment calculations are most sensitive to the changes in the sales forecast, which depend on both the expected investments and expected returns of investments for multi-client projects. These factors are mainly GOODWILLinfluenced by future E&P spending and demand for TGS products. A change in the expected sales forecast can significantly impact on the impairment review for a group of CGUs. The impact will depend on the current value In accordance with IFRS, TGS tests goodwill for impairment annually at year-end, or more frequently if there are in use and carrying value of the relevant group of CGUs. In addition, the impairment calculations are sensitive indications that goodwill might be impaired. A group of cash generating units (CGU) should be impaired if the to changes in WACC, as well as expected cost levels and expected developments of working capital. The followingcarrying amount is higher than the recoverable amount. The recoverable amount is the higher amount of the fair provides a sensitivity analysis as to these inputs:value and the value in use of a group of CGUs. The carrying amount is the carrying amount of all PPE, right-of-use assets, intangibles, multi-client library, net working capital and goodwill allocated to the group of CGUs. \u25a0 20% reduction of expected return of investments would lead to no impairment \u25a0 30% reduction of expected return of investments would lead to an impairment of USD 29 million \u25a0 5% reduction in sales in DES & Acquisition would lead to no impairment \u25a0 10% reduction in sales in DES & Acquisition would lead to an impairment of USD 43 million \u25a0 2.5% increase in WACC would lead to an impairment of USD 10 million \u25a0 5% increase in WACC would lead to an impairment of USD 68 millionManagement does not see any other reasonable changes in the key assumptions that would cause the value in use to be lower than it\u2019s carrying value. ",
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"language": "en",
"entity": "scheme:549300NUPLAXPB0WYH90",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"pp-value-48-7": {
"value": "Note 6: Segment informationTGS reports monthly management information to the Executive Management based on defined operating business units based on the nature of the products and services sold. Where appropriate, these operating business units are aggregated into reportable segments that form the basis of the monthly management reporting. In 2023, the reportable segments are divided into six overall business units: Western Hemisphere (WH), Eastern Hemisphere (EH), Digital Energy Solutions (DES), Acquisition (ACQ), Imaging and G&A. The Group does not allocate all cost items to its reportable business units during the year.Digital Western Eastern (All amounts in USD 1,000s)AcquisitionEnergy Imaging G&A Elimination TotalHemisphereHemisphereSolutions2023 Operating revenues 208,863 131,512 414,056 68,843 45,288 (136) (74,130) 794,297Straight\u2013line amortization (97,157) (50,870) \u2013 (15,395) \u2013 (29) \u2013 (163,451Accelerated amortization / impairment (32,237) (35,711) \u2013 (2,273) \u2013 \u2013 \u2013 (70,221Cost of sales \u2013 proprietary and other (1,004) (2,853) (231,329) (759) (117) 352 18,294 (217,417Other operating cost (15,164) (9,786) (127,426) (51,853) (55,184) (82,212) 51,683 (289,941)Operating profit 63,301 32,292 55,301 (1,436) (10,012) (82,025) (4,154) 53,2682022 Operating revenues 467,795 151,365 61,694 43,494 42,022 82 (49,819) 716,633Straight-line amortization (94,545) (42,447) 198 (15,612) 0 158 0 (152,247Accelerated amortization / impairment (186,339) (34,677) 0 0 0 0 0 (221,016Cost of sales - proprietary and other (338) (10,906) (30,416) (122) (2,022) (56) 4,313 (39,549Other operating cost (12,833) (7,593) (31,156) (37,846) (57,240) (64,976) 39,856 (171,789)Operating profit 173,739 55,742 321 (10,086) (17,240) (64,792) (5,651) 132,033",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherOperatingIncomeExplanatory",
"language": "en",
"entity": "scheme:549300NUPLAXPB0WYH90",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"pp-value-48-8": {
"value": "Note 6: Segment informationTGS reports monthly management information to the Executive Management based on defined operating business units based on the nature of the products and services sold. Where appropriate, these operating business units are aggregated into reportable segments that form the basis of the monthly management reporting. In 2023, the reportable segments are divided into six overall business units: Western Hemisphere (WH), Eastern Hemisphere (EH), Digital Energy Solutions (DES), Acquisition (ACQ), Imaging and G&A. The Group does not allocate all cost items to its reportable business units during the year.Digital Western Eastern (All amounts in USD 1,000s)AcquisitionEnergy Imaging G&A Elimination TotalHemisphereHemisphereSolutions2023 Operating revenues 208,863 131,512 414,056 68,843 45,288 (136) (74,130) 794,297Straight\u2013line amortization (97,157) (50,870) \u2013 (15,395) \u2013 (29) \u2013 (163,451Accelerated amortization / impairment (32,237) (35,711) \u2013 (2,273) \u2013 \u2013 \u2013 (70,221Cost of sales \u2013 proprietary and other (1,004) (2,853) (231,329) (759) (117) 352 18,294 (217,417Other operating cost (15,164) (9,786) (127,426) (51,853) (55,184) (82,212) 51,683 (289,941)Operating profit 63,301 32,292 55,301 (1,436) (10,012) (82,025) (4,154) 53,2682022 Operating revenues 467,795 151,365 61,694 43,494 42,022 82 (49,819) 716,633Straight-line amortization (94,545) (42,447) 198 (15,612) 0 158 0 (152,247Accelerated amortization / impairment (186,339) (34,677) 0 0 0 0 0 (221,016Cost of sales - proprietary and other (338) (10,906) (30,416) (122) (2,022) (56) 4,313 (39,549Other operating cost (12,833) (7,593) (31,156) (37,846) (57,240) (64,976) 39,856 (171,789)Operating profit 173,739 55,742 321 (10,086) (17,240) (64,792) (5,651) 132,033",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherOperatingExpenseExplanatory",
"language": "en",
"entity": "scheme:549300NUPLAXPB0WYH90",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"pp-value-48-9": {
"value": "Note 6: Segment informationTGS reports monthly management information to the Executive Management based on defined operating business units based on the nature of the products and services sold. Where appropriate, these operating business units are aggregated into reportable segments that form the basis of the monthly management reporting. In 2023, the reportable segments are divided into six overall business units: Western Hemisphere (WH), Eastern Hemisphere (EH), Digital Energy Solutions (DES), Acquisition (ACQ), Imaging and G&A. The Group does not allocate all cost items to its reportable business units during the year.Digital Western Eastern (All amounts in USD 1,000s)AcquisitionEnergy Imaging G&A Elimination TotalHemisphereHemisphereSolutions2023 Operating revenues 208,863 131,512 414,056 68,843 45,288 (136) (74,130) 794,297Straight\u2013line amortization (97,157) (50,870) \u2013 (15,395) \u2013 (29) \u2013 (163,451Accelerated amortization / impairment (32,237) (35,711) \u2013 (2,273) \u2013 \u2013 \u2013 (70,221Cost of sales \u2013 proprietary and other (1,004) (2,853) (231,329) (759) (117) 352 18,294 (217,417Other operating cost (15,164) (9,786) (127,426) (51,853) (55,184) (82,212) 51,683 (289,941)Operating profit 63,301 32,292 55,301 (1,436) (10,012) (82,025) (4,154) 53,2682022 Operating revenues 467,795 151,365 61,694 43,494 42,022 82 (49,819) 716,633Straight-line amortization (94,545) (42,447) 198 (15,612) 0 158 0 (152,247Accelerated amortization / impairment (186,339) (34,677) 0 0 0 0 0 (221,016Cost of sales - proprietary and other (338) (10,906) (30,416) (122) (2,022) (56) 4,313 (39,549Other operating cost (12,833) (7,593) (31,156) (37,846) (57,240) (64,976) 39,856 (171,789)Operating profit 173,739 55,742 321 (10,086) (17,240) (64,792) (5,651) 132,033",
"dimensions": {
"concept": "ifrs-full:DisclosureOfProfitLossFromOperatingActivitiesExplanatory",
"language": "en",
"entity": "scheme:549300NUPLAXPB0WYH90",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"pp-value-48-10": {
"value": "Note 6: Segment informationTGS reports monthly management information to the Executive Management based on defined operating business units based on the nature of the products and services sold. Where appropriate, these operating business units are aggregated into reportable segments that form the basis of the monthly management reporting. In 2023, the reportable segments are divided into six overall business units: Western Hemisphere (WH), Eastern Hemisphere (EH), Digital Energy Solutions (DES), Acquisition (ACQ), Imaging and G&A. The Group does not allocate all cost items to its reportable business units during the year.Digital Western Eastern (All amounts in USD 1,000s)AcquisitionEnergy Imaging G&A Elimination TotalHemisphereHemisphereSolutions2023 Operating revenues 208,863 131,512 414,056 68,843 45,288 (136) (74,130) 794,297Straight\u2013line amortization (97,157) (50,870) \u2013 (15,395) \u2013 (29) \u2013 (163,451Accelerated amortization / impairment (32,237) (35,711) \u2013 (2,273) \u2013 \u2013 \u2013 (70,221Cost of sales \u2013 proprietary and other (1,004) (2,853) (231,329) (759) (117) 352 18,294 (217,417Other operating cost (15,164) (9,786) (127,426) (51,853) (55,184) (82,212) 51,683 (289,941)Operating profit 63,301 32,292 55,301 (1,436) (10,012) (82,025) (4,154) 53,2682022 Operating revenues 467,795 151,365 61,694 43,494 42,022 82 (49,819) 716,633Straight-line amortization (94,545) (42,447) 198 (15,612) 0 158 0 (152,247Accelerated amortization / impairment (186,339) (34,677) 0 0 0 0 0 (221,016Cost of sales - proprietary and other (338) (10,906) (30,416) (122) (2,022) (56) 4,313 (39,549Other operating cost (12,833) (7,593) (31,156) (37,846) (57,240) (64,976) 39,856 (171,789)Operating profit 173,739 55,742 321 (10,086) (17,240) (64,792) (5,651) 132,033",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherOperatingIncomeExpenseExplanatory",
"language": "en",
"entity": "scheme:549300NUPLAXPB0WYH90",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"pp-value-49-6": {
"value": "Note 7: Buildings, machinery and equipmentMachinery Machinery 552023BuildingsTotal2022BuildingsTotaland equipment\u2074and equipment\u2074Cost as of 1 January 2023 281,591 10,809 292,400 Cost as of 1 January 2022 144,880 9,318 154,199Addition through business combination \u2013 \u2013 \u2013Addition through business combination\u00b9 129,325 48 129,372Reclassification\u00b9 2,699 \u2013 2,699 Reclassification\ue7c3 (21) 21 \u2013Additions 28,132 71 28,203 Additions 7,938 1,422 9,36123Disposals(14,616) \u2013 (14,616)Disposals(532) \u2013 (532Cost as of 31 December 2023 289,994 10,878 300,872 Cost as of 31 December 2022 281,591 10,809 292,400Accumulated depreciation Accumulated depreciation 140,965 6,335 147,300 128,418 6,261 134,679as of 1 January 2023as of 1 January 2022Reclassification 117 (101) 16 Reclassification\u00b2 914 (914) \u2013Depreciation for the year 27,452 424 27,876 Depreciation for the year 9,739 880 10,618Accumulated depreciation on disposals (6,881) \u2013 (6,881)Accumulated depreciation on disposals (530) \u2013 (53034Capitalized to the multi\u2013client library555 34 589 Capitalized to the multi\u2013client library2,425 108 2,533Accumulated depreciation Accumulated depreciation 162,207 6,693 168,900 140,965 6,335 147,300as of 31 December 2023as of 31 December 2022Net book value as of Net book value as of 127,786 4,183 131,970 140,625 4,474 145,09831 December 202331 December 2022Useful life 2 to 8 years 3 to 12 yearsUseful life 2 to 8 years 3 to 12 years11 Mainly reclass from inventory. Acquisition of Prediktor and Magseis. 22 Gains on disposals during the year were recognized by USD 2.4 million. Reclassification from Buildings to Machinery and equipment.33 Capitalized directly as multi-client library, and is not part of the depreciation charges recognized in the Statement of Comprehensive Income. Gains on disposals during the year were recognized by 0,2 million.44 Includes seismic equipment (nodes). Capitalized directly as multi-client library, and is not part of the depreciation charges recognized in the Statement of Comprehensive Income. 55 Mainly leasehold improvements. Mainly leasehold improvements.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory",
"language": "en",
"entity": "scheme:549300NUPLAXPB0WYH90",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"pp-value-50-6": {
"value": "Note 8: LeasesLEASES AS A LESSEEThe Group mainly holds vessels, office and data center leases. These leases run for a period between three to 11 years. The Group has applied the exemption in IFRS 16 and not capitalized leases of low-value assets or short-term leases. Right\u2013of\u2013use asset Office leases Data centers Vessels TotalBalance at 1 January 2023 30,210 4,763 24,645 59,619Additions 1,152 9,333 63,574 74,059Impairments \u2013 \u2013 \u2013 \u2013Adjustments (2,119) 2,812 9,343 10,036Depreciation (5,564) (8,330) (51,382) (65,276Balance at 31 December 2023 23,680 8,578 46,180 78,438Right\u2013of\u2013use asset Office leases Data centers Vessels TotalBalance at 1 January 2022 21,619 14,151 \u2013 35,770Addition through business combination 8,054 \u2013 18,225 26,278Additions 3,604 \u2013 14,371 17,974Impairments \u2013 \u2013 \u2013 \u2013Adjustments 861 (2,432) \u2013 (1,571Depreciation (3,927) (6,956) (7,950) (18,833)Balance at 31 December 2022 30,210 4,763 24,645 59,619The following table sets out a maturity analysis of lease payables, showing the undiscounted lease payments to beAmounts recognized in profit and loss account 2023 2022paid after reporting date.Interest on lease liability 4,716 1,776Expense related to short\u2013term leases 109,515 14,784Maturity analysis \u2013 lease payables 2023 2022Expense related to leases of low\u2013value assets, 4,050 1,842Less than one year 46,906 38,405 excluding short\u2013term leases of low\u2013value assetsOne to five years 40,122 25,024 Variable lease payments 1,557 727More than five years 4,429 7,477 Depreciation charge for the year\u00b9 60,224 13,732Total undiscounted lease payments 91,457 70,906 1 Depreciation charge for the year in the above table has been reduced with depreciations capitalized, and hence not directly expensed as depreciations in the Statement of Comprehensive Income.Discount effect (6,249) (3,947)Lease liability as of 31 December 85,207 66,959 Amounts recognized in the 2023 2022statement of cash flowLease liability 2023 2022Repayment of lease liabilities 60,952 20,599 Current lease liabilities 43,877 38,350 Some leases include extension options exercisable near the end of the lease term. The Group assesses at lease Non\u2013current liabilities 41,331 28,609 commencement date whether it is reasonably certain to exercise the extension options. Lease liability as of 31 December 85,207 66,959 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfLeasesExplanatory",
"language": "en",
"entity": "scheme:549300NUPLAXPB0WYH90",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"pp-value-52-6": {
"value": "Note 9: Intangible assetsMulti-client library Other intangible 2023 Goodwill Multi-client libraryTotalin progressassetsCost as of 1 January 2023 435,264 5,828,793 190,372 175,912 6,630,3411Additions \u2013 21,435 389,985 22,061 433,477Transfers \u2013 171,966 (171,966) \u2013 \u2013Cost as of 31 December 2023 435,264 6,022,193 408,391 197,974 7,063,819Accumulated amortization and impairment as of 1 January 2023 50,615 5,426,031 17,797 110,107 5,604,550Amortization for the year \u2013 163,451 \u2013 11,682 178,295Accelerated amortization / Impairment for the year \u2013 61,309 8,912 \u2013 70,221Transfers 6,331 (6,331) \u2013Capitalized to the multi\u2013client library\ue7c3 3,164 3,164Accumulated amortization and impairment as of 31 December 2023 50,615 5,657,122 20,378 124,954 5,853,066Net book value as of 31 December 2023 384,649 365,071 388,013 73,020 1,210,753Useful life 4 to 7 years 3 to 15 years1 Additions to other intangible assets are internally developed software.2 Capitalized directly as multi\u2013client library and is not part of the depreciation charges recognized in the Statement of Comprehensive Income.Multi-client library Other intangible 2022 Goodwill Multi-client libraryTotalin progressassetsCost as of 1 January 2022 354,578 5,421,467 353,967 122,537 6,252,548Additions through business combinations 80,686 20,341 \u2013 41,285 142,3121Additions\u2013 71,004 152,387 12,090 235,481Transfers \u2013 315,982 (315,982) \u2013 \u2013Cost as of 31 December 2022 435,264 5,828,793 190,372 175,912 6,630,341Accumulated amortization and impairment as of 1 January 2022 50,615 5,044,387 26,179 97,060 5,218,241Amortization for the year \u2013 152,247 \u2013 9,882 162,129Accelerated amortization / Impairment for the year \u2013 204,269 16,747 \u2013 221,016Transfers 25,129 (25,129) \u2013 \u2013Capitalized to the multi\u2013client library\u00b2 \u2013 \u2013 \u2013 3,165 3,165Accumulated amortization and impairment as of 31 December 2022 50,615 5,426,031 17,797 110,107 5,604,550Net book value as of 31 December 2022 384,650 402,762 172,575 65,805 1,025,791Useful life 4 to 7 years 3 to 15 years1 Additions to other intangible assets are internally developed software.2 Capitalized directly as multi\u2013client library and is not part of the depreciation charges recognized in the Statement of Comprehensive Income.Note 10: Impairment evaluation of multi-client library, goodwill and other intangible assetsMULTI-CLIENT LIBRARYGoodwill acquired through business combinations has been allocated to a group of cash generating units, presented in the table below as an aggregation of CGUs grouped by TGS management reporting structure:TGS reviews the carrying value of its multi-client libraries when there are events and changes in circumstances that indicate that the carrying value of these assets may not be recoverable. TGS has not identified any new impairment Digital triggers in 2023, except for project specific cost overruns and changes in sales forecasts. Western Eastern (All amounts in USD 1,000s)AcquisitionEnergy Total11HemisphereHemisphereSolutionsKey inputs and assumptions in the impairment model have been revisited as part of the process of evaluating Net book value as of whether any impairment triggers have been identified.169,502 95,432 69,216 50,499 384,64931 December 2023WACC post-tax 11.53% 10.94% 9.96% 9.96% The underlying estimates that form the basis for the sales forecast depend on a number of variables, such as the \u00b9 Goodwill for imaging has been allocated to Western Hemisphere and Eastern Hemisphere based on proportion of revenues. number of oil and gas exploration and production (E&P) companies operating in the area with potential interest in the data, overall E&P spending, expectations regarding hydrocarbons in the area, oil price, whether licenses Based on the impairment testing performed, no goodwill impairment has been recognized during 2023 (2022: will be awarded in the future, expected farm-ins to licenses, relinquishments, etc. These variables are subject USD 0 million).to underlying uncertainties. In assessing value in use, the estimated future cash flows both from the current multi-client library and expected Management has evaluated the carrying amount of the net assets of the Group in respect of the market future investments are discounted to their present value using a post-tax discount rate that reflects current marketcapitalization, changes in interest rates and assumptions applied in the WACC, as well as the developments assessments of the time value of money and the risks specific to the asset. The post-tax rate is calculated based and expected developments in the oil price. The developments through 2023 did not reveal any new factors on the local tax rates in the relevant tax jurisdictions and applying an average of the relevant country risks for the considered to trigger an impairment analysis. Following internal reporting from TGS business units, evidence groups of CGUs as specified in the table above. TGS bases its impairment calculation on detailed budgets and available does not indicate that the economic performance of multi-client libraries or the related sales forecasts forecasts, which are prepared separately for each TGS group of CGUs to which the individual assets are allocated. are worse, or significantly changed, from the assumptions utilized in the impairment tests during the preceding Currently a long-term growth rate of 0% is applied. year. Notwithstanding the above, the Group has charged impairments of USD 7.6 million during 2023 (2022: USD 19.3 million), on certain projects, mainly related to cost increases or decreases of future sales forecasts.The impairment calculations are most sensitive to the changes in the sales forecast, which depend on both the expected investments and expected returns of investments for multi-client projects. These factors are mainly GOODWILLinfluenced by future E&P spending and demand for TGS products. A change in the expected sales forecast can significantly impact on the impairment review for a group of CGUs. The impact will depend on the current value In accordance with IFRS, TGS tests goodwill for impairment annually at year-end, or more frequently if there are in use and carrying value of the relevant group of CGUs. In addition, the impairment calculations are sensitive indications that goodwill might be impaired. A group of cash generating units (CGU) should be impaired if the to changes in WACC, as well as expected cost levels and expected developments of working capital. The followingcarrying amount is higher than the recoverable amount. The recoverable amount is the higher amount of the fair provides a sensitivity analysis as to these inputs:value and the value in use of a group of CGUs. The carrying amount is the carrying amount of all PPE, right-of-use assets, intangibles, multi-client library, net working capital and goodwill allocated to the group of CGUs. \u25a0 20% reduction of expected return of investments would lead to no impairment \u25a0 30% reduction of expected return of investments would lead to an impairment of USD 29 million \u25a0 5% reduction in sales in DES & Acquisition would lead to no impairment \u25a0 10% reduction in sales in DES & Acquisition would lead to an impairment of USD 43 million \u25a0 2.5% increase in WACC would lead to an impairment of USD 10 million \u25a0 5% increase in WACC would lead to an impairment of USD 68 millionManagement does not see any other reasonable changes in the key assumptions that would cause the value in use to be lower than it\u2019s carrying value. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIntangibleAssetsAndGoodwillExplanatory",
"language": "en",
"entity": "scheme:549300NUPLAXPB0WYH90",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"pp-value-52-7": {
"value": "Note 9: Intangible assetsMulti-client library Other intangible 2023 Goodwill Multi-client libraryTotalin progressassetsCost as of 1 January 2023 435,264 5,828,793 190,372 175,912 6,630,3411Additions \u2013 21,435 389,985 22,061 433,477Transfers \u2013 171,966 (171,966) \u2013 \u2013Cost as of 31 December 2023 435,264 6,022,193 408,391 197,974 7,063,819Accumulated amortization and impairment as of 1 January 2023 50,615 5,426,031 17,797 110,107 5,604,550Amortization for the year \u2013 163,451 \u2013 11,682 178,295Accelerated amortization / Impairment for the year \u2013 61,309 8,912 \u2013 70,221Transfers 6,331 (6,331) \u2013Capitalized to the multi\u2013client library\ue7c3 3,164 3,164Accumulated amortization and impairment as of 31 December 2023 50,615 5,657,122 20,378 124,954 5,853,066Net book value as of 31 December 2023 384,649 365,071 388,013 73,020 1,210,753Useful life 4 to 7 years 3 to 15 years1 Additions to other intangible assets are internally developed software.2 Capitalized directly as multi\u2013client library and is not part of the depreciation charges recognized in the Statement of Comprehensive Income.Multi-client library Other intangible 2022 Goodwill Multi-client libraryTotalin progressassetsCost as of 1 January 2022 354,578 5,421,467 353,967 122,537 6,252,548Additions through business combinations 80,686 20,341 \u2013 41,285 142,3121Additions\u2013 71,004 152,387 12,090 235,481Transfers \u2013 315,982 (315,982) \u2013 \u2013Cost as of 31 December 2022 435,264 5,828,793 190,372 175,912 6,630,341Accumulated amortization and impairment as of 1 January 2022 50,615 5,044,387 26,179 97,060 5,218,241Amortization for the year \u2013 152,247 \u2013 9,882 162,129Accelerated amortization / Impairment for the year \u2013 204,269 16,747 \u2013 221,016Transfers 25,129 (25,129) \u2013 \u2013Capitalized to the multi\u2013client library\u00b2 \u2013 \u2013 \u2013 3,165 3,165Accumulated amortization and impairment as of 31 December 2022 50,615 5,426,031 17,797 110,107 5,604,550Net book value as of 31 December 2022 384,650 402,762 172,575 65,805 1,025,791Useful life 4 to 7 years 3 to 15 years1 Additions to other intangible assets are internally developed software.2 Capitalized directly as multi\u2013client library and is not part of the depreciation charges recognized in the Statement of Comprehensive Income.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIntangibleAssetsExplanatory",
"language": "en",
"entity": "scheme:549300NUPLAXPB0WYH90",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"pp-value-52-8": {
"value": "Note 9: Intangible assetsMulti-client library Other intangible 2023 Goodwill Multi-client libraryTotalin progressassetsCost as of 1 January 2023 435,264 5,828,793 190,372 175,912 6,630,3411Additions \u2013 21,435 389,985 22,061 433,477Transfers \u2013 171,966 (171,966) \u2013 \u2013Cost as of 31 December 2023 435,264 6,022,193 408,391 197,974 7,063,819Accumulated amortization and impairment as of 1 January 2023 50,615 5,426,031 17,797 110,107 5,604,550Amortization for the year \u2013 163,451 \u2013 11,682 178,295Accelerated amortization / Impairment for the year \u2013 61,309 8,912 \u2013 70,221Transfers 6,331 (6,331) \u2013Capitalized to the multi\u2013client library\ue7c3 3,164 3,164Accumulated amortization and impairment as of 31 December 2023 50,615 5,657,122 20,378 124,954 5,853,066Net book value as of 31 December 2023 384,649 365,071 388,013 73,020 1,210,753Useful life 4 to 7 years 3 to 15 years1 Additions to other intangible assets are internally developed software.2 Capitalized directly as multi\u2013client library and is not part of the depreciation charges recognized in the Statement of Comprehensive Income.Multi-client library Other intangible 2022 Goodwill Multi-client libraryTotalin progressassetsCost as of 1 January 2022 354,578 5,421,467 353,967 122,537 6,252,548Additions through business combinations 80,686 20,341 \u2013 41,285 142,3121Additions\u2013 71,004 152,387 12,090 235,481Transfers \u2013 315,982 (315,982) \u2013 \u2013Cost as of 31 December 2022 435,264 5,828,793 190,372 175,912 6,630,341Accumulated amortization and impairment as of 1 January 2022 50,615 5,044,387 26,179 97,060 5,218,241Amortization for the year \u2013 152,247 \u2013 9,882 162,129Accelerated amortization / Impairment for the year \u2013 204,269 16,747 \u2013 221,016Transfers 25,129 (25,129) \u2013 \u2013Capitalized to the multi\u2013client library\u00b2 \u2013 \u2013 \u2013 3,165 3,165Accumulated amortization and impairment as of 31 December 2022 50,615 5,426,031 17,797 110,107 5,604,550Net book value as of 31 December 2022 384,650 402,762 172,575 65,805 1,025,791Useful life 4 to 7 years 3 to 15 years1 Additions to other intangible assets are internally developed software.2 Capitalized directly as multi\u2013client library and is not part of the depreciation charges recognized in the Statement of Comprehensive Income.Note 10: Impairment evaluation of multi-client library, goodwill and other intangible assetsMULTI-CLIENT LIBRARYGoodwill acquired through business combinations has been allocated to a group of cash generating units, presented in the table below as an aggregation of CGUs grouped by TGS management reporting structure:TGS reviews the carrying value of its multi-client libraries when there are events and changes in circumstances that indicate that the carrying value of these assets may not be recoverable. TGS has not identified any new impairment Digital triggers in 2023, except for project specific cost overruns and changes in sales forecasts. Western Eastern (All amounts in USD 1,000s)AcquisitionEnergy Total11HemisphereHemisphereSolutionsKey inputs and assumptions in the impairment model have been revisited as part of the process of evaluating Net book value as of whether any impairment triggers have been identified.169,502 95,432 69,216 50,499 384,64931 December 2023WACC post-tax 11.53% 10.94% 9.96% 9.96% The underlying estimates that form the basis for the sales forecast depend on a number of variables, such as the \u00b9 Goodwill for imaging has been allocated to Western Hemisphere and Eastern Hemisphere based on proportion of revenues. number of oil and gas exploration and production (E&P) companies operating in the area with potential interest in the data, overall E&P spending, expectations regarding hydrocarbons in the area, oil price, whether licenses Based on the impairment testing performed, no goodwill impairment has been recognized during 2023 (2022: will be awarded in the future, expected farm-ins to licenses, relinquishments, etc. These variables are subject USD 0 million).to underlying uncertainties. In assessing value in use, the estimated future cash flows both from the current multi-client library and expected Management has evaluated the carrying amount of the net assets of the Group in respect of the market future investments are discounted to their present value using a post-tax discount rate that reflects current marketcapitalization, changes in interest rates and assumptions applied in the WACC, as well as the developments assessments of the time value of money and the risks specific to the asset. The post-tax rate is calculated based and expected developments in the oil price. The developments through 2023 did not reveal any new factors on the local tax rates in the relevant tax jurisdictions and applying an average of the relevant country risks for the considered to trigger an impairment analysis. Following internal reporting from TGS business units, evidence groups of CGUs as specified in the table above. TGS bases its impairment calculation on detailed budgets and available does not indicate that the economic performance of multi-client libraries or the related sales forecasts forecasts, which are prepared separately for each TGS group of CGUs to which the individual assets are allocated. are worse, or significantly changed, from the assumptions utilized in the impairment tests during the preceding Currently a long-term growth rate of 0% is applied. year. Notwithstanding the above, the Group has charged impairments of USD 7.6 million during 2023 (2022: USD 19.3 million), on certain projects, mainly related to cost increases or decreases of future sales forecasts.The impairment calculations are most sensitive to the changes in the sales forecast, which depend on both the expected investments and expected returns of investments for multi-client projects. These factors are mainly GOODWILLinfluenced by future E&P spending and demand for TGS products. A change in the expected sales forecast can significantly impact on the impairment review for a group of CGUs. The impact will depend on the current value In accordance with IFRS, TGS tests goodwill for impairment annually at year-end, or more frequently if there are in use and carrying value of the relevant group of CGUs. In addition, the impairment calculations are sensitive indications that goodwill might be impaired. A group of cash generating units (CGU) should be impaired if the to changes in WACC, as well as expected cost levels and expected developments of working capital. The followingcarrying amount is higher than the recoverable amount. The recoverable amount is the higher amount of the fair provides a sensitivity analysis as to these inputs:value and the value in use of a group of CGUs. The carrying amount is the carrying amount of all PPE, right-of-use assets, intangibles, multi-client library, net working capital and goodwill allocated to the group of CGUs. \u25a0 20% reduction of expected return of investments would lead to no impairment \u25a0 30% reduction of expected return of investments would lead to an impairment of USD 29 million \u25a0 5% reduction in sales in DES & Acquisition would lead to no impairment \u25a0 10% reduction in sales in DES & Acquisition would lead to an impairment of USD 43 million \u25a0 2.5% increase in WACC would lead to an impairment of USD 10 million \u25a0 5% increase in WACC would lead to an impairment of USD 68 millionManagement does not see any other reasonable changes in the key assumptions that would cause the value in use to be lower than it\u2019s carrying value. ",
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"pp-value-57-2": {
"value": "Note 12: Personnel costs / number of employees /remuneration to Executive Management, Board of Directors and auditorsPersonnel costs 2023 2022Payroll 139,245 92,251 Social security costs 11,721 6,104 Pension costs 4,587 3,449 Other employee related costs 6,523 5,696 Salaries capitalized to developed software (15,960) (8,955)Cost of RSU/PSU 4,069 2,558 Salaries capitalized to multi-client library (19,145) (14,696)Personnel costs 131,041 86,407 The number of employees as of 31 December 2023 was 873 versus 908 as of 31 December 2022. CASH BONUS PLANS In 2023, TGS had in place a Short-Term Incentive Bonus Plan that was funded by allocating 10% of budgeted POC (percentage of completion) EBIT. Employees are generally eligible to participate in the bonus plan after being employed for six months. The bonus is payable quarterly, and the amount paid is based on actual POC EBIT for the quarter. An individual employee\u2019s relative share of the bonus pool is based on level of responsibility, individuacontribution, performance versus previous year goals, and benchmark data. All bonuses earned in respect of the 2023 bonus plan have been paid or accrued as of 31 December 2023. More information on the Short-Term Incentiveis provided in the 2023 Management Remuneration Report, published contemporaneously with the Annual Report.EXECUTIVE MANAGEMENT STOCK INCENTIVES The following table provides the stock, incentive stock units in the form of Performance Share Units (PSUs) and/or Restricted Share Units (RSUs) and related warrants held by Executive Management:Total balance of free-standing warrants Executive Management Shares held 31/12/2023 Incentive stocks awarded in 2023related to unvested incentive stock unitsKristian Johansen (CEO) 170,781 63,230 190,230 Sven Borre Larsen (CFO) 56,069 30,000 81,030 Jan Schoolmeesters (EVP, Digital Energy Solutions) 58,851 26,730 77,760 Will Ashby (Chief Integration Officer) 58,916 26,730 77,760 Tana Pool (EVP, Legal) 53,665 26,730 77,760 Whitney Eaton (EVP, People & Sustainability) 5,429 26,730 77,760David Hajovsky (EVP, Multi-Client) 18,737 26,730 77,760 1Carel Hooijkaas (EVP, Acquisition) 32,694 57,75552,545Josef Heim (EVP, Imaging) 4,767 26,730 30,230 1 In 2023, Hooijkaas was awarded 15,000 RSUs in accordance with the terms of his employment agreement and 18,025 shares, to vest over three years (40%, 40%, 20%) from 2023-2025, as part the implementation of Magseis Fairfield 2022 Long-Term Incentive plan following the close of the acquisition of Magseis Fairfield. Shares totaling 7,210 from the Magseis Fairfield Long-Term Incentive plan vested in 2023 with the remainder to vest in 2024 (7,210 shares) and 2025 (3,605 shares).The tables below show total paid compensation to Executive Management in 2023:Payments from long-term Total 3Executive Management Salary Bonuses Other benefitsPension4incentive plansremunerationsKristian Johansen (CEO) 747 610 67 202 20 1,646 1Sven B\u00f8rre Larsen (CFO)374 151 14 32 14 585 1Jan Schoolmeesters (EVP, Digital Energy Solutions)379 164 6 78 14 641 2Will Ashby (Chief Integration Officer)323 159 2 76 23 583 Tana Pool (EVP, Legal) 373 165 15 81 20 654 Whitney Eaton (EVP, People & Sustainability) 299 103 19 19 12 452 David Hajovsky (EVP, Multi-Client) 339 180 19 19 14 571 5,6Carel Hooijkaas (EVP, Acquisition)397 304 52 127 12 892 5Josef Heim (EVP, Imaging)258 106 19 31 20 434 1 Compensation is paid in NOK, with the USD equivalent determined based on the average exchange rate during the year. 2 Compensation is paid in GBP, with the USD equivalent determined based on the average exchange rate during the year. 3 Other benefits include certain benefits provided to all employees (company-paid life insurance and welfare insurance). Other benefits also include certain expatriate benefits for applicable executives. 4 Represents the value of shares issued during 2023 with respect to the 2020 Long-Term Incentive Plan, which vested in 2023.5 Mr. Hooijkaas joined the Executive Team in January 2023 and Mr. Heim joined the Executive Team in February 2023.6 In 2023, Mr. Hooijkaas was awarded 18,025 TGS shares, to vest over three years (40%, 40%, 20%) from 2023-2025, as part of the implementation of the MagseisFairfield 2022 Long-Term Incentive plan following the close of the acquisition of Magseis Fairfield. 7,210 shares from the MagseisFairfield Long-Term Incentive plan vested in 2023 with the remainder to vest in 2024 (7,210 shares) and 2025 (3,605 shares).The amounts set forth in the table above reflect amounts paid to the executives during the year. Compensation is only reflected for the period of time that the executive served as an executive of the Group. With respect to bonus amounts, the Short-Term Incentive Bonus Plan is paid on a quarterly basis following reporting of the quarterly results. Therefore, bonuses paid in 2023 reflect bonus amounts earned for the fourth quarter of 2022 and the first three quarters of 2023. The tables below show total compensation to Executive Management in 2022:Payments from long-term Total 3Salary Bonuses Other benefitsPension4incentive plansremunerationsKristian Johansen (CEO) 587 999 109 408 17 2,120 1Sven B\u00f8rre Larsen (CFO) 320 234 15 151 13 733 1Jan Schoolmeesters (EVP, Digital Energy Solutions)373 313 6 151 13 856 2William Ashby (Chief Integration Officer) 334 232 1 153 18 738 Tana Pool (EVP, Legal) 336 245 14 150 17 762 Whitney Eaton (EVP, People & Sustainability) 256 141 15 42 11 465 David Hajovsky (EVP, Multi-Client) 298 259 18 310 12 897 1 Compensation is paid in NOK, with the USD equivalent determined based on the average exchange rate during the year. 2 Compensation is paid in GBP, with the USD equivalent determined based on the average exchange rate during the year. 3 Other benefits include certain benefits provided to all employees (such as Company-paid life insurance and welfare insurance). Other benefits also include certain expatriate benefits for applicable executives. 4 Represents the value of shares issued during 2022 with respect to the 2019 Long-Term Incentive Plan, which vested in 2022. The amounts set forth in the table above reflect amounts paid to the executive during the year. With respect to based upon the Group\u2019s achievement against the performance metrics, with the payout ranging from 0% to 100%bonus amounts, the Short-Term Incentive Bonus Plan is paid on a quarterly basis following reporting of the quarterly of the PSUs awarded. The 2023 plan also provides for the issuance of RSUs to non-executive key employees, as results. Therefore, bonuses paid in 2022 reflect bonus amounts for the fourth quarter of 2021 and the first three further described in the 2023 Management Remuneration Report. quarters of 2022. TERMINATION BENEFITS TGS awards its executive and senior leadership teams Long-Term Incentives with performance metrics measured The CEO and certain other executives have employment agreements that provide for certain benefits upon over a three-year period. In 2023, performance share units (PSUs) were issued to the executive and senior termination of employment. Current members of the Executive Management Team with employment contracts leadership teams under the 2023 Long-Term Incentive Plan. The plan and status versus performance metrics is that include an entitlement to severance pay in the event of termination of employment by the Company without further described in the Management Remuneration Report. The 2023 plan is settled in TGS common shares, and cause or for good reason, or termination of employment following a change-of-control, include the CEO, CFO andeach PSU represents the right to receive one common share. The total number of shares issuable is determined EVP of Acquisition. In those circumstances, the CEO and CFO are each entitled to severance pay equal to 1x theirthe expiration of the notice period, and the EVP, Acquisition, is entitled to severance pay equal to 1x current annual Company base salary in effect at the time of termination. Except in the event of a change-in-control where it is paid as a lump sum, the severance pay will be paid out over the following one-year period. BOARD OF DIRECTORS\u2019 FEES AND OTHER FEES The following sets forth the compensation paid to the Board of Directors in 2023:12Board member Director\u2019s feeValue of shares receivedTotal remunerationsChristopher Geoffrey Finlayson (Chair of the Board) 131 43 174Irene Egset (Director)\u00b3 43 21 64 Svein Harald \u00d8ygard (Director) 37 21 58 Grethe Kristin Moen (Director) 37 21 58 Luis Araujo (Director) 20 21 41Bettina Bachmann (Director)\u00b3 20 21 41Maurice Nessim (Director) 20 21 41Mark Leonard (Director until May 2023) 23 \u2013 231 The table includes Directors\u2019 fees paid during the year. Directors receive fees on a biannual basis as decided by the AGM, payable in NOK. Deviations in individual fees are related to the timing of the bi-annual payments. 2 In August 2023, each of the Directors, other than the Chairman, received 1,650 restricted shares in TGS. The Chair received 3,300 restricted shares in TGS.\u00b3 Includes fee from being Chair of the Compensation Committee (Ms. Bachmann) and the Audit Committee (Ms. Egset).highest annual base salary in effect during the three years that immediately precede the date of termination fromRestricted shares Shares heldBoard of Directors\u2019 stock ownershipreceived during 2023 31/12/2023Christopher Geoffrey Finlayson (Chairman of the Board) 3,300 20,550 Irene Egset (Director) 1,650 8,250 Svein Harald \u00d8ygard (Director) 1,650 29,950 Grethe Kristin Moen (Director) 1,650 4,950 Luis Araujo (Director) 1,650 1,650 Bettina Bachmann (Director) 1,650 3,780 Maurice Nessim (Director) 1,650 1,650 Compensation to the members 2023 20221of the Nomination CommitteeGlen Ole R\u00f8dland (Chair) 21 15 Christina Stray 13 5 Henry H. Hamilton III 13 5 1 The table shows compensation paid during the year. The members of the committee receive compensation per meeting held, and the amounts are paid in NOK.",
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"pp-value-57-3": {
"value": "Note 12: Personnel costs / number of employees /remuneration to Executive Management, Board of Directors and auditorsPersonnel costs 2023 2022Payroll 139,245 92,251 Social security costs 11,721 6,104 Pension costs 4,587 3,449 Other employee related costs 6,523 5,696 Salaries capitalized to developed software (15,960) (8,955)Cost of RSU/PSU 4,069 2,558 Salaries capitalized to multi-client library (19,145) (14,696)Personnel costs 131,041 86,407 The number of employees as of 31 December 2023 was 873 versus 908 as of 31 December 2022. CASH BONUS PLANS In 2023, TGS had in place a Short-Term Incentive Bonus Plan that was funded by allocating 10% of budgeted POC (percentage of completion) EBIT. Employees are generally eligible to participate in the bonus plan after being employed for six months. The bonus is payable quarterly, and the amount paid is based on actual POC EBIT for the quarter. An individual employee\u2019s relative share of the bonus pool is based on level of responsibility, individuacontribution, performance versus previous year goals, and benchmark data. All bonuses earned in respect of the 2023 bonus plan have been paid or accrued as of 31 December 2023. More information on the Short-Term Incentiveis provided in the 2023 Management Remuneration Report, published contemporaneously with the Annual Report.EXECUTIVE MANAGEMENT STOCK INCENTIVES The following table provides the stock, incentive stock units in the form of Performance Share Units (PSUs) and/or Restricted Share Units (RSUs) and related warrants held by Executive Management:Total balance of free-standing warrants Executive Management Shares held 31/12/2023 Incentive stocks awarded in 2023related to unvested incentive stock unitsKristian Johansen (CEO) 170,781 63,230 190,230 Sven Borre Larsen (CFO) 56,069 30,000 81,030 Jan Schoolmeesters (EVP, Digital Energy Solutions) 58,851 26,730 77,760 Will Ashby (Chief Integration Officer) 58,916 26,730 77,760 Tana Pool (EVP, Legal) 53,665 26,730 77,760 Whitney Eaton (EVP, People & Sustainability) 5,429 26,730 77,760David Hajovsky (EVP, Multi-Client) 18,737 26,730 77,760 1Carel Hooijkaas (EVP, Acquisition) 32,694 57,75552,545Josef Heim (EVP, Imaging) 4,767 26,730 30,230 1 In 2023, Hooijkaas was awarded 15,000 RSUs in accordance with the terms of his employment agreement and 18,025 shares, to vest over three years (40%, 40%, 20%) from 2023-2025, as part the implementation of Magseis Fairfield 2022 Long-Term Incentive plan following the close of the acquisition of Magseis Fairfield. Shares totaling 7,210 from the Magseis Fairfield Long-Term Incentive plan vested in 2023 with the remainder to vest in 2024 (7,210 shares) and 2025 (3,605 shares).The tables below show total paid compensation to Executive Management in 2023:Payments from long-term Total 3Executive Management Salary Bonuses Other benefitsPension4incentive plansremunerationsKristian Johansen (CEO) 747 610 67 202 20 1,646 1Sven B\u00f8rre Larsen (CFO)374 151 14 32 14 585 1Jan Schoolmeesters (EVP, Digital Energy Solutions)379 164 6 78 14 641 2Will Ashby (Chief Integration Officer)323 159 2 76 23 583 Tana Pool (EVP, Legal) 373 165 15 81 20 654 Whitney Eaton (EVP, People & Sustainability) 299 103 19 19 12 452 David Hajovsky (EVP, Multi-Client) 339 180 19 19 14 571 5,6Carel Hooijkaas (EVP, Acquisition)397 304 52 127 12 892 5Josef Heim (EVP, Imaging)258 106 19 31 20 434 1 Compensation is paid in NOK, with the USD equivalent determined based on the average exchange rate during the year. 2 Compensation is paid in GBP, with the USD equivalent determined based on the average exchange rate during the year. 3 Other benefits include certain benefits provided to all employees (company-paid life insurance and welfare insurance). Other benefits also include certain expatriate benefits for applicable executives. 4 Represents the value of shares issued during 2023 with respect to the 2020 Long-Term Incentive Plan, which vested in 2023.5 Mr. Hooijkaas joined the Executive Team in January 2023 and Mr. Heim joined the Executive Team in February 2023.6 In 2023, Mr. Hooijkaas was awarded 18,025 TGS shares, to vest over three years (40%, 40%, 20%) from 2023-2025, as part of the implementation of the MagseisFairfield 2022 Long-Term Incentive plan following the close of the acquisition of Magseis Fairfield. 7,210 shares from the MagseisFairfield Long-Term Incentive plan vested in 2023 with the remainder to vest in 2024 (7,210 shares) and 2025 (3,605 shares).The amounts set forth in the table above reflect amounts paid to the executives during the year. Compensation is only reflected for the period of time that the executive served as an executive of the Group. With respect to bonus amounts, the Short-Term Incentive Bonus Plan is paid on a quarterly basis following reporting of the quarterly results. Therefore, bonuses paid in 2023 reflect bonus amounts earned for the fourth quarter of 2022 and the first three quarters of 2023. The tables below show total compensation to Executive Management in 2022:Payments from long-term Total 3Salary Bonuses Other benefitsPension4incentive plansremunerationsKristian Johansen (CEO) 587 999 109 408 17 2,120 1Sven B\u00f8rre Larsen (CFO) 320 234 15 151 13 733 1Jan Schoolmeesters (EVP, Digital Energy Solutions)373 313 6 151 13 856 2William Ashby (Chief Integration Officer) 334 232 1 153 18 738 Tana Pool (EVP, Legal) 336 245 14 150 17 762 Whitney Eaton (EVP, People & Sustainability) 256 141 15 42 11 465 David Hajovsky (EVP, Multi-Client) 298 259 18 310 12 897 1 Compensation is paid in NOK, with the USD equivalent determined based on the average exchange rate during the year. 2 Compensation is paid in GBP, with the USD equivalent determined based on the average exchange rate during the year. 3 Other benefits include certain benefits provided to all employees (such as Company-paid life insurance and welfare insurance). Other benefits also include certain expatriate benefits for applicable executives. 4 Represents the value of shares issued during 2022 with respect to the 2019 Long-Term Incentive Plan, which vested in 2022. The amounts set forth in the table above reflect amounts paid to the executive during the year. With respect to based upon the Group\u2019s achievement against the performance metrics, with the payout ranging from 0% to 100%bonus amounts, the Short-Term Incentive Bonus Plan is paid on a quarterly basis following reporting of the quarterly of the PSUs awarded. The 2023 plan also provides for the issuance of RSUs to non-executive key employees, as results. Therefore, bonuses paid in 2022 reflect bonus amounts for the fourth quarter of 2021 and the first three further described in the 2023 Management Remuneration Report. quarters of 2022. TERMINATION BENEFITS TGS awards its executive and senior leadership teams Long-Term Incentives with performance metrics measured The CEO and certain other executives have employment agreements that provide for certain benefits upon over a three-year period. In 2023, performance share units (PSUs) were issued to the executive and senior termination of employment. Current members of the Executive Management Team with employment contracts leadership teams under the 2023 Long-Term Incentive Plan. The plan and status versus performance metrics is that include an entitlement to severance pay in the event of termination of employment by the Company without further described in the Management Remuneration Report. The 2023 plan is settled in TGS common shares, and cause or for good reason, or termination of employment following a change-of-control, include the CEO, CFO andeach PSU represents the right to receive one common share. The total number of shares issuable is determined EVP of Acquisition. In those circumstances, the CEO and CFO are each entitled to severance pay equal to 1x theirthe expiration of the notice period, and the EVP, Acquisition, is entitled to severance pay equal to 1x current annual Company base salary in effect at the time of termination. Except in the event of a change-in-control where it is paid as a lump sum, the severance pay will be paid out over the following one-year period. BOARD OF DIRECTORS\u2019 FEES AND OTHER FEES The following sets forth the compensation paid to the Board of Directors in 2023:12Board member Director\u2019s feeValue of shares receivedTotal remunerationsChristopher Geoffrey Finlayson (Chair of the Board) 131 43 174Irene Egset (Director)\u00b3 43 21 64 Svein Harald \u00d8ygard (Director) 37 21 58 Grethe Kristin Moen (Director) 37 21 58 Luis Araujo (Director) 20 21 41Bettina Bachmann (Director)\u00b3 20 21 41Maurice Nessim (Director) 20 21 41Mark Leonard (Director until May 2023) 23 \u2013 231 The table includes Directors\u2019 fees paid during the year. Directors receive fees on a biannual basis as decided by the AGM, payable in NOK. Deviations in individual fees are related to the timing of the bi-annual payments. 2 In August 2023, each of the Directors, other than the Chairman, received 1,650 restricted shares in TGS. The Chair received 3,300 restricted shares in TGS.\u00b3 Includes fee from being Chair of the Compensation Committee (Ms. Bachmann) and the Audit Committee (Ms. Egset).highest annual base salary in effect during the three years that immediately precede the date of termination fromRestricted shares Shares heldBoard of Directors\u2019 stock ownershipreceived during 2023 31/12/2023Christopher Geoffrey Finlayson (Chairman of the Board) 3,300 20,550 Irene Egset (Director) 1,650 8,250 Svein Harald \u00d8ygard (Director) 1,650 29,950 Grethe Kristin Moen (Director) 1,650 4,950 Luis Araujo (Director) 1,650 1,650 Bettina Bachmann (Director) 1,650 3,780 Maurice Nessim (Director) 1,650 1,650 Compensation to the members 2023 20221of the Nomination CommitteeGlen Ole R\u00f8dland (Chair) 21 15 Christina Stray 13 5 Henry H. Hamilton III 13 5 1 The table shows compensation paid during the year. The members of the committee receive compensation per meeting held, and the amounts are paid in NOK.",
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"pp-value-57-4": {
"value": "Note 12: Personnel costs / number of employees /remuneration to Executive Management, Board of Directors and auditorsPersonnel costs 2023 2022Payroll 139,245 92,251 Social security costs 11,721 6,104 Pension costs 4,587 3,449 Other employee related costs 6,523 5,696 Salaries capitalized to developed software (15,960) (8,955)Cost of RSU/PSU 4,069 2,558 Salaries capitalized to multi-client library (19,145) (14,696)Personnel costs 131,041 86,407 The number of employees as of 31 December 2023 was 873 versus 908 as of 31 December 2022. CASH BONUS PLANS In 2023, TGS had in place a Short-Term Incentive Bonus Plan that was funded by allocating 10% of budgeted POC (percentage of completion) EBIT. Employees are generally eligible to participate in the bonus plan after being employed for six months. The bonus is payable quarterly, and the amount paid is based on actual POC EBIT for the quarter. An individual employee\u2019s relative share of the bonus pool is based on level of responsibility, individuacontribution, performance versus previous year goals, and benchmark data. All bonuses earned in respect of the 2023 bonus plan have been paid or accrued as of 31 December 2023. More information on the Short-Term Incentiveis provided in the 2023 Management Remuneration Report, published contemporaneously with the Annual Report.EXECUTIVE MANAGEMENT STOCK INCENTIVES The following table provides the stock, incentive stock units in the form of Performance Share Units (PSUs) and/or Restricted Share Units (RSUs) and related warrants held by Executive Management:Total balance of free-standing warrants Executive Management Shares held 31/12/2023 Incentive stocks awarded in 2023related to unvested incentive stock unitsKristian Johansen (CEO) 170,781 63,230 190,230 Sven Borre Larsen (CFO) 56,069 30,000 81,030 Jan Schoolmeesters (EVP, Digital Energy Solutions) 58,851 26,730 77,760 Will Ashby (Chief Integration Officer) 58,916 26,730 77,760 Tana Pool (EVP, Legal) 53,665 26,730 77,760 Whitney Eaton (EVP, People & Sustainability) 5,429 26,730 77,760David Hajovsky (EVP, Multi-Client) 18,737 26,730 77,760 1Carel Hooijkaas (EVP, Acquisition) 32,694 57,75552,545Josef Heim (EVP, Imaging) 4,767 26,730 30,230 1 In 2023, Hooijkaas was awarded 15,000 RSUs in accordance with the terms of his employment agreement and 18,025 shares, to vest over three years (40%, 40%, 20%) from 2023-2025, as part the implementation of Magseis Fairfield 2022 Long-Term Incentive plan following the close of the acquisition of Magseis Fairfield. Shares totaling 7,210 from the Magseis Fairfield Long-Term Incentive plan vested in 2023 with the remainder to vest in 2024 (7,210 shares) and 2025 (3,605 shares).The tables below show total paid compensation to Executive Management in 2023:Payments from long-term Total 3Executive Management Salary Bonuses Other benefitsPension4incentive plansremunerationsKristian Johansen (CEO) 747 610 67 202 20 1,646 1Sven B\u00f8rre Larsen (CFO)374 151 14 32 14 585 1Jan Schoolmeesters (EVP, Digital Energy Solutions)379 164 6 78 14 641 2Will Ashby (Chief Integration Officer)323 159 2 76 23 583 Tana Pool (EVP, Legal) 373 165 15 81 20 654 Whitney Eaton (EVP, People & Sustainability) 299 103 19 19 12 452 David Hajovsky (EVP, Multi-Client) 339 180 19 19 14 571 5,6Carel Hooijkaas (EVP, Acquisition)397 304 52 127 12 892 5Josef Heim (EVP, Imaging)258 106 19 31 20 434 1 Compensation is paid in NOK, with the USD equivalent determined based on the average exchange rate during the year. 2 Compensation is paid in GBP, with the USD equivalent determined based on the average exchange rate during the year. 3 Other benefits include certain benefits provided to all employees (company-paid life insurance and welfare insurance). Other benefits also include certain expatriate benefits for applicable executives. 4 Represents the value of shares issued during 2023 with respect to the 2020 Long-Term Incentive Plan, which vested in 2023.5 Mr. Hooijkaas joined the Executive Team in January 2023 and Mr. Heim joined the Executive Team in February 2023.6 In 2023, Mr. Hooijkaas was awarded 18,025 TGS shares, to vest over three years (40%, 40%, 20%) from 2023-2025, as part of the implementation of the MagseisFairfield 2022 Long-Term Incentive plan following the close of the acquisition of Magseis Fairfield. 7,210 shares from the MagseisFairfield Long-Term Incentive plan vested in 2023 with the remainder to vest in 2024 (7,210 shares) and 2025 (3,605 shares).The amounts set forth in the table above reflect amounts paid to the executives during the year. Compensation is only reflected for the period of time that the executive served as an executive of the Group. With respect to bonus amounts, the Short-Term Incentive Bonus Plan is paid on a quarterly basis following reporting of the quarterly results. Therefore, bonuses paid in 2023 reflect bonus amounts earned for the fourth quarter of 2022 and the first three quarters of 2023. The tables below show total compensation to Executive Management in 2022:Payments from long-term Total 3Salary Bonuses Other benefitsPension4incentive plansremunerationsKristian Johansen (CEO) 587 999 109 408 17 2,120 1Sven B\u00f8rre Larsen (CFO) 320 234 15 151 13 733 1Jan Schoolmeesters (EVP, Digital Energy Solutions)373 313 6 151 13 856 2William Ashby (Chief Integration Officer) 334 232 1 153 18 738 Tana Pool (EVP, Legal) 336 245 14 150 17 762 Whitney Eaton (EVP, People & Sustainability) 256 141 15 42 11 465 David Hajovsky (EVP, Multi-Client) 298 259 18 310 12 897 1 Compensation is paid in NOK, with the USD equivalent determined based on the average exchange rate during the year. 2 Compensation is paid in GBP, with the USD equivalent determined based on the average exchange rate during the year. 3 Other benefits include certain benefits provided to all employees (such as Company-paid life insurance and welfare insurance). Other benefits also include certain expatriate benefits for applicable executives. 4 Represents the value of shares issued during 2022 with respect to the 2019 Long-Term Incentive Plan, which vested in 2022. The amounts set forth in the table above reflect amounts paid to the executive during the year. With respect to based upon the Group\u2019s achievement against the performance metrics, with the payout ranging from 0% to 100%bonus amounts, the Short-Term Incentive Bonus Plan is paid on a quarterly basis following reporting of the quarterly of the PSUs awarded. The 2023 plan also provides for the issuance of RSUs to non-executive key employees, as results. Therefore, bonuses paid in 2022 reflect bonus amounts for the fourth quarter of 2021 and the first three further described in the 2023 Management Remuneration Report. quarters of 2022. TERMINATION BENEFITS TGS awards its executive and senior leadership teams Long-Term Incentives with performance metrics measured The CEO and certain other executives have employment agreements that provide for certain benefits upon over a three-year period. In 2023, performance share units (PSUs) were issued to the executive and senior termination of employment. Current members of the Executive Management Team with employment contracts leadership teams under the 2023 Long-Term Incentive Plan. The plan and status versus performance metrics is that include an entitlement to severance pay in the event of termination of employment by the Company without further described in the Management Remuneration Report. The 2023 plan is settled in TGS common shares, and cause or for good reason, or termination of employment following a change-of-control, include the CEO, CFO andeach PSU represents the right to receive one common share. The total number of shares issuable is determined EVP of Acquisition. In those circumstances, the CEO and CFO are each entitled to severance pay equal to 1x theirthe expiration of the notice period, and the EVP, Acquisition, is entitled to severance pay equal to 1x current annual Company base salary in effect at the time of termination. Except in the event of a change-in-control where it is paid as a lump sum, the severance pay will be paid out over the following one-year period. BOARD OF DIRECTORS\u2019 FEES AND OTHER FEES The following sets forth the compensation paid to the Board of Directors in 2023:12Board member Director\u2019s feeValue of shares receivedTotal remunerationsChristopher Geoffrey Finlayson (Chair of the Board) 131 43 174Irene Egset (Director)\u00b3 43 21 64 Svein Harald \u00d8ygard (Director) 37 21 58 Grethe Kristin Moen (Director) 37 21 58 Luis Araujo (Director) 20 21 41Bettina Bachmann (Director)\u00b3 20 21 41Maurice Nessim (Director) 20 21 41Mark Leonard (Director until May 2023) 23 \u2013 231 The table includes Directors\u2019 fees paid during the year. Directors receive fees on a biannual basis as decided by the AGM, payable in NOK. Deviations in individual fees are related to the timing of the bi-annual payments. 2 In August 2023, each of the Directors, other than the Chairman, received 1,650 restricted shares in TGS. The Chair received 3,300 restricted shares in TGS.\u00b3 Includes fee from being Chair of the Compensation Committee (Ms. Bachmann) and the Audit Committee (Ms. Egset).highest annual base salary in effect during the three years that immediately precede the date of termination fromRestricted shares Shares heldBoard of Directors\u2019 stock ownershipreceived during 2023 31/12/2023Christopher Geoffrey Finlayson (Chairman of the Board) 3,300 20,550 Irene Egset (Director) 1,650 8,250 Svein Harald \u00d8ygard (Director) 1,650 29,950 Grethe Kristin Moen (Director) 1,650 4,950 Luis Araujo (Director) 1,650 1,650 Bettina Bachmann (Director) 1,650 3,780 Maurice Nessim (Director) 1,650 1,650 Compensation to the members 2023 20221of the Nomination CommitteeGlen Ole R\u00f8dland (Chair) 21 15 Christina Stray 13 5 Henry H. Hamilton III 13 5 1 The table shows compensation paid during the year. The members of the committee receive compensation per meeting held, and the amounts are paid in NOK.",
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"value": "Note 11: InventoriesInventories are measured at the lower of cost and net realizable value. Net realizable value is the estimated sellingprice in the ordinary course of business, less selling expenses, and the estimated cost to complete the inventory.The cost of inventories is based on the weighted average cost.(All amounts in USD 1,000s) 2023 2022Raw materials equipment (work in progress) 4,469 2,092Finished equipment 7,077 3,968Battery stock 1,019 516Total inventories 12,565 6,575",
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"value": "AUDITOR\u2019S FEE(All amounts in USD 1,000s) 2023 2022KPMG, Deloitte and Crowe Statutory audit 1,614 1,589Other attestation services 37 12Other services 75 157Total fees\u00b9 1,726 1,758\u00b9 USD 1.390 of the total fee above relates to KPMG. All amounts are exclusive of VAT.",
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"value": "Note 13: Share-based paymentsSince 2015, TGS has issued awards of incentive stock units to its Executive Management, senior leadership team The expense recognized for incentive stock units awarded, which is considered expense for employee services and other non-executive key employees. From 2015 to 2023, TGS awarded a limited number of performance share during the year, is shown in the following table:units (PSUs) to Executive Management, while a limited amount of restricted share units (RSUs) was awarded to (All amounts in USD 1,000s) 2023 2022non-executive key employees other than the Executive Management. In 2021, 2022 and 2023, TGS awarded PSUs to members of the senior leadership team. The awards are settled in common shares of TGS, and each of the PSUs Expense arising from equity-settled 3,532 2,223share-based payment plansand RSUs represent the right to receive the maximum of one common share. The PSUs and the RSUs vest three years after the date of grant. During 2023, the 2020 PSU and RSU awards vested, and in 2022, the 2019 PSU and The fair value of share-based payments is assumed equal to the share price at grant date. RSU awards vested. The following table illustrates the number of outstanding share-based payments (No.) and weighted average In 2023, TGS awarded a total of 561,140 PSUs to members of the executive and senior leadership teams. exercise prices (WAEP) of, and movements in, RSUs and PSUs: The actual number of shares to be received by holders of the 2023 PSUs are dependent on three performance metrics which are measured for the period 1 January 2023 through 31 December 2025 (2022 plan: 1 January 2022 112023 No. WAEP (NOK)2022 No. WAEP (NOK)through 31 December 2024): Expected outstanding shares 1,184,180 0.25 1,061,310 0.25 at 1 January \u25a0 Relative return on average capital employed Granted during the year 820,240 0.25 485,080 0.25 \u25a0 Absolute return on average capital employed Adjusted quantity due (688,671) (131,496)to performance metrics \u25a0 Health, social and environmental (HSE) metrics and sustainability metric Forfeited during the year (40,025) (47,550)The performance metrics are described in more detail in the Management Remuneration Report. The payout Exercised during the year (131,977) 0.25 (171,164) 0.25 percentage for the PSUs will depend on the Group\u2019s achievement when all the performance metrics are fully earned, Corrected during the year \u2013 (12,000)with payout ranging from 0% to 100%. If fully earned at 100% payout, a total of 554,265 (remaining at 31 December Expected outstanding 2023) PSUs would vest (2022 plan: 341,280 PSUs remaining at 31 December 2023). The fair value of the PSUs 1,143,747 0.25 1,184,180 0.25 shares at 31 Decembergranted in 2023 is measured based on the market value at the grant date and expensed over the vesting period. 1 The WAEP for the incentive stock units is the par value of each share of stock, which must be paid by the holder of the units. The weighted average remaining contractual life for the long-term incentive plans outstanding on 31 December 2023 is 1.61 years (2022: 1.58 years). The holders of the RSUs are eligible to receive one share per RSU on the vesting date, and the fair value of the RSUs The weighted average fair value of the PSUs and RSUs granted during 2023 was NOK 136.6 per share. The weighted average fair value of the PSUs andgranted in 2023 is measured based on the market value of the shares on the grant day. A total of 259,100 RSUs were RSUs granted during 2022 was NOK 146.7 per share. The RSU and PSU plans are equity-settled and the fair values are measured at grant date. granted in 2023. (2022 plan: 143,800 RSUs.) The liabilities, Social Security taxes, arising from the plans amounted to USD 0.29 million as of 31 December 2023 (2022: USD 0.20 million).Expected outstanding PSUs and RSUs as of 31 December 2023: No. of PSUs/RSUs Exercise dates Holders Price/ conditions Granted1112,100 See belowKey employees Fair market value (FMV) of a share including expected dividends 10 August 20212116,120 See belowExecutive Management Fair market value (FMV) of a share including expected dividends, adjusted for performance criteria 10 August 20213125,500 See belowKey employees Fair market value (FMV) of a share including expected dividends 9 August 20224204,768 See belowExecutive Management Fair market value (FMV) of a share including expected dividends, adjusted for performance criteria 9 August 20225252,700 See belowKey employees Fair market value (FMV) of a share including expected dividends 8 August 20236332,559 See belowExecutive Management Fair market value (FMV) of a share including expected dividends, adjusted for performance criteria 8 August 20231,143,7471 The holders will receive maximum one share per unit on 10 August 2024. 2 The holders will receive maximum one share per unit on 10 August 2024, subject to determination of payout percentage ranging from 0% to 100%. 3 The holders will receive maximum one share per unit on 9 August 2025. 4 The holders will receive maximum one share per unit on 9 August 2025, subject to determination of payout percentage ranging from 0% to 100%.5 The holders will receive maximum one share per unit on 9 August 2026. 6 The holders will receive maximum one share per unit on 9 August 2026, subject to determination of payout percentage ranging from 0% to 100%.",
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"value": "Note 13: Share-based paymentsSince 2015, TGS has issued awards of incentive stock units to its Executive Management, senior leadership team The expense recognized for incentive stock units awarded, which is considered expense for employee services and other non-executive key employees. From 2015 to 2023, TGS awarded a limited number of performance share during the year, is shown in the following table:units (PSUs) to Executive Management, while a limited amount of restricted share units (RSUs) was awarded to (All amounts in USD 1,000s) 2023 2022non-executive key employees other than the Executive Management. In 2021, 2022 and 2023, TGS awarded PSUs to members of the senior leadership team. The awards are settled in common shares of TGS, and each of the PSUs Expense arising from equity-settled 3,532 2,223share-based payment plansand RSUs represent the right to receive the maximum of one common share. The PSUs and the RSUs vest three years after the date of grant. During 2023, the 2020 PSU and RSU awards vested, and in 2022, the 2019 PSU and The fair value of share-based payments is assumed equal to the share price at grant date. RSU awards vested. The following table illustrates the number of outstanding share-based payments (No.) and weighted average In 2023, TGS awarded a total of 561,140 PSUs to members of the executive and senior leadership teams. exercise prices (WAEP) of, and movements in, RSUs and PSUs: The actual number of shares to be received by holders of the 2023 PSUs are dependent on three performance metrics which are measured for the period 1 January 2023 through 31 December 2025 (2022 plan: 1 January 2022 112023 No. WAEP (NOK)2022 No. WAEP (NOK)through 31 December 2024): Expected outstanding shares 1,184,180 0.25 1,061,310 0.25 at 1 January \u25a0 Relative return on average capital employed Granted during the year 820,240 0.25 485,080 0.25 \u25a0 Absolute return on average capital employed Adjusted quantity due (688,671) (131,496)to performance metrics \u25a0 Health, social and environmental (HSE) metrics and sustainability metric Forfeited during the year (40,025) (47,550)The performance metrics are described in more detail in the Management Remuneration Report. The payout Exercised during the year (131,977) 0.25 (171,164) 0.25 percentage for the PSUs will depend on the Group\u2019s achievement when all the performance metrics are fully earned, Corrected during the year \u2013 (12,000)with payout ranging from 0% to 100%. If fully earned at 100% payout, a total of 554,265 (remaining at 31 December Expected outstanding 2023) PSUs would vest (2022 plan: 341,280 PSUs remaining at 31 December 2023). The fair value of the PSUs 1,143,747 0.25 1,184,180 0.25 shares at 31 Decembergranted in 2023 is measured based on the market value at the grant date and expensed over the vesting period. 1 The WAEP for the incentive stock units is the par value of each share of stock, which must be paid by the holder of the units. The weighted average remaining contractual life for the long-term incentive plans outstanding on 31 December 2023 is 1.61 years (2022: 1.58 years). The holders of the RSUs are eligible to receive one share per RSU on the vesting date, and the fair value of the RSUs The weighted average fair value of the PSUs and RSUs granted during 2023 was NOK 136.6 per share. The weighted average fair value of the PSUs andgranted in 2023 is measured based on the market value of the shares on the grant day. A total of 259,100 RSUs were RSUs granted during 2022 was NOK 146.7 per share. The RSU and PSU plans are equity-settled and the fair values are measured at grant date. granted in 2023. (2022 plan: 143,800 RSUs.) The liabilities, Social Security taxes, arising from the plans amounted to USD 0.29 million as of 31 December 2023 (2022: USD 0.20 million).Expected outstanding PSUs and RSUs as of 31 December 2023: No. of PSUs/RSUs Exercise dates Holders Price/ conditions Granted1112,100 See belowKey employees Fair market value (FMV) of a share including expected dividends 10 August 20212116,120 See belowExecutive Management Fair market value (FMV) of a share including expected dividends, adjusted for performance criteria 10 August 20213125,500 See belowKey employees Fair market value (FMV) of a share including expected dividends 9 August 20224204,768 See belowExecutive Management Fair market value (FMV) of a share including expected dividends, adjusted for performance criteria 9 August 20225252,700 See belowKey employees Fair market value (FMV) of a share including expected dividends 8 August 20236332,559 See belowExecutive Management Fair market value (FMV) of a share including expected dividends, adjusted for performance criteria 8 August 20231,143,7471 The holders will receive maximum one share per unit on 10 August 2024. 2 The holders will receive maximum one share per unit on 10 August 2024, subject to determination of payout percentage ranging from 0% to 100%. 3 The holders will receive maximum one share per unit on 9 August 2025. 4 The holders will receive maximum one share per unit on 9 August 2025, subject to determination of payout percentage ranging from 0% to 100%.5 The holders will receive maximum one share per unit on 9 August 2026. 6 The holders will receive maximum one share per unit on 9 August 2026, subject to determination of payout percentage ranging from 0% to 100%.FAIR VALUE OF FINANCIAL INSTRUMENTS Fair value of the financial instruments that are carried in the financial statements is equal to book value.Financial instruments at amortized cost 2023 2022Accounts receivables 93,712 142,781Accrued revenues 63,217 97,538Other receivables 76,700 78,463Cash and cash equivalents 196,741 188,452Total financial assets 430,370 507,235Short-term interest bearing debt \u2013 44,748Accounts payable and debt to partners 95,049 72,862Taxes payable 5,464 14,044Withheld payroll tax, social security and VAT 72,913 63,179Current lease liabilities 43,877 38,350Other current- and non-current liabilities 129,716 187,749Total financial liabilities 347,018 420,932",
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"value": "Note 14: Earnings per shareBasic earnings per share are calculated by dividing net profit for the year attributable to ordinary equity holders of TGS by the weighted average number of ordinary shares outstanding (net of treasury shares) during the year. Diluted earnings per share are calculated by dividing the net profit attributable to ordinary equity holders of TGS by the weighted average number of ordinary shares outstanding during the year plus the weighted average number of ordinary shares that would be issued on the conversionof all the dilutive potential ordinary shares (RSUs and PSUs) into ordinary shares. The following reflects the income and share data used in the basic and diluted earnings per share computations:2023 2022Net profit attributable to ordinary equity holders of the Parent 21,646 87,796 Weighted average number of ordinary shares (excluding treasury shares) for basic earnings per share 126,275 117,815 Effect of dilution 891 1,121 Weighted average number of ordinary shares (excluding treasury shares) adjusted for effect of dilution 127,166 118,936 Basic earnings per share 0.17 0.75 Diluted earnings per share 0.17 0.74 ",
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"value": "Note 15: Equity and shareholders\u2019 authorizationsOrdinary shares issued and fully paid Number of shares USD31 December 2021 117,441,118 4,086Canceled treasury shares 14.07.2022 (1,367,953) (33Issued 30.09.2022 for cash on vesting of PSU and RSU 127,625 3Capital increase 11.10.2022 (Magseis acquisition) 8,726,649 20331 December 2022 124,927,439 4,259Issued 05.09.2023 for cash on vesting of PSU and RSU 103,020 2Capital increase 20.09.2023 6,250,000 14531 December 2023 131,280,459 4,406TREASURY SHARESBy resolution of the AGM held 10 May 2023, the Board is also granted the authorization to issue loans for a total amount of up to NOK 2,250,000,000 with the right to require shares to be issued (convertible loans). The share TGS, from time to time, buys back shares under authorizations given by the shareholders. The shares may be held capital may be increased by up to NOK 3,123,185 provided that the combined number of shares that are issued in treasury, used as payment in M&A transactions, used in relation to exercise of employees\u2019 share-based incentive pursuant to this authorization and the authorization to increase the share capital will not exceed 10% of the Group\u2019s schemes or eventually canceled. As of 31 December 2023, TGS held 418,630 treasury shares, 0.32% of the total current share capital. The subscription price and other subscription terms will be determined by the Board. The shares issued (2022: 458,515 shares, 0.37%). The following table shows the movement of treasury shareholdings:shareholders\u2019 preemptive rights pursuant to section 11-4 of the Norwegian Public Limited Companies Act, cf. sections 10-4 and 10-5, may be deviated from by the Board. The authorization is valid until the Annual General Number of shares USDMeeting in 2024, but no later than 30 June 2024. The authorization replaces previously granted authorizations 31 December 2021 1,334,261 (38) to issue convertible loans. 22 February \u2013 20 September 2021 treasury shares bought back 502,107 (13) In addition, by resolution of the AGM held 10 May 2023, the issuance of maximum 850,000 shares, supported 13 May 2022, treasury shares distributed to Board members (9,900) 0by free-standing warrants, to executives and key employees pursuant to the TGS 2023 Long-Term Incentive Plan 14 July 2022 treasury shares canceled (1,367,953) 33(2023 LTIP), was approved.31 December 2022 458,515 (18) 10 May 2023 treasury shares distributed for vesting By the resolution of the AGM held 10 May 2023, the Group\u2019s share capital was reduced by NOK 61,328.75 through (26,685) 1of employee stock optionscancellation of 245,315 treasury shares held by the Group each with par value of NOK 0.25. The cancellation was 31 August 2023 treasury shares distributed to Board members (13,200) 0finalized in 2024. The Group increased the share capital by NOK 25,755 on 5 September and NOK 1,562,500 31 December 2023 418,630 (16) on 20 September 2023. The Group did not issue any convertible loans between 10 May 2023 and 31 December 2023.SHAREHOLDERS\u2019 AUTHORIZATION TO THE BOARD TO BUY BACK SHARES IN THE GROUPSHAREHOLDERS\u2019 AUTHORIZATION TO THE BOARD TO INCREASE SHARE CAPITAL IN THE GROUP AND TO ISSUE CONVERTIBLE LOANSBy resolution of the AGM held 10 May 2023, the Board is authorized to acquire, on behalf of the Group, the Group\u2019s own shares up to 10% of the nominal value of the Group\u2019s share capital, which pursuant to the current nominal valueBy resolution of the Annual General Meeting (AGM) held 10 May 2023, the Board is authorized to, on behalf of is up to NOK 3,123,185. The limitations are adjusted in the event of share consolidation, share splits and similar the Group, increase share capital of the Group by up to NOK 3,123,185 through one or more issuances of new transactions. The lowest price to be paid per share is NOK 0.25 and the highest price to be paid per share is the shares or bonus issues. The subscription price and other subscription terms will be determined by the Board. The volume weighted average price as quoted on the stock exchange for the five business days prior to the time capital increase may be paid in cash, by set-off or by other contributions in kind. The authorization includes the of the acquisition plus 5%. The lowest price is equal to the current nominal value and shall be adjusted in the event right to incur special obligations on behalf of the Group, cf. Section 10-2 of the Norwegian Public Limited Liability of share consolidation, share splits and similar transactions. Acquisition and sale of the Group\u2019s own shares can Companies Act. The shareholders\u2019 preemptive rights pursuant to Sections 10-4, cf. Section 10-5 of the Norwegian take place in the manner which the Board of Directors considers to be in the Group\u2019s best interest. The authorizationPublic Limited Liability Companies Act, to subscribe for any new shares may be deviated from by the Board. The can be used one or several times. This authorization is valid until the AGM in 2024, however no longer than until authorization encompasses share capital increases in connection with mergers, cf. section 13-5 of the Norwegian 30 June 2024. The authorization replaces previously granted authorizations to acquire own shares.Public Limited Liability Companies Act. The authorization is valid until the Annual General Meeting in 2024, but no later than 30 June 2024. The authorization replaces previously granted authorizations to issue new shares. The Group acquired 0 shares for treasury between 10 May 2023 and 31 December 2023 pursuant to the above authorization. After 31 December 2023, until the date of authorization of these financial statements (20 March 2024), TGS did not acquire additional shares. SHAREHOLDERS\u2019 AUTHORIZATION TO THE BOARD TO DISTRIBUTE DIVIDENDSThe AGM held 10 May 2023 renewed the Board of Directors\u2019 authorization to distribute quarterly dividends on thebasis of the 2022 financial statements. The authorization shall be valid until the Group\u2019s AGM in 2024, but no laterthan 30 June 2024. \u25a0 On 10 May 2023, the Board of Directors resolved to pay a quarterly dividend of the NOK equivalent of USD 0.14 per share (NOK 1.48) to the shareholders. \u25a0 On 19 July 2023, the Board of Directors resolved to pay a quarterly dividend of the NOK equivalent of USD 0.14 per share (NOK 1.41) to the shareholders. \u25a0 On 25 October 2023, the Board of Directors resolved to pay a quarterly dividend of the NOK equivalent of USD 0.14 per share (NOK 1.56) to the shareholders. \u25a0 On 14 February 2024, the Board of Directors resolved to pay a quarterly dividend of the NOK equivalent of USD 0.14 per share (NOK 1.47) to the shareholders.The 20 largest shareholders as of 31 December 2023 as registered with VPS:Name Country Shares %1 FOLKETRYGDFONDET Norway Ordinary 13,536,500 10.3%2 Brown Brothers Harriman (Lux.) SCA Luxembourg Nominee 8,768,489 6.7%3 PARETO AKSJE NORGE VERDIPAPIRFOND Norway Ordinary 5,219,695 4.0%4 The Bank of New York Mellon United States Nominee 5,084,796 3.9%5 State Street Bank and Trust Comp United States Nominee 3,928,087 3.0%6 JPMorgan Chase Bank, N.A., London United Kingdom Nominee 3,874,901 3.0%7 The Northern Trust Comp, London Br United Kingdom Nominee 3,575,790 2.7%8 JPMorgan Chase Bank, N.A., London United Kingdom Nominee 2,671,001 2.0%9 State Street Bank and Trust Comp United States Nominee 2,600,424 2.0%10 AAT INVEST AS Norway Ordinary 2,000,000 1.5%11 VERDIPAPIRFOND ODIN NORGE Norway Ordinary 1,985,555 1.5%12 VPF DNB NORGE SELEKTIV Norway Ordinary 1,771,407 1.3%13 VERDIPAPIRFONDET HOLBERG NORGE Norway Ordinary 1,700,000 1.3%14 State Street Bank and Trust Comp United States Nominee 1,696,824 1.3%15 State Street Bank and Trust Comp United States Nominee 1,673,163 1.3%16 RBC INVESTOR SERVICES TRUST Ireland Nominee 1,591,857 1.2%17 VPF DNB AM NORSKE AKSJER Norway Ordinary 1,380,536 1.1%18 HAMILTON United States Ordinary 1,352,400 1.0%19 VERDIPAPIRFONDET DNB NORGE Norway Ordinary 1,340,431 1.0%20 CLEARSTREAM BANKING S.A. Luxembourg Nominee 1,303,331 1.0% 20 LARGEST 67,055,187 51.1% Total number of shares, par value of NOK 0.25 131,280,459 100.0%",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIssuedCapitalExplanatory",
"language": "en",
"entity": "scheme:549300NUPLAXPB0WYH90",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"pp-value-68-3": {
"value": "Note 15: Equity and shareholders\u2019 authorizationsOrdinary shares issued and fully paid Number of shares USD31 December 2021 117,441,118 4,086Canceled treasury shares 14.07.2022 (1,367,953) (33Issued 30.09.2022 for cash on vesting of PSU and RSU 127,625 3Capital increase 11.10.2022 (Magseis acquisition) 8,726,649 20331 December 2022 124,927,439 4,259Issued 05.09.2023 for cash on vesting of PSU and RSU 103,020 2Capital increase 20.09.2023 6,250,000 14531 December 2023 131,280,459 4,406TREASURY SHARESBy resolution of the AGM held 10 May 2023, the Board is also granted the authorization to issue loans for a total amount of up to NOK 2,250,000,000 with the right to require shares to be issued (convertible loans). The share TGS, from time to time, buys back shares under authorizations given by the shareholders. The shares may be held capital may be increased by up to NOK 3,123,185 provided that the combined number of shares that are issued in treasury, used as payment in M&A transactions, used in relation to exercise of employees\u2019 share-based incentive pursuant to this authorization and the authorization to increase the share capital will not exceed 10% of the Group\u2019s schemes or eventually canceled. As of 31 December 2023, TGS held 418,630 treasury shares, 0.32% of the total current share capital. The subscription price and other subscription terms will be determined by the Board. The shares issued (2022: 458,515 shares, 0.37%). The following table shows the movement of treasury shareholdings:shareholders\u2019 preemptive rights pursuant to section 11-4 of the Norwegian Public Limited Companies Act, cf. sections 10-4 and 10-5, may be deviated from by the Board. The authorization is valid until the Annual General Number of shares USDMeeting in 2024, but no later than 30 June 2024. The authorization replaces previously granted authorizations 31 December 2021 1,334,261 (38) to issue convertible loans. 22 February \u2013 20 September 2021 treasury shares bought back 502,107 (13) In addition, by resolution of the AGM held 10 May 2023, the issuance of maximum 850,000 shares, supported 13 May 2022, treasury shares distributed to Board members (9,900) 0by free-standing warrants, to executives and key employees pursuant to the TGS 2023 Long-Term Incentive Plan 14 July 2022 treasury shares canceled (1,367,953) 33(2023 LTIP), was approved.31 December 2022 458,515 (18) 10 May 2023 treasury shares distributed for vesting By the resolution of the AGM held 10 May 2023, the Group\u2019s share capital was reduced by NOK 61,328.75 through (26,685) 1of employee stock optionscancellation of 245,315 treasury shares held by the Group each with par value of NOK 0.25. The cancellation was 31 August 2023 treasury shares distributed to Board members (13,200) 0finalized in 2024. The Group increased the share capital by NOK 25,755 on 5 September and NOK 1,562,500 31 December 2023 418,630 (16) on 20 September 2023. The Group did not issue any convertible loans between 10 May 2023 and 31 December 2023.SHAREHOLDERS\u2019 AUTHORIZATION TO THE BOARD TO BUY BACK SHARES IN THE GROUPSHAREHOLDERS\u2019 AUTHORIZATION TO THE BOARD TO INCREASE SHARE CAPITAL IN THE GROUP AND TO ISSUE CONVERTIBLE LOANSBy resolution of the AGM held 10 May 2023, the Board is authorized to acquire, on behalf of the Group, the Group\u2019s own shares up to 10% of the nominal value of the Group\u2019s share capital, which pursuant to the current nominal valueBy resolution of the Annual General Meeting (AGM) held 10 May 2023, the Board is authorized to, on behalf of is up to NOK 3,123,185. The limitations are adjusted in the event of share consolidation, share splits and similar the Group, increase share capital of the Group by up to NOK 3,123,185 through one or more issuances of new transactions. The lowest price to be paid per share is NOK 0.25 and the highest price to be paid per share is the shares or bonus issues. The subscription price and other subscription terms will be determined by the Board. The volume weighted average price as quoted on the stock exchange for the five business days prior to the time capital increase may be paid in cash, by set-off or by other contributions in kind. The authorization includes the of the acquisition plus 5%. The lowest price is equal to the current nominal value and shall be adjusted in the event right to incur special obligations on behalf of the Group, cf. Section 10-2 of the Norwegian Public Limited Liability of share consolidation, share splits and similar transactions. Acquisition and sale of the Group\u2019s own shares can Companies Act. The shareholders\u2019 preemptive rights pursuant to Sections 10-4, cf. Section 10-5 of the Norwegian take place in the manner which the Board of Directors considers to be in the Group\u2019s best interest. The authorizationPublic Limited Liability Companies Act, to subscribe for any new shares may be deviated from by the Board. The can be used one or several times. This authorization is valid until the AGM in 2024, however no longer than until authorization encompasses share capital increases in connection with mergers, cf. section 13-5 of the Norwegian 30 June 2024. The authorization replaces previously granted authorizations to acquire own shares.Public Limited Liability Companies Act. The authorization is valid until the Annual General Meeting in 2024, but no later than 30 June 2024. The authorization replaces previously granted authorizations to issue new shares. The Group acquired 0 shares for treasury between 10 May 2023 and 31 December 2023 pursuant to the above authorization. After 31 December 2023, until the date of authorization of these financial statements (20 March 2024), TGS did not acquire additional shares. SHAREHOLDERS\u2019 AUTHORIZATION TO THE BOARD TO DISTRIBUTE DIVIDENDSThe AGM held 10 May 2023 renewed the Board of Directors\u2019 authorization to distribute quarterly dividends on thebasis of the 2022 financial statements. The authorization shall be valid until the Group\u2019s AGM in 2024, but no laterthan 30 June 2024. \u25a0 On 10 May 2023, the Board of Directors resolved to pay a quarterly dividend of the NOK equivalent of USD 0.14 per share (NOK 1.48) to the shareholders. \u25a0 On 19 July 2023, the Board of Directors resolved to pay a quarterly dividend of the NOK equivalent of USD 0.14 per share (NOK 1.41) to the shareholders. \u25a0 On 25 October 2023, the Board of Directors resolved to pay a quarterly dividend of the NOK equivalent of USD 0.14 per share (NOK 1.56) to the shareholders. \u25a0 On 14 February 2024, the Board of Directors resolved to pay a quarterly dividend of the NOK equivalent of USD 0.14 per share (NOK 1.47) to the shareholders.The 20 largest shareholders as of 31 December 2023 as registered with VPS:Name Country Shares %1 FOLKETRYGDFONDET Norway Ordinary 13,536,500 10.3%2 Brown Brothers Harriman (Lux.) SCA Luxembourg Nominee 8,768,489 6.7%3 PARETO AKSJE NORGE VERDIPAPIRFOND Norway Ordinary 5,219,695 4.0%4 The Bank of New York Mellon United States Nominee 5,084,796 3.9%5 State Street Bank and Trust Comp United States Nominee 3,928,087 3.0%6 JPMorgan Chase Bank, N.A., London United Kingdom Nominee 3,874,901 3.0%7 The Northern Trust Comp, London Br United Kingdom Nominee 3,575,790 2.7%8 JPMorgan Chase Bank, N.A., London United Kingdom Nominee 2,671,001 2.0%9 State Street Bank and Trust Comp United States Nominee 2,600,424 2.0%10 AAT INVEST AS Norway Ordinary 2,000,000 1.5%11 VERDIPAPIRFOND ODIN NORGE Norway Ordinary 1,985,555 1.5%12 VPF DNB NORGE SELEKTIV Norway Ordinary 1,771,407 1.3%13 VERDIPAPIRFONDET HOLBERG NORGE Norway Ordinary 1,700,000 1.3%14 State Street Bank and Trust Comp United States Nominee 1,696,824 1.3%15 State Street Bank and Trust Comp United States Nominee 1,673,163 1.3%16 RBC INVESTOR SERVICES TRUST Ireland Nominee 1,591,857 1.2%17 VPF DNB AM NORSKE AKSJER Norway Ordinary 1,380,536 1.1%18 HAMILTON United States Ordinary 1,352,400 1.0%19 VERDIPAPIRFONDET DNB NORGE Norway Ordinary 1,340,431 1.0%20 CLEARSTREAM BANKING S.A. Luxembourg Nominee 1,303,331 1.0% 20 LARGEST 67,055,187 51.1% Total number of shares, par value of NOK 0.25 131,280,459 100.0%",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDividendsExplanatory",
"language": "en",
"entity": "scheme:549300NUPLAXPB0WYH90",
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},
"pp-value-68-4": {
"value": "Note 15: Equity and shareholders\u2019 authorizationsOrdinary shares issued and fully paid Number of shares USD31 December 2021 117,441,118 4,086Canceled treasury shares 14.07.2022 (1,367,953) (33Issued 30.09.2022 for cash on vesting of PSU and RSU 127,625 3Capital increase 11.10.2022 (Magseis acquisition) 8,726,649 20331 December 2022 124,927,439 4,259Issued 05.09.2023 for cash on vesting of PSU and RSU 103,020 2Capital increase 20.09.2023 6,250,000 14531 December 2023 131,280,459 4,406TREASURY SHARESBy resolution of the AGM held 10 May 2023, the Board is also granted the authorization to issue loans for a total amount of up to NOK 2,250,000,000 with the right to require shares to be issued (convertible loans). The share TGS, from time to time, buys back shares under authorizations given by the shareholders. The shares may be held capital may be increased by up to NOK 3,123,185 provided that the combined number of shares that are issued in treasury, used as payment in M&A transactions, used in relation to exercise of employees\u2019 share-based incentive pursuant to this authorization and the authorization to increase the share capital will not exceed 10% of the Group\u2019s schemes or eventually canceled. As of 31 December 2023, TGS held 418,630 treasury shares, 0.32% of the total current share capital. The subscription price and other subscription terms will be determined by the Board. The shares issued (2022: 458,515 shares, 0.37%). The following table shows the movement of treasury shareholdings:shareholders\u2019 preemptive rights pursuant to section 11-4 of the Norwegian Public Limited Companies Act, cf. sections 10-4 and 10-5, may be deviated from by the Board. The authorization is valid until the Annual General Number of shares USDMeeting in 2024, but no later than 30 June 2024. The authorization replaces previously granted authorizations 31 December 2021 1,334,261 (38) to issue convertible loans. 22 February \u2013 20 September 2021 treasury shares bought back 502,107 (13) In addition, by resolution of the AGM held 10 May 2023, the issuance of maximum 850,000 shares, supported 13 May 2022, treasury shares distributed to Board members (9,900) 0by free-standing warrants, to executives and key employees pursuant to the TGS 2023 Long-Term Incentive Plan 14 July 2022 treasury shares canceled (1,367,953) 33(2023 LTIP), was approved.31 December 2022 458,515 (18) 10 May 2023 treasury shares distributed for vesting By the resolution of the AGM held 10 May 2023, the Group\u2019s share capital was reduced by NOK 61,328.75 through (26,685) 1of employee stock optionscancellation of 245,315 treasury shares held by the Group each with par value of NOK 0.25. The cancellation was 31 August 2023 treasury shares distributed to Board members (13,200) 0finalized in 2024. The Group increased the share capital by NOK 25,755 on 5 September and NOK 1,562,500 31 December 2023 418,630 (16) on 20 September 2023. The Group did not issue any convertible loans between 10 May 2023 and 31 December 2023.SHAREHOLDERS\u2019 AUTHORIZATION TO THE BOARD TO BUY BACK SHARES IN THE GROUPSHAREHOLDERS\u2019 AUTHORIZATION TO THE BOARD TO INCREASE SHARE CAPITAL IN THE GROUP AND TO ISSUE CONVERTIBLE LOANSBy resolution of the AGM held 10 May 2023, the Board is authorized to acquire, on behalf of the Group, the Group\u2019s own shares up to 10% of the nominal value of the Group\u2019s share capital, which pursuant to the current nominal valueBy resolution of the Annual General Meeting (AGM) held 10 May 2023, the Board is authorized to, on behalf of is up to NOK 3,123,185. The limitations are adjusted in the event of share consolidation, share splits and similar the Group, increase share capital of the Group by up to NOK 3,123,185 through one or more issuances of new transactions. The lowest price to be paid per share is NOK 0.25 and the highest price to be paid per share is the shares or bonus issues. The subscription price and other subscription terms will be determined by the Board. The volume weighted average price as quoted on the stock exchange for the five business days prior to the time capital increase may be paid in cash, by set-off or by other contributions in kind. The authorization includes the of the acquisition plus 5%. The lowest price is equal to the current nominal value and shall be adjusted in the event right to incur special obligations on behalf of the Group, cf. Section 10-2 of the Norwegian Public Limited Liability of share consolidation, share splits and similar transactions. Acquisition and sale of the Group\u2019s own shares can Companies Act. The shareholders\u2019 preemptive rights pursuant to Sections 10-4, cf. Section 10-5 of the Norwegian take place in the manner which the Board of Directors considers to be in the Group\u2019s best interest. The authorizationPublic Limited Liability Companies Act, to subscribe for any new shares may be deviated from by the Board. The can be used one or several times. This authorization is valid until the AGM in 2024, however no longer than until authorization encompasses share capital increases in connection with mergers, cf. section 13-5 of the Norwegian 30 June 2024. The authorization replaces previously granted authorizations to acquire own shares.Public Limited Liability Companies Act. The authorization is valid until the Annual General Meeting in 2024, but no later than 30 June 2024. The authorization replaces previously granted authorizations to issue new shares. The Group acquired 0 shares for treasury between 10 May 2023 and 31 December 2023 pursuant to the above authorization. After 31 December 2023, until the date of authorization of these financial statements (20 March 2024), TGS did not acquire additional shares. SHAREHOLDERS\u2019 AUTHORIZATION TO THE BOARD TO DISTRIBUTE DIVIDENDSThe AGM held 10 May 2023 renewed the Board of Directors\u2019 authorization to distribute quarterly dividends on thebasis of the 2022 financial statements. The authorization shall be valid until the Group\u2019s AGM in 2024, but no laterthan 30 June 2024. \u25a0 On 10 May 2023, the Board of Directors resolved to pay a quarterly dividend of the NOK equivalent of USD 0.14 per share (NOK 1.48) to the shareholders. \u25a0 On 19 July 2023, the Board of Directors resolved to pay a quarterly dividend of the NOK equivalent of USD 0.14 per share (NOK 1.41) to the shareholders. \u25a0 On 25 October 2023, the Board of Directors resolved to pay a quarterly dividend of the NOK equivalent of USD 0.14 per share (NOK 1.56) to the shareholders. \u25a0 On 14 February 2024, the Board of Directors resolved to pay a quarterly dividend of the NOK equivalent of USD 0.14 per share (NOK 1.47) to the shareholders.The 20 largest shareholders as of 31 December 2023 as registered with VPS:Name Country Shares %1 FOLKETRYGDFONDET Norway Ordinary 13,536,500 10.3%2 Brown Brothers Harriman (Lux.) SCA Luxembourg Nominee 8,768,489 6.7%3 PARETO AKSJE NORGE VERDIPAPIRFOND Norway Ordinary 5,219,695 4.0%4 The Bank of New York Mellon United States Nominee 5,084,796 3.9%5 State Street Bank and Trust Comp United States Nominee 3,928,087 3.0%6 JPMorgan Chase Bank, N.A., London United Kingdom Nominee 3,874,901 3.0%7 The Northern Trust Comp, London Br United Kingdom Nominee 3,575,790 2.7%8 JPMorgan Chase Bank, N.A., London United Kingdom Nominee 2,671,001 2.0%9 State Street Bank and Trust Comp United States Nominee 2,600,424 2.0%10 AAT INVEST AS Norway Ordinary 2,000,000 1.5%11 VERDIPAPIRFOND ODIN NORGE Norway Ordinary 1,985,555 1.5%12 VPF DNB NORGE SELEKTIV Norway Ordinary 1,771,407 1.3%13 VERDIPAPIRFONDET HOLBERG NORGE Norway Ordinary 1,700,000 1.3%14 State Street Bank and Trust Comp United States Nominee 1,696,824 1.3%15 State Street Bank and Trust Comp United States Nominee 1,673,163 1.3%16 RBC INVESTOR SERVICES TRUST Ireland Nominee 1,591,857 1.2%17 VPF DNB AM NORSKE AKSJER Norway Ordinary 1,380,536 1.1%18 HAMILTON United States Ordinary 1,352,400 1.0%19 VERDIPAPIRFONDET DNB NORGE Norway Ordinary 1,340,431 1.0%20 CLEARSTREAM BANKING S.A. Luxembourg Nominee 1,303,331 1.0% 20 LARGEST 67,055,187 51.1% Total number of shares, par value of NOK 0.25 131,280,459 100.0%",
"dimensions": {
"concept": "ifrs-full:DisclosureOfTreasurySharesExplanatory",
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"entity": "scheme:549300NUPLAXPB0WYH90",
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},
"pp-value-68-5": {
"value": "Note 15: Equity and shareholders\u2019 authorizationsOrdinary shares issued and fully paid Number of shares USD31 December 2021 117,441,118 4,086Canceled treasury shares 14.07.2022 (1,367,953) (33Issued 30.09.2022 for cash on vesting of PSU and RSU 127,625 3Capital increase 11.10.2022 (Magseis acquisition) 8,726,649 20331 December 2022 124,927,439 4,259Issued 05.09.2023 for cash on vesting of PSU and RSU 103,020 2Capital increase 20.09.2023 6,250,000 14531 December 2023 131,280,459 4,406TREASURY SHARESBy resolution of the AGM held 10 May 2023, the Board is also granted the authorization to issue loans for a total amount of up to NOK 2,250,000,000 with the right to require shares to be issued (convertible loans). The share TGS, from time to time, buys back shares under authorizations given by the shareholders. The shares may be held capital may be increased by up to NOK 3,123,185 provided that the combined number of shares that are issued in treasury, used as payment in M&A transactions, used in relation to exercise of employees\u2019 share-based incentive pursuant to this authorization and the authorization to increase the share capital will not exceed 10% of the Group\u2019s schemes or eventually canceled. As of 31 December 2023, TGS held 418,630 treasury shares, 0.32% of the total current share capital. The subscription price and other subscription terms will be determined by the Board. The shares issued (2022: 458,515 shares, 0.37%). The following table shows the movement of treasury shareholdings:shareholders\u2019 preemptive rights pursuant to section 11-4 of the Norwegian Public Limited Companies Act, cf. sections 10-4 and 10-5, may be deviated from by the Board. The authorization is valid until the Annual General Number of shares USDMeeting in 2024, but no later than 30 June 2024. The authorization replaces previously granted authorizations 31 December 2021 1,334,261 (38) to issue convertible loans. 22 February \u2013 20 September 2021 treasury shares bought back 502,107 (13) In addition, by resolution of the AGM held 10 May 2023, the issuance of maximum 850,000 shares, supported 13 May 2022, treasury shares distributed to Board members (9,900) 0by free-standing warrants, to executives and key employees pursuant to the TGS 2023 Long-Term Incentive Plan 14 July 2022 treasury shares canceled (1,367,953) 33(2023 LTIP), was approved.31 December 2022 458,515 (18) 10 May 2023 treasury shares distributed for vesting By the resolution of the AGM held 10 May 2023, the Group\u2019s share capital was reduced by NOK 61,328.75 through (26,685) 1of employee stock optionscancellation of 245,315 treasury shares held by the Group each with par value of NOK 0.25. The cancellation was 31 August 2023 treasury shares distributed to Board members (13,200) 0finalized in 2024. The Group increased the share capital by NOK 25,755 on 5 September and NOK 1,562,500 31 December 2023 418,630 (16) on 20 September 2023. The Group did not issue any convertible loans between 10 May 2023 and 31 December 2023.SHAREHOLDERS\u2019 AUTHORIZATION TO THE BOARD TO BUY BACK SHARES IN THE GROUPSHAREHOLDERS\u2019 AUTHORIZATION TO THE BOARD TO INCREASE SHARE CAPITAL IN THE GROUP AND TO ISSUE CONVERTIBLE LOANSBy resolution of the AGM held 10 May 2023, the Board is authorized to acquire, on behalf of the Group, the Group\u2019s own shares up to 10% of the nominal value of the Group\u2019s share capital, which pursuant to the current nominal valueBy resolution of the Annual General Meeting (AGM) held 10 May 2023, the Board is authorized to, on behalf of is up to NOK 3,123,185. The limitations are adjusted in the event of share consolidation, share splits and similar the Group, increase share capital of the Group by up to NOK 3,123,185 through one or more issuances of new transactions. The lowest price to be paid per share is NOK 0.25 and the highest price to be paid per share is the shares or bonus issues. The subscription price and other subscription terms will be determined by the Board. The volume weighted average price as quoted on the stock exchange for the five business days prior to the time capital increase may be paid in cash, by set-off or by other contributions in kind. The authorization includes the of the acquisition plus 5%. The lowest price is equal to the current nominal value and shall be adjusted in the event right to incur special obligations on behalf of the Group, cf. Section 10-2 of the Norwegian Public Limited Liability of share consolidation, share splits and similar transactions. Acquisition and sale of the Group\u2019s own shares can Companies Act. The shareholders\u2019 preemptive rights pursuant to Sections 10-4, cf. Section 10-5 of the Norwegian take place in the manner which the Board of Directors considers to be in the Group\u2019s best interest. The authorizationPublic Limited Liability Companies Act, to subscribe for any new shares may be deviated from by the Board. The can be used one or several times. This authorization is valid until the AGM in 2024, however no longer than until authorization encompasses share capital increases in connection with mergers, cf. section 13-5 of the Norwegian 30 June 2024. The authorization replaces previously granted authorizations to acquire own shares.Public Limited Liability Companies Act. The authorization is valid until the Annual General Meeting in 2024, but no later than 30 June 2024. The authorization replaces previously granted authorizations to issue new shares. The Group acquired 0 shares for treasury between 10 May 2023 and 31 December 2023 pursuant to the above authorization. After 31 December 2023, until the date of authorization of these financial statements (20 March 2024), TGS did not acquire additional shares. SHAREHOLDERS\u2019 AUTHORIZATION TO THE BOARD TO DISTRIBUTE DIVIDENDSThe AGM held 10 May 2023 renewed the Board of Directors\u2019 authorization to distribute quarterly dividends on thebasis of the 2022 financial statements. The authorization shall be valid until the Group\u2019s AGM in 2024, but no laterthan 30 June 2024. \u25a0 On 10 May 2023, the Board of Directors resolved to pay a quarterly dividend of the NOK equivalent of USD 0.14 per share (NOK 1.48) to the shareholders. \u25a0 On 19 July 2023, the Board of Directors resolved to pay a quarterly dividend of the NOK equivalent of USD 0.14 per share (NOK 1.41) to the shareholders. \u25a0 On 25 October 2023, the Board of Directors resolved to pay a quarterly dividend of the NOK equivalent of USD 0.14 per share (NOK 1.56) to the shareholders. \u25a0 On 14 February 2024, the Board of Directors resolved to pay a quarterly dividend of the NOK equivalent of USD 0.14 per share (NOK 1.47) to the shareholders.The 20 largest shareholders as of 31 December 2023 as registered with VPS:Name Country Shares %1 FOLKETRYGDFONDET Norway Ordinary 13,536,500 10.3%2 Brown Brothers Harriman (Lux.) SCA Luxembourg Nominee 8,768,489 6.7%3 PARETO AKSJE NORGE VERDIPAPIRFOND Norway Ordinary 5,219,695 4.0%4 The Bank of New York Mellon United States Nominee 5,084,796 3.9%5 State Street Bank and Trust Comp United States Nominee 3,928,087 3.0%6 JPMorgan Chase Bank, N.A., London United Kingdom Nominee 3,874,901 3.0%7 The Northern Trust Comp, London Br United Kingdom Nominee 3,575,790 2.7%8 JPMorgan Chase Bank, N.A., London United Kingdom Nominee 2,671,001 2.0%9 State Street Bank and Trust Comp United States Nominee 2,600,424 2.0%10 AAT INVEST AS Norway Ordinary 2,000,000 1.5%11 VERDIPAPIRFOND ODIN NORGE Norway Ordinary 1,985,555 1.5%12 VPF DNB NORGE SELEKTIV Norway Ordinary 1,771,407 1.3%13 VERDIPAPIRFONDET HOLBERG NORGE Norway Ordinary 1,700,000 1.3%14 State Street Bank and Trust Comp United States Nominee 1,696,824 1.3%15 State Street Bank and Trust Comp United States Nominee 1,673,163 1.3%16 RBC INVESTOR SERVICES TRUST Ireland Nominee 1,591,857 1.2%17 VPF DNB AM NORSKE AKSJER Norway Ordinary 1,380,536 1.1%18 HAMILTON United States Ordinary 1,352,400 1.0%19 VERDIPAPIRFONDET DNB NORGE Norway Ordinary 1,340,431 1.0%20 CLEARSTREAM BANKING S.A. Luxembourg Nominee 1,303,331 1.0% 20 LARGEST 67,055,187 51.1% Total number of shares, par value of NOK 0.25 131,280,459 100.0%",
"dimensions": {
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"language": "en",
"entity": "scheme:549300NUPLAXPB0WYH90",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"pp-value-72-2": {
"value": "Note 16: Cash and cash equivalentsCash and cash equivalents include demand deposits and high liquid instruments purchased with maturities of threemonths or less.(All amounts in USD 1,000s) 2023 2022 Bank deposits 195,260 187,110 Restricted cash deposits 1,481 1,343 Total cash bank deposits 196,741 188,452 The bank deposits are mainly denominated in USD. See Note 18 where we have listed cash balances in other currencies. Restricted cash deposits relate to employee tax withholdings in Norway.",
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},
"pp-value-72-3": {
"value": "Note 16: Cash and cash equivalentsCash and cash equivalents include demand deposits and high liquid instruments purchased with maturities of threemonths or less.(All amounts in USD 1,000s) 2023 2022 Bank deposits 195,260 187,110 Restricted cash deposits 1,481 1,343 Total cash bank deposits 196,741 188,452 The bank deposits are mainly denominated in USD. See Note 18 where we have listed cash balances in other currencies. Restricted cash deposits relate to employee tax withholdings in Norway.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfRestrictedCashAndCashEquivalentsExplanatory",
"language": "en",
"entity": "scheme:549300NUPLAXPB0WYH90",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"pp-value-73-2": {
"value": "Note 17: Related partiesNo material transactions took place during 2023 or 2022 with related parties. See Note 12 for further information regarding the remuneration to the Board of Directors and to the Executive Management. See Note 3 for Business Combinations. See Note 25 for further information about the Parent Company\u2019s subsidiaries. Internal transactions are eliminatedin the Consolidated Financial Statements and do not represent transactions with related parties.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfRelatedPartyExplanatory",
"language": "en",
"entity": "scheme:549300NUPLAXPB0WYH90",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"pp-value-74-2": {
"value": "Note 18: Financial risk management objectives and policies TGS has various financial assets. These are primarily held in USD, which is the functional currency for most TGS entities. TGS principal financial liabilities comprise trade payables and other current liabilities. TGS does not holdany currency or interest rate swaps. It is, and has been, TGS policy that no trading in derivatives is undertaken. The primary risks arising from the financial risk management are market risk, liquidity risk and credit risk. The Board of Directors reviews and approves policies for managing each of the risks, which are summarized belowMARKET RISKCurrency risk is considered the only market risk for the Company. Substantial portions of TGS revenues and costsare in USD. Due to this, the TGS operational exposure to exchange rate fluctuation is low. However, as the Parent Company pays taxes in NOK to Norwegian Tax Authorities and dividends to shareholders in Norwegian kroner, fluctuations between the NOK and the USD impact currency exchange gains or losses on the tax expense and financial items of the consolidated accounts. A reasonably possible strengthening (weakening) of the USD againstNOK on 31 December 2023 would have affected the measurement of financial instruments denominated in a foreign currency and affected profit or loss by the following amounts: For deferred tax balances calculated in NOK,a strengthening of +10% on the NOK/USD currency exchange rate would have an impact on profit after tax of approximately USD 5.4 million (2022: USD 6.2 million). Further, the Group also holds financial instruments denominated in BRL, which is, tax payables, accrued revenues and costs, accounts receivable and accounts payable. A change of +10% on the BRL/USD currency exchange ratewould have a negative impact on profit before tax of approximately USD 5.5 million (2022: USD 3.4 million). This analysis assumes that all other variables remain constant.The Group holds cash balances in numerous currencies, adding further foreign currency exchange risk. The belowtable summarizes the impact on profit and loss of a 10% increase/decrease in the USD/FX rate. Note that in some jurisdictions, cash balances in local currency are held in the anticipation of costs and investments to be paid in thesame currency in the reasonable near-term future. Currency Balance in USD Gain/(Loss) of 10% movementARS 207 21 AUD 468 47 BRL 23,198 2,320 CAD 3,149 315 COP 49 5 EGP 3,934 393 EUR 4,738 474 GBP 2,298 230 IDR 4 0 INR 391 39 MXN 192 19 MYR 327 33 NGN 8,932 893 NOK 7,491 749 SGD 51 5 Grand Total 55,430 5,543 LIQUIDITY RISK Liquidity risk arises from a lack of correlation between cash flow from operations and financial commitments.Per the balance sheet date, TGS held current assets of USD 442.9 million, of which cash and cash equivalentsrepresented USD 196.7 million and other current assets represent USD 246.2 million. In comparison, current liabilities amounted to USD 581.9 million. As of 31 December 2023, TGS considers the liquidity risk to be low as the Group has an undrawn revolving credit facility of USD 150 million.The table shows a maturity analysis for the different financial liabilities:2023 0\u20136 months 6\u201312 months > 12 months TotalAccounts payable and 95,049 \u2013 \u2013 95,049debt to partnersTaxes payable, payroll tax, \u2013 78,377 \u2013 78,377social security and VATOther non-current liabilities \u2013 \u2013 41,210 41,210Total 95,049 78,377 41,210 214,6362022 0\u20136 months 6\u201312 months >12 months TotalAccounts payable and 72,862 \u2013 \u2013 72,862debt to partnersTaxes payable, payroll tax, \u2013 77,223 \u2013 77,223social security and VATShort term debt 44,748 \u2013 \u2013 44,748Other non-current liabilities \u2013 \u2013 42,408 42,408Total 117,610 77,223 42,408 237,241See Note 8 for maturity analysis for lease payables.CREDIT RISK All placements of excess cash are bank deposits. TGS is exposed to credit risk through sales and uses best effortsto manage this risk. The maximum exposure to credit risk at the reporting date is the carrying value of each class of financial assets disclosed in the table below and the carrying value of the accounts receivables and other short-term receivables disclosed in Note 21. TGS considers the risk with respect to accounts receivables as low due to the Group\u2019s credit rating policies and as its clients are primarily large oil and gas companies considered to be financially sound. TGS from time to time accepts extended payment terms on parts of firm commitments from clients. TGS may also seek extra security from the clients in certain cases, such as pledges, overriding royalty interest agreements (ORRIsor carried interests in an exploration license held by the client. As of 31 December 2023, none of the outstanding accounts receivables were secured by ORRIs (2022: USD 0 million). For details of the accounts receivables including aging, refer to Note 21. For details on other financial assets, refer to Note 21. CAPITAL MANAGEMENT The goals for the TGS capital management of funds held are to: \u25a0 Protect and preserve investment principal \u25a0 Provide liquidity \u25a0 Return a market rate of return or better As of 31 December 2023, total equity represented 65% of total assets (2022: 60%). It is the ambition of TGS to pay a cash dividend that is in line with its long-term underlying cash flow. When decidingthe dividend amount, the TGS Board of Directors will consider expected cash flow, investment plans, financing requirements and a level of financial flexibility that is appropriate for the TGS business model. The aim will be to keep a stable quarterly dividend in US dollars through the year, but the actual level paid will be subject to continuous evaluation of the underlying development of the Group, its financial position and the market.FAIR VALUE OF FINANCIAL INSTRUMENTS Fair value of the financial instruments that are carried in the financial statements is equal to book value.Financial instruments at amortized cost 2023 2022Accounts receivables 93,712 142,781Accrued revenues 63,217 97,538Other receivables 76,700 78,463Cash and cash equivalents 196,741 188,452Total financial assets 430,370 507,235Short-term interest bearing debt \u2013 44,748Accounts payable and debt to partners 95,049 72,862Taxes payable 5,464 14,044Withheld payroll tax, social security and VAT 72,913 63,179Current lease liabilities 43,877 38,350Other current- and non-current liabilities 129,716 187,749Total financial liabilities 347,018 420,932",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinancialRiskManagementExplanatory",
"language": "en",
"entity": "scheme:549300NUPLAXPB0WYH90",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"pp-value-74-3": {
"value": "Note 18: Financial risk management objectives and policies TGS has various financial assets. These are primarily held in USD, which is the functional currency for most TGS entities. TGS principal financial liabilities comprise trade payables and other current liabilities. TGS does not holdany currency or interest rate swaps. It is, and has been, TGS policy that no trading in derivatives is undertaken. The primary risks arising from the financial risk management are market risk, liquidity risk and credit risk. The Board of Directors reviews and approves policies for managing each of the risks, which are summarized belowFAIR VALUE OF FINANCIAL INSTRUMENTS Fair value of the financial instruments that are carried in the financial statements is equal to book value.Financial instruments at amortized cost 2023 2022Accounts receivables 93,712 142,781Accrued revenues 63,217 97,538Other receivables 76,700 78,463Cash and cash equivalents 196,741 188,452Total financial assets 430,370 507,235Short-term interest bearing debt \u2013 44,748Accounts payable and debt to partners 95,049 72,862Taxes payable 5,464 14,044Withheld payroll tax, social security and VAT 72,913 63,179Current lease liabilities 43,877 38,350Other current- and non-current liabilities 129,716 187,749Total financial liabilities 347,018 420,932",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:549300NUPLAXPB0WYH90",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"pp-value-76-3": {
"value": "MARKET RISKCurrency risk is considered the only market risk for the Company. Substantial portions of TGS revenues and costsare in USD. Due to this, the TGS operational exposure to exchange rate fluctuation is low. However, as the Parent Company pays taxes in NOK to Norwegian Tax Authorities and dividends to shareholders in Norwegian kroner, fluctuations between the NOK and the USD impact currency exchange gains or losses on the tax expense and financial items of the consolidated accounts. A reasonably possible strengthening (weakening) of the USD againstNOK on 31 December 2023 would have affected the measurement of financial instruments denominated in a foreign currency and affected profit or loss by the following amounts: For deferred tax balances calculated in NOK,a strengthening of +10% on the NOK/USD currency exchange rate would have an impact on profit after tax of approximately USD 5.4 million (2022: USD 6.2 million). Further, the Group also holds financial instruments denominated in BRL, which is, tax payables, accrued revenues and costs, accounts receivable and accounts payable. A change of +10% on the BRL/USD currency exchange ratewould have a negative impact on profit before tax of approximately USD 5.5 million (2022: USD 3.4 million). This analysis assumes that all other variables remain constant.The Group holds cash balances in numerous currencies, adding further foreign currency exchange risk. The belowtable summarizes the impact on profit and loss of a 10% increase/decrease in the USD/FX rate. Note that in some jurisdictions, cash balances in local currency are held in the anticipation of costs and investments to be paid in thesame currency in the reasonable near-term future. Currency Balance in USD Gain/(Loss) of 10% movementARS 207 21 AUD 468 47 BRL 23,198 2,320 CAD 3,149 315 COP 49 5 EGP 3,934 393 EUR 4,738 474 GBP 2,298 230 IDR 4 0 INR 391 39 MXN 192 19 MYR 327 33 NGN 8,932 893 NOK 7,491 749 SGD 51 5 Grand Total 55,430 5,543 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfMarketRiskExplanatory",
"language": "en",
"entity": "scheme:549300NUPLAXPB0WYH90",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"pp-value-76-4": {
"value": "MARKET RISKCurrency risk is considered the only market risk for the Company. Substantial portions of TGS revenues and costsare in USD. Due to this, the TGS operational exposure to exchange rate fluctuation is low. However, as the Parent Company pays taxes in NOK to Norwegian Tax Authorities and dividends to shareholders in Norwegian kroner, fluctuations between the NOK and the USD impact currency exchange gains or losses on the tax expense and financial items of the consolidated accounts. A reasonably possible strengthening (weakening) of the USD againstNOK on 31 December 2023 would have affected the measurement of financial instruments denominated in a foreign currency and affected profit or loss by the following amounts: For deferred tax balances calculated in NOK,a strengthening of +10% on the NOK/USD currency exchange rate would have an impact on profit after tax of approximately USD 5.4 million (2022: USD 6.2 million). Further, the Group also holds financial instruments denominated in BRL, which is, tax payables, accrued revenues and costs, accounts receivable and accounts payable. A change of +10% on the BRL/USD currency exchange ratewould have a negative impact on profit before tax of approximately USD 5.5 million (2022: USD 3.4 million). This analysis assumes that all other variables remain constant.The Group holds cash balances in numerous currencies, adding further foreign currency exchange risk. The belowtable summarizes the impact on profit and loss of a 10% increase/decrease in the USD/FX rate. Note that in some jurisdictions, cash balances in local currency are held in the anticipation of costs and investments to be paid in thesame currency in the reasonable near-term future. Currency Balance in USD Gain/(Loss) of 10% movementARS 207 21 AUD 468 47 BRL 23,198 2,320 CAD 3,149 315 COP 49 5 EGP 3,934 393 EUR 4,738 474 GBP 2,298 230 IDR 4 0 INR 391 39 MXN 192 19 MYR 327 33 NGN 8,932 893 NOK 7,491 749 SGD 51 5 Grand Total 55,430 5,543 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEffectOfChangesInForeignExchangeRatesExplanatory",
"language": "en",
"entity": "scheme:549300NUPLAXPB0WYH90",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"pp-value-78-3": {
"value": "LIQUIDITY RISK Liquidity risk arises from a lack of correlation between cash flow from operations and financial commitments.Per the balance sheet date, TGS held current assets of USD 442.9 million, of which cash and cash equivalentsrepresented USD 196.7 million and other current assets represent USD 246.2 million. In comparison, current liabilities amounted to USD 581.9 million. As of 31 December 2023, TGS considers the liquidity risk to be low as the Group has an undrawn revolving credit facility of USD 150 million.The table shows a maturity analysis for the different financial liabilities:2023 0\u20136 months 6\u201312 months > 12 months TotalAccounts payable and 95,049 \u2013 \u2013 95,049debt to partnersTaxes payable, payroll tax, \u2013 78,377 \u2013 78,377social security and VATOther non-current liabilities \u2013 \u2013 41,210 41,210Total 95,049 78,377 41,210 214,6362022 0\u20136 months 6\u201312 months >12 months TotalAccounts payable and 72,862 \u2013 \u2013 72,862debt to partnersTaxes payable, payroll tax, \u2013 77,223 \u2013 77,223social security and VATShort term debt 44,748 \u2013 \u2013 44,748Other non-current liabilities \u2013 \u2013 42,408 42,408Total 117,610 77,223 42,408 237,241See Note 8 for maturity analysis for lease payables.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfLiquidityRiskExplanatory",
"language": "en",
"entity": "scheme:549300NUPLAXPB0WYH90",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"pp-value-80-3": {
"value": "CREDIT RISK All placements of excess cash are bank deposits. TGS is exposed to credit risk through sales and uses best effortsto manage this risk. The maximum exposure to credit risk at the reporting date is the carrying value of each class of financial assets disclosed in the table below and the carrying value of the accounts receivables and other short-term receivables disclosed in Note 21. TGS considers the risk with respect to accounts receivables as low due to the Group\u2019s credit rating policies and as its clients are primarily large oil and gas companies considered to be financially sound. TGS from time to time accepts extended payment terms on parts of firm commitments from clients. TGS may also seek extra security from the clients in certain cases, such as pledges, overriding royalty interest agreements (ORRIsor carried interests in an exploration license held by the client. As of 31 December 2023, none of the outstanding accounts receivables were secured by ORRIs (2022: USD 0 million). For details of the accounts receivables including aging, refer to Note 21. For details on other financial assets, refer to Note 21. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCreditRiskExplanatory",
"language": "en",
"entity": "scheme:549300NUPLAXPB0WYH90",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"pp-value-82-3": {
"value": "CAPITAL MANAGEMENT The goals for the TGS capital management of funds held are to: \u25a0 Protect and preserve investment principal \u25a0 Provide liquidity \u25a0 Return a market rate of return or better As of 31 December 2023, total equity represented 65% of total assets (2022: 60%). It is the ambition of TGS to pay a cash dividend that is in line with its long-term underlying cash flow. When decidingthe dividend amount, the TGS Board of Directors will consider expected cash flow, investment plans, financing requirements and a level of financial flexibility that is appropriate for the TGS business model. The aim will be to keep a stable quarterly dividend in US dollars through the year, but the actual level paid will be subject to continuous evaluation of the underlying development of the Group, its financial position and the market.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfObjectivesPoliciesAndProcessesForManagingCapitalExplanatory",
"language": "en",
"entity": "scheme:549300NUPLAXPB0WYH90",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"pp-value-83-5": {
"value": "FAIR VALUE OF FINANCIAL INSTRUMENTS Fair value of the financial instruments that are carried in the financial statements is equal to book value.Financial instruments at amortized cost 2023 2022Accounts receivables 93,712 142,781Accrued revenues 63,217 97,538Other receivables 76,700 78,463Cash and cash equivalents 196,741 188,452Total financial assets 430,370 507,235Short-term interest bearing debt \u2013 44,748Accounts payable and debt to partners 95,049 72,862Taxes payable 5,464 14,044Withheld payroll tax, social security and VAT 72,913 63,179Current lease liabilities 43,877 38,350Other current- and non-current liabilities 129,716 187,749Total financial liabilities 347,018 420,932",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFairValueOfFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:549300NUPLAXPB0WYH90",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"pp-value-84-2": {
"value": "Note 19: Other non-current assets and liabilitiesOTHER NON-CURRENT ASSETS(All amounts in USD 1,000s) 2023 2022 Restricted cash 9,879 6,334 Investments in associated companies 5,486 5,294 Other non-current assets 9,059 83 Total other non-current assets 24,424 11,711 Restricted cash TGS has deposits related to a dispute with tax authorities over the municipal services tax (ISS) in Brazil. The availability of the funds are contingent on the resolution of the court proceedings and this is not expected in the near-term future. Refer to Note 26 for more information.OTHER NON-CURRENT LIABILITIES(All amounts in USD 1,000s) 2023 2022 Non-current portion of project liabilities contingent on sales 32,165 32,246 Provision for asset purchase agreement 7,760 7,760 Other non-current liabilities 1,285 2,402 Total other non-current liabilities 41,210 42,408 Other non-current liabilities consist of contingent project liabilities and earnout arrangements where the economic outflows are not expected within the next 12 months following the reporting period.Project liabilities contingent on future salesAs of 31 December 2023, TGS has entered certain agreements with suppliers whereby a liability will arise contingenton future sales. No obligation will arise until these future sales occur. Provision related to these variable agreements totaled USD 40.0 million in 2023 (2022: USD 47.8 million). These liabilities were recognized in the balance sheet, USD 32.2 million as non-current and USD 7.8 million as current liabilities, based on when the sales triggering the contingencies are expected to be recognized.Provision for asset purchase agreementOn 2 March 2022, the TGS subsidiary Magseis Fairfield ASA executed an asset purchase agreement. This agreement included a clause contingent on the use of the equipment in offshore seismic surveys. The liability is recognized based on our best estimate of the future utilization of the equipment and the expected variable payoutAs of 31 December 2023, no projects using the equipment have been awardedNote 21: Accounts receivables and other current receivablesAccounts receivables are measured at transaction price less any amounts of expected credit losses. TGS has a credit assessment and payment terms policy. Credit assessments are required when signing or renegotiating a new master license agreement or supplemental license, or when changes occur in credit rating, The amount of revenues for projects not yet invoiced is presented as accrued revenues in the balance sheet. payment terms on prior sales are not met due to potential financial difficulties, or insight or information indicates that an existing client is in a difficult financial situation. TGS uses D&B as a credit rating provider. When the credit Other short-term receivables consist primarily of prepayments made for multi-client projects during the seismic rating is at a low level, an approval from the area Executive Vice President or the CFO will be required. data acquisition phase.TGS evaluates a credit risk rating for all clients. The credit risk rating is assessed in four levels: Category 1 is low For certain multi-client library projects, TGS has cooperation agreements pursuant to which revenues are shared risk (national oil companies, majors or supermajors, clients with superior reputation, clients with high credit rating). with other companies and/or governments. In such situations, accounts receivables and accrued revenues are Category 2 is medium risk (clients that do not fall into Category 1 or 3). Category 3 is high risk (companies with presented net for projects where TGS issues the license agreement and is responsible for invoicing. See Note 27 poor payment history and/or low credit rating or low transparency \u2013 regarding shareholder structure and financial for a breakdown of gross revenues and revenues allocated to other parties and Note 20 for gross revenues and information). Category 4 are receivables collected by joint venture partners. revenues allocated to other parties from projects considered as joint operations. As of 31 December 2023, 61.4% of the receivables are in Category 1, 27.9% are in Category 2, 1.4% are in CategoryIn cases where extended payment terms have been agreed, the implied interest is reflected in the stated amount.3, and 9.3% are in Category 4. (All amounts in USD 1,000s) 2023 2022For amounts above 90 days, 95% are within Category 1, 5% in Category 2 and 1% in Category 3 and -1% in Accounts receivables 100,215 150,478 Category 4. Provisions for accounts receivables are based on an individual assessment and calculated expected Provision for impairment of accounts receivables (6,503) (7,697)credit losses. Accounts receivables \u2013 net 93,712 142,781 Movements on the TGS provision for impairment of accounts receivables are as follows: Accrued revenues 63,217 97,538 Other receivables 76,700 78,463 (All amounts in USD 1,000s) 2023 2022Total receivables and accrued revenues 233,628 318,782 At 1 January 7,697 2,474 Provision for receivables impairment (1,174) 5,223 The aging of the accounts receivables and accrued revenue (nominal amounts) are as follows:Receivables written off during the year as uncollectible (21) \u2013Amount collected \u2013 \u2013 Total Not due < 30 days 30\u201360 days 60\u201390 days Over 90 daysAt 31 December 6,503 7,697 2023 163,431 135,733 (1,522) 8,419 5,997 14,805 2022 248,017 223,455 14,070 2,406 195 7,890 The provision for expected credit losses has been included in \u201cOther operating expense\u201d in the Statement of comprehensive income. Amounts charged to the allowance account are generally written off when there is no TGS applies the simplified approach when calculating expected credit losses. When calculating expected credit expectation of recovering additional cash. loss, TGS takes into account the aging of the outstanding amounts and other relevant information. For a description of credit risk, see Note 18.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherAssetsExplanatory",
"language": "en",
"entity": "scheme:549300NUPLAXPB0WYH90",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"pp-value-84-3": {
"value": "Note 19: Other non-current assets and liabilitiesOTHER NON-CURRENT ASSETS(All amounts in USD 1,000s) 2023 2022 Restricted cash 9,879 6,334 Investments in associated companies 5,486 5,294 Other non-current assets 9,059 83 Total other non-current assets 24,424 11,711 Restricted cash TGS has deposits related to a dispute with tax authorities over the municipal services tax (ISS) in Brazil. The availability of the funds are contingent on the resolution of the court proceedings and this is not expected in the near-term future. Refer to Note 26 for more information.OTHER NON-CURRENT LIABILITIES(All amounts in USD 1,000s) 2023 2022 Non-current portion of project liabilities contingent on sales 32,165 32,246 Provision for asset purchase agreement 7,760 7,760 Other non-current liabilities 1,285 2,402 Total other non-current liabilities 41,210 42,408 Other non-current liabilities consist of contingent project liabilities and earnout arrangements where the economic outflows are not expected within the next 12 months following the reporting period.Project liabilities contingent on future salesAs of 31 December 2023, TGS has entered certain agreements with suppliers whereby a liability will arise contingenton future sales. No obligation will arise until these future sales occur. Provision related to these variable agreements totaled USD 40.0 million in 2023 (2022: USD 47.8 million). These liabilities were recognized in the balance sheet, USD 32.2 million as non-current and USD 7.8 million as current liabilities, based on when the sales triggering the contingencies are expected to be recognized.Provision for asset purchase agreementOn 2 March 2022, the TGS subsidiary Magseis Fairfield ASA executed an asset purchase agreement. This agreement included a clause contingent on the use of the equipment in offshore seismic surveys. The liability is recognized based on our best estimate of the future utilization of the equipment and the expected variable payoutAs of 31 December 2023, no projects using the equipment have been awarded",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherNoncurrentAssetsExplanatory",
"language": "en",
"entity": "scheme:549300NUPLAXPB0WYH90",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"pp-value-84-4": {
"value": "Note 19: Other non-current assets and liabilitiesOTHER NON-CURRENT ASSETS(All amounts in USD 1,000s) 2023 2022 Restricted cash 9,879 6,334 Investments in associated companies 5,486 5,294 Other non-current assets 9,059 83 Total other non-current assets 24,424 11,711 Restricted cash TGS has deposits related to a dispute with tax authorities over the municipal services tax (ISS) in Brazil. The availability of the funds are contingent on the resolution of the court proceedings and this is not expected in the near-term future. Refer to Note 26 for more information.OTHER NON-CURRENT LIABILITIES(All amounts in USD 1,000s) 2023 2022 Non-current portion of project liabilities contingent on sales 32,165 32,246 Provision for asset purchase agreement 7,760 7,760 Other non-current liabilities 1,285 2,402 Total other non-current liabilities 41,210 42,408 Other non-current liabilities consist of contingent project liabilities and earnout arrangements where the economic outflows are not expected within the next 12 months following the reporting period.Project liabilities contingent on future salesAs of 31 December 2023, TGS has entered certain agreements with suppliers whereby a liability will arise contingenton future sales. No obligation will arise until these future sales occur. Provision related to these variable agreements totaled USD 40.0 million in 2023 (2022: USD 47.8 million). These liabilities were recognized in the balance sheet, USD 32.2 million as non-current and USD 7.8 million as current liabilities, based on when the sales triggering the contingencies are expected to be recognized.Provision for asset purchase agreementOn 2 March 2022, the TGS subsidiary Magseis Fairfield ASA executed an asset purchase agreement. This agreement included a clause contingent on the use of the equipment in offshore seismic surveys. The liability is recognized based on our best estimate of the future utilization of the equipment and the expected variable payoutAs of 31 December 2023, no projects using the equipment have been awardedNote 22: Current liabilities (All amounts in USD 1,000s) 2023 2022Accounts payable 47,389 35,331 Debt to partners 47,660 37,531 Short-term interest bearing debt \u2013 44,748 Current lease liabilities 43,877 38,350 Deferred revenue (contract liabilities) 276,064 126,462 Accrued expenses and other current liabilities 88,506 145,341 Taxes payable 5,464 14,044 Withheld payroll tax, social security and VAT 72,913 63,179 Total current liabilities 581,872 504,986Accounts payables are non-interest-bearing and are normally settled on 30-days terms. Contract liabilities relateto deferred revenue, see Note 4 for further details.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:549300NUPLAXPB0WYH90",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"pp-value-84-5": {
"value": "Note 19: Other non-current assets and liabilitiesOTHER NON-CURRENT ASSETS(All amounts in USD 1,000s) 2023 2022 Restricted cash 9,879 6,334 Investments in associated companies 5,486 5,294 Other non-current assets 9,059 83 Total other non-current assets 24,424 11,711 Restricted cash TGS has deposits related to a dispute with tax authorities over the municipal services tax (ISS) in Brazil. The availability of the funds are contingent on the resolution of the court proceedings and this is not expected in the near-term future. Refer to Note 26 for more information.OTHER NON-CURRENT LIABILITIES(All amounts in USD 1,000s) 2023 2022 Non-current portion of project liabilities contingent on sales 32,165 32,246 Provision for asset purchase agreement 7,760 7,760 Other non-current liabilities 1,285 2,402 Total other non-current liabilities 41,210 42,408 Other non-current liabilities consist of contingent project liabilities and earnout arrangements where the economic outflows are not expected within the next 12 months following the reporting period.Project liabilities contingent on future salesAs of 31 December 2023, TGS has entered certain agreements with suppliers whereby a liability will arise contingenton future sales. No obligation will arise until these future sales occur. Provision related to these variable agreements totaled USD 40.0 million in 2023 (2022: USD 47.8 million). These liabilities were recognized in the balance sheet, USD 32.2 million as non-current and USD 7.8 million as current liabilities, based on when the sales triggering the contingencies are expected to be recognized.Provision for asset purchase agreementOn 2 March 2022, the TGS subsidiary Magseis Fairfield ASA executed an asset purchase agreement. This agreement included a clause contingent on the use of the equipment in offshore seismic surveys. The liability is recognized based on our best estimate of the future utilization of the equipment and the expected variable payoutAs of 31 December 2023, no projects using the equipment have been awarded",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherNoncurrentLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:549300NUPLAXPB0WYH90",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"pp-value-87-3": {
"value": "Note 21: Accounts receivables and other current receivablesAccounts receivables are measured at transaction price less any amounts of expected credit losses. TGS has a credit assessment and payment terms policy. Credit assessments are required when signing or renegotiating a new master license agreement or supplemental license, or when changes occur in credit rating, The amount of revenues for projects not yet invoiced is presented as accrued revenues in the balance sheet. payment terms on prior sales are not met due to potential financial difficulties, or insight or information indicates that an existing client is in a difficult financial situation. TGS uses D&B as a credit rating provider. When the credit Other short-term receivables consist primarily of prepayments made for multi-client projects during the seismic rating is at a low level, an approval from the area Executive Vice President or the CFO will be required. data acquisition phase.TGS evaluates a credit risk rating for all clients. The credit risk rating is assessed in four levels: Category 1 is low For certain multi-client library projects, TGS has cooperation agreements pursuant to which revenues are shared risk (national oil companies, majors or supermajors, clients with superior reputation, clients with high credit rating). with other companies and/or governments. In such situations, accounts receivables and accrued revenues are Category 2 is medium risk (clients that do not fall into Category 1 or 3). Category 3 is high risk (companies with presented net for projects where TGS issues the license agreement and is responsible for invoicing. See Note 27 poor payment history and/or low credit rating or low transparency \u2013 regarding shareholder structure and financial for a breakdown of gross revenues and revenues allocated to other parties and Note 20 for gross revenues and information). Category 4 are receivables collected by joint venture partners. revenues allocated to other parties from projects considered as joint operations. As of 31 December 2023, 61.4% of the receivables are in Category 1, 27.9% are in Category 2, 1.4% are in CategoryIn cases where extended payment terms have been agreed, the implied interest is reflected in the stated amount.3, and 9.3% are in Category 4. (All amounts in USD 1,000s) 2023 2022For amounts above 90 days, 95% are within Category 1, 5% in Category 2 and 1% in Category 3 and -1% in Accounts receivables 100,215 150,478 Category 4. Provisions for accounts receivables are based on an individual assessment and calculated expected Provision for impairment of accounts receivables (6,503) (7,697)credit losses. Accounts receivables \u2013 net 93,712 142,781 Movements on the TGS provision for impairment of accounts receivables are as follows: Accrued revenues 63,217 97,538 Other receivables 76,700 78,463 (All amounts in USD 1,000s) 2023 2022Total receivables and accrued revenues 233,628 318,782 At 1 January 7,697 2,474 Provision for receivables impairment (1,174) 5,223 The aging of the accounts receivables and accrued revenue (nominal amounts) are as follows:Receivables written off during the year as uncollectible (21) \u2013Amount collected \u2013 \u2013 Total Not due < 30 days 30\u201360 days 60\u201390 days Over 90 daysAt 31 December 6,503 7,697 2023 163,431 135,733 (1,522) 8,419 5,997 14,805 2022 248,017 223,455 14,070 2,406 195 7,890 The provision for expected credit losses has been included in \u201cOther operating expense\u201d in the Statement of comprehensive income. Amounts charged to the allowance account are generally written off when there is no TGS applies the simplified approach when calculating expected credit losses. When calculating expected credit expectation of recovering additional cash. loss, TGS takes into account the aging of the outstanding amounts and other relevant information. For a description of credit risk, see Note 18.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherCurrentAssetsExplanatory",
"language": "en",
"entity": "scheme:549300NUPLAXPB0WYH90",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"pp-value-87-4": {
"value": "Note 21: Accounts receivables and other current receivablesAccounts receivables are measured at transaction price less any amounts of expected credit losses. TGS has a credit assessment and payment terms policy. Credit assessments are required when signing or renegotiating a new master license agreement or supplemental license, or when changes occur in credit rating, The amount of revenues for projects not yet invoiced is presented as accrued revenues in the balance sheet. payment terms on prior sales are not met due to potential financial difficulties, or insight or information indicates that an existing client is in a difficult financial situation. TGS uses D&B as a credit rating provider. When the credit Other short-term receivables consist primarily of prepayments made for multi-client projects during the seismic rating is at a low level, an approval from the area Executive Vice President or the CFO will be required. data acquisition phase.TGS evaluates a credit risk rating for all clients. The credit risk rating is assessed in four levels: Category 1 is low For certain multi-client library projects, TGS has cooperation agreements pursuant to which revenues are shared risk (national oil companies, majors or supermajors, clients with superior reputation, clients with high credit rating). with other companies and/or governments. In such situations, accounts receivables and accrued revenues are Category 2 is medium risk (clients that do not fall into Category 1 or 3). Category 3 is high risk (companies with presented net for projects where TGS issues the license agreement and is responsible for invoicing. See Note 27 poor payment history and/or low credit rating or low transparency \u2013 regarding shareholder structure and financial for a breakdown of gross revenues and revenues allocated to other parties and Note 20 for gross revenues and information). Category 4 are receivables collected by joint venture partners. revenues allocated to other parties from projects considered as joint operations. As of 31 December 2023, 61.4% of the receivables are in Category 1, 27.9% are in Category 2, 1.4% are in CategoryIn cases where extended payment terms have been agreed, the implied interest is reflected in the stated amount.3, and 9.3% are in Category 4. (All amounts in USD 1,000s) 2023 2022For amounts above 90 days, 95% are within Category 1, 5% in Category 2 and 1% in Category 3 and -1% in Accounts receivables 100,215 150,478 Category 4. Provisions for accounts receivables are based on an individual assessment and calculated expected Provision for impairment of accounts receivables (6,503) (7,697)credit losses. Accounts receivables \u2013 net 93,712 142,781 Movements on the TGS provision for impairment of accounts receivables are as follows: Accrued revenues 63,217 97,538 Other receivables 76,700 78,463 (All amounts in USD 1,000s) 2023 2022Total receivables and accrued revenues 233,628 318,782 At 1 January 7,697 2,474 Provision for receivables impairment (1,174) 5,223 The aging of the accounts receivables and accrued revenue (nominal amounts) are as follows:Receivables written off during the year as uncollectible (21) \u2013Amount collected \u2013 \u2013 Total Not due < 30 days 30\u201360 days 60\u201390 days Over 90 daysAt 31 December 6,503 7,697 2023 163,431 135,733 (1,522) 8,419 5,997 14,805 2022 248,017 223,455 14,070 2,406 195 7,890 The provision for expected credit losses has been included in \u201cOther operating expense\u201d in the Statement of comprehensive income. Amounts charged to the allowance account are generally written off when there is no TGS applies the simplified approach when calculating expected credit losses. When calculating expected credit expectation of recovering additional cash. loss, TGS takes into account the aging of the outstanding amounts and other relevant information. For a description of credit risk, see Note 18.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfAllowanceForCreditLossesExplanatory",
"language": "en",
"entity": "scheme:549300NUPLAXPB0WYH90",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"pp-value-87-5": {
"value": "Note 21: Accounts receivables and other current receivablesAccounts receivables are measured at transaction price less any amounts of expected credit losses. TGS has a credit assessment and payment terms policy. Credit assessments are required when signing or renegotiating a new master license agreement or supplemental license, or when changes occur in credit rating, The amount of revenues for projects not yet invoiced is presented as accrued revenues in the balance sheet. payment terms on prior sales are not met due to potential financial difficulties, or insight or information indicates that an existing client is in a difficult financial situation. TGS uses D&B as a credit rating provider. When the credit Other short-term receivables consist primarily of prepayments made for multi-client projects during the seismic rating is at a low level, an approval from the area Executive Vice President or the CFO will be required. data acquisition phase.TGS evaluates a credit risk rating for all clients. The credit risk rating is assessed in four levels: Category 1 is low For certain multi-client library projects, TGS has cooperation agreements pursuant to which revenues are shared risk (national oil companies, majors or supermajors, clients with superior reputation, clients with high credit rating). with other companies and/or governments. In such situations, accounts receivables and accrued revenues are Category 2 is medium risk (clients that do not fall into Category 1 or 3). Category 3 is high risk (companies with presented net for projects where TGS issues the license agreement and is responsible for invoicing. See Note 27 poor payment history and/or low credit rating or low transparency \u2013 regarding shareholder structure and financial for a breakdown of gross revenues and revenues allocated to other parties and Note 20 for gross revenues and information). Category 4 are receivables collected by joint venture partners. revenues allocated to other parties from projects considered as joint operations. As of 31 December 2023, 61.4% of the receivables are in Category 1, 27.9% are in Category 2, 1.4% are in CategoryIn cases where extended payment terms have been agreed, the implied interest is reflected in the stated amount.3, and 9.3% are in Category 4. (All amounts in USD 1,000s) 2023 2022For amounts above 90 days, 95% are within Category 1, 5% in Category 2 and 1% in Category 3 and -1% in Accounts receivables 100,215 150,478 Category 4. Provisions for accounts receivables are based on an individual assessment and calculated expected Provision for impairment of accounts receivables (6,503) (7,697)credit losses. Accounts receivables \u2013 net 93,712 142,781 Movements on the TGS provision for impairment of accounts receivables are as follows: Accrued revenues 63,217 97,538 Other receivables 76,700 78,463 (All amounts in USD 1,000s) 2023 2022Total receivables and accrued revenues 233,628 318,782 At 1 January 7,697 2,474 Provision for receivables impairment (1,174) 5,223 The aging of the accounts receivables and accrued revenue (nominal amounts) are as follows:Receivables written off during the year as uncollectible (21) \u2013Amount collected \u2013 \u2013 Total Not due < 30 days 30\u201360 days 60\u201390 days Over 90 daysAt 31 December 6,503 7,697 2023 163,431 135,733 (1,522) 8,419 5,997 14,805 2022 248,017 223,455 14,070 2,406 195 7,890 The provision for expected credit losses has been included in \u201cOther operating expense\u201d in the Statement of comprehensive income. Amounts charged to the allowance account are generally written off when there is no TGS applies the simplified approach when calculating expected credit losses. When calculating expected credit expectation of recovering additional cash. loss, TGS takes into account the aging of the outstanding amounts and other relevant information. For a description of credit risk, see Note 18.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfProvisionsExplanatory",
"language": "en",
"entity": "scheme:549300NUPLAXPB0WYH90",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"pp-value-87-6": {
"value": "Note 21: Accounts receivables and other current receivablesAccounts receivables are measured at transaction price less any amounts of expected credit losses. TGS has a credit assessment and payment terms policy. Credit assessments are required when signing or renegotiating a new master license agreement or supplemental license, or when changes occur in credit rating, The amount of revenues for projects not yet invoiced is presented as accrued revenues in the balance sheet. payment terms on prior sales are not met due to potential financial difficulties, or insight or information indicates that an existing client is in a difficult financial situation. TGS uses D&B as a credit rating provider. When the credit Other short-term receivables consist primarily of prepayments made for multi-client projects during the seismic rating is at a low level, an approval from the area Executive Vice President or the CFO will be required. data acquisition phase.TGS evaluates a credit risk rating for all clients. The credit risk rating is assessed in four levels: Category 1 is low For certain multi-client library projects, TGS has cooperation agreements pursuant to which revenues are shared risk (national oil companies, majors or supermajors, clients with superior reputation, clients with high credit rating). with other companies and/or governments. In such situations, accounts receivables and accrued revenues are Category 2 is medium risk (clients that do not fall into Category 1 or 3). Category 3 is high risk (companies with presented net for projects where TGS issues the license agreement and is responsible for invoicing. See Note 27 poor payment history and/or low credit rating or low transparency \u2013 regarding shareholder structure and financial for a breakdown of gross revenues and revenues allocated to other parties and Note 20 for gross revenues and information). Category 4 are receivables collected by joint venture partners. revenues allocated to other parties from projects considered as joint operations. As of 31 December 2023, 61.4% of the receivables are in Category 1, 27.9% are in Category 2, 1.4% are in CategoryIn cases where extended payment terms have been agreed, the implied interest is reflected in the stated amount.3, and 9.3% are in Category 4. (All amounts in USD 1,000s) 2023 2022For amounts above 90 days, 95% are within Category 1, 5% in Category 2 and 1% in Category 3 and -1% in Accounts receivables 100,215 150,478 Category 4. Provisions for accounts receivables are based on an individual assessment and calculated expected Provision for impairment of accounts receivables (6,503) (7,697)credit losses. Accounts receivables \u2013 net 93,712 142,781 Movements on the TGS provision for impairment of accounts receivables are as follows: Accrued revenues 63,217 97,538 Other receivables 76,700 78,463 (All amounts in USD 1,000s) 2023 2022Total receivables and accrued revenues 233,628 318,782 At 1 January 7,697 2,474 Provision for receivables impairment (1,174) 5,223 The aging of the accounts receivables and accrued revenue (nominal amounts) are as follows:Receivables written off during the year as uncollectible (21) \u2013Amount collected \u2013 \u2013 Total Not due < 30 days 30\u201360 days 60\u201390 days Over 90 daysAt 31 December 6,503 7,697 2023 163,431 135,733 (1,522) 8,419 5,997 14,805 2022 248,017 223,455 14,070 2,406 195 7,890 The provision for expected credit losses has been included in \u201cOther operating expense\u201d in the Statement of comprehensive income. Amounts charged to the allowance account are generally written off when there is no TGS applies the simplified approach when calculating expected credit losses. When calculating expected credit expectation of recovering additional cash. loss, TGS takes into account the aging of the outstanding amounts and other relevant information. For a description of credit risk, see Note 18.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory",
"language": "en",
"entity": "scheme:549300NUPLAXPB0WYH90",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"pp-value-88-3": {
"value": "Note 22: Current liabilities (All amounts in USD 1,000s) 2023 2022Accounts payable 47,389 35,331 Debt to partners 47,660 37,531 Short-term interest bearing debt \u2013 44,748 Current lease liabilities 43,877 38,350 Deferred revenue (contract liabilities) 276,064 126,462 Accrued expenses and other current liabilities 88,506 145,341 Taxes payable 5,464 14,044 Withheld payroll tax, social security and VAT 72,913 63,179 Total current liabilities 581,872 504,986Accounts payables are non-interest-bearing and are normally settled on 30-days terms. Contract liabilities relateto deferred revenue, see Note 4 for further details.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherCurrentLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:549300NUPLAXPB0WYH90",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"pp-value-88-4": {
"value": "Note 22: Current liabilities (All amounts in USD 1,000s) 2023 2022Accounts payable 47,389 35,331 Debt to partners 47,660 37,531 Short-term interest bearing debt \u2013 44,748 Current lease liabilities 43,877 38,350 Deferred revenue (contract liabilities) 276,064 126,462 Accrued expenses and other current liabilities 88,506 145,341 Taxes payable 5,464 14,044 Withheld payroll tax, social security and VAT 72,913 63,179 Total current liabilities 581,872 504,986Accounts payables are non-interest-bearing and are normally settled on 30-days terms. Contract liabilities relateto deferred revenue, see Note 4 for further details.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfTradeAndOtherPayablesExplanatory",
"language": "en",
"entity": "scheme:549300NUPLAXPB0WYH90",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"pp-value-88-5": {
"value": "Note 22: Current liabilities (All amounts in USD 1,000s) 2023 2022Accounts payable 47,389 35,331 Debt to partners 47,660 37,531 Short-term interest bearing debt \u2013 44,748 Current lease liabilities 43,877 38,350 Deferred revenue (contract liabilities) 276,064 126,462 Accrued expenses and other current liabilities 88,506 145,341 Taxes payable 5,464 14,044 Withheld payroll tax, social security and VAT 72,913 63,179 Total current liabilities 581,872 504,986Accounts payables are non-interest-bearing and are normally settled on 30-days terms. Contract liabilities relateto deferred revenue, see Note 4 for further details.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfAccruedExpensesAndOtherLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:549300NUPLAXPB0WYH90",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"pp-value-89-2": {
"value": "Note 23: Bank overdraft facility, interest bearing liabilities and guaranteesINTEREST BEARING LIABILITIESThe table below discloses the Revolving Credit Facility Magseis had at the time of the acquisition by TGS. Due to thechange of control, with TGS being the new majority shareholder, the RCF was due in full by 31 March 2023. In 2023 this RCF was paid and closed on due date. (All amounts in USD 1,000s) 2023 2022Nominal value bank facility \u2013 45,000Prepaid fees bank facility \u2013 (252)Short-term interest bearing debt \u2013 44,748THREE-YEAR TERM SECURED REVOLVING CREDIT FACILITYIn February 2021, TGS entered into an amended and restated revolving credit facility (RCF), amending and restatingthe original RCF dated 26 October 2018 (2018 RCF). The RCF provided for borrowings of up to USD 100 million (on a revolving basis) with an interest rate of LIBOR +2.5% per interest period as determined by TGS and as per the defined terms of the RCF. During the first quarter 2023, TGS utilized the RCF to repay the outstanding amount under the Magseis revolving credit facility that was in place at the time of the acquisition by TGS in Q4 2022.On 9 February 2023, TGS entered into an amended and restated RCF (the 2023 RCF), amending and restating the 2018 RCF (as amended in February 2021), The new RCF provides for borrowings, on a revolving basis, of up to USD 125 million with an interest rate of SOFR +3.0% per annum. The 2023 RCF provides for an accordion feature to allow for an increase in borrowing capacity of an additional USD 25 million. In Q4 2023 TGS acted upon the accordion feature, increasing the RCF to USD 150 million. As of 31 December 2023, the amount drawn on the bank facility is 0. Financial covenants bank facility (RCF) The conditions below are only tested if Liquidity (as defined in the RCF) on the relevant testing date is below USD 100 million: \u25a0 Equity Ratio > 50 percent. \u25a0 Leverage Ratio: Net interest-bearing debt/EBITDA for relevant period must be at or below 1.00. \u25a0 Liquidity: The Liquidity of the Group at all times must be at least USD 75 million. \u25a0 Operational Capex: EBITDA minus Operational Capex must be above zero.TGS is in compliance with all financial covenants as of 31 December 2023.GUARANTEESAs of 31 December 2023, the Group has provided guarantees of USD 5.3 million (2022: USD 70 million). The guarantees are in different currencies and the number is translated into USD using the exchange rate at the balance sheet date. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfBorrowingsExplanatory",
"language": "en",
"entity": "scheme:549300NUPLAXPB0WYH90",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"pp-value-89-3": {
"value": "Note 23: Bank overdraft facility, interest bearing liabilities and guaranteesINTEREST BEARING LIABILITIESThe table below discloses the Revolving Credit Facility Magseis had at the time of the acquisition by TGS. Due to thechange of control, with TGS being the new majority shareholder, the RCF was due in full by 31 March 2023. In 2023 this RCF was paid and closed on due date. (All amounts in USD 1,000s) 2023 2022Nominal value bank facility \u2013 45,000Prepaid fees bank facility \u2013 (252)Short-term interest bearing debt \u2013 44,748THREE-YEAR TERM SECURED REVOLVING CREDIT FACILITYIn February 2021, TGS entered into an amended and restated revolving credit facility (RCF), amending and restatingthe original RCF dated 26 October 2018 (2018 RCF). The RCF provided for borrowings of up to USD 100 million (on a revolving basis) with an interest rate of LIBOR +2.5% per interest period as determined by TGS and as per the defined terms of the RCF. During the first quarter 2023, TGS utilized the RCF to repay the outstanding amount under the Magseis revolving credit facility that was in place at the time of the acquisition by TGS in Q4 2022.On 9 February 2023, TGS entered into an amended and restated RCF (the 2023 RCF), amending and restating the 2018 RCF (as amended in February 2021), The new RCF provides for borrowings, on a revolving basis, of up to USD 125 million with an interest rate of SOFR +3.0% per annum. The 2023 RCF provides for an accordion feature to allow for an increase in borrowing capacity of an additional USD 25 million. In Q4 2023 TGS acted upon the accordion feature, increasing the RCF to USD 150 million. As of 31 December 2023, the amount drawn on the bank facility is 0. Financial covenants bank facility (RCF) The conditions below are only tested if Liquidity (as defined in the RCF) on the relevant testing date is below USD 100 million: \u25a0 Equity Ratio > 50 percent. \u25a0 Leverage Ratio: Net interest-bearing debt/EBITDA for relevant period must be at or below 1.00. \u25a0 Liquidity: The Liquidity of the Group at all times must be at least USD 75 million. \u25a0 Operational Capex: EBITDA minus Operational Capex must be above zero.TGS is in compliance with all financial covenants as of 31 December 2023.GUARANTEESAs of 31 December 2023, the Group has provided guarantees of USD 5.3 million (2022: USD 70 million). The guarantees are in different currencies and the number is translated into USD using the exchange rate at the balance sheet date. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCollateralExplanatory",
"language": "en",
"entity": "scheme:549300NUPLAXPB0WYH90",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"pp-value-91-2": {
"value": "Note 24: CommitmentsLEASES As of the end of 2023, TGS had entered commitments for three 3D vessels and two 2D vessels for addressing multi-client investments. The amount committed, including contractual lease agreements, totaled USD 52 million (2022 total: USD 130 million). The TGS Group has recognized USD 85 million in lease liabilities (2022 total: USD 67 million). The leases mainly relateto long term vessel leases for the Acquisition business unit in addition to office leases and data center leases. See Note 8 for more information on lease liabilities.Note 26: Contingent liabilitiesBRAZIL TAX DISPUTESIn February 2017, Spectrum Geo do Brasil Servicos Geofisicos Ltda (Spectrum Brazil), a wholly owned subsidiary of TGS, received a tax assessment for a municipal services tax (ISS) in Brazil on the basis that Spectrum Brazil had improperly calculated the ISS paid on licensing transactions prior to 2017. On September 28, 2023, Spectrum Brazilwas notified of the unanimous decision issued by the Taxpayers\u2019 Council that dismissed the Municipality\u2019s claim and granted the Company\u2019s Voluntary Appeal. The decision is final, and the updated tax debt of BRL 73.9 million (USD 15.2 million) has been fully canceled.In July 2017, Spectrum Brazil filed a declaratory action in the Brazilian courts to challenge the imposition of ISS on seismic licensing transactions. During the pendency of the declaratory action (i.e., from 2017 forward), Spectrumhas deposited into the court the amounts of ISS assessed on any licensing transactions. A favorable judgment was rendered by the court in June 2023. The Municipality filed an appeal, and the estimated time until final judgment is three years. The total accumulated amount deposited as of 31 December 2023 is BRL 48 million (USD 9.9 million) and will be used to settle any amounts owing upon resolution of this case. The deposit is presented as non-current restricted cash in the statement of financial position. In December 2020, the tax authorities issued a tax assessmentagainst Spectrum Brazil relating to the federal tax on importation of services (CIDE), based on a difference in opinion in the treatment of costs incurred on seismic surveys. TGS is challenging the assessment made by the tax authorities. The preliminary rulings made on the above matters have been favorable, however, final resolutions are not expected to be reached for a number of years. As of 31 December 2023, the amounts claimed total BRL 34 million (USD 7.0 million).U.S. TAX CONTINGENCIESFollowing a U.S. Tax Court decision in September 2021, the Court held that the Company\u2019s revenues from marine seismic data qualified as Domestic Production Gross Receipts (DPGR) under section 199(c)(4) rather than, as has been previously claimed in the Company\u2019s tax returns, section 199(c)(5). This had the impact of increasing the deductions available to the Company in respect of the 2008 tax year. TGS is currently in the process of reviewing the prior year deductions taking the Court decision into account. Until that process is complete, it is not possible to provide a reasonable estimate on the impact that the ruling will have on TGS. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:549300NUPLAXPB0WYH90",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"pp-value-91-3": {
"value": "Note 24: CommitmentsLEASES As of the end of 2023, TGS had entered commitments for three 3D vessels and two 2D vessels for addressing multi-client investments. The amount committed, including contractual lease agreements, totaled USD 52 million (2022 total: USD 130 million). The TGS Group has recognized USD 85 million in lease liabilities (2022 total: USD 67 million). The leases mainly relateto long term vessel leases for the Acquisition business unit in addition to office leases and data center leases. See Note 8 for more information on lease liabilities.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCommitmentsExplanatory",
"language": "en",
"entity": "scheme:549300NUPLAXPB0WYH90",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"pp-value-92-2": {
"value": "Note 25: Subsidiaries and joint venturesCountry Shareholding Company Nameof incorporationand voting powerTGS ASA Norway Parent CompanyTGS AP Investments AS Norway 100%TGS AS Norway 100%TGS NES AS Norway 100%OBS MC Investments I AS Norway 100%Carmot Seismic AS Norway 100%TGS Prediktor AS Norway 100%Magseis Fairfield AS Norway 100%Magseis Operations AS Norway 100%Versal AS Norway 33%TGS Geophysical Investments, Ltd. UK 100%Spectrum Geo Ltd UK 100%TGS Geophysical Company (UK) Ltd UK 100%4C Offshore Ltd. UK 100%Country Shareholding Company Nameof incorporationand voting powerSpectrum Information Technology Ltd. UK 100%Spectrum Geophysical Services Ltd. UK 100%Spectrum Datagraphic Systems Int\u2019l Ltd. UK 100%NS Investments One (UK) Ltd. UK 100%Magseis FF (UK) Ltd. UK 100%WGP Group Ltd. UK 100%TGS-NOPEC Geophysical Company USA 100%A2D Technologies, Inc. USA 100%Parallel Data Systems, Inc. USA 100%Volant Solutions Inc. USA 100%Digital Petrodata LLC USA 100%TGS Alaska Company USA 100%TGS Mexico Contracting LLC USA 100%Lasser, Inc. USA 100%Spectrum Geo, Inc. USA 100%Magseis FF LLC USA 100%TGS do Brasil Ltda Brazil 100%Magseis Do Brasil Ltda. Brazil 100%TGS-NOPEC Geophysical Company PTY, Ltd. Australia 100%Spectrum Geo PTY, Ltd. Australia 100%Spectrum Geo Australia PTY, Ltd Australia 100%TGS-NOPEC Geophysical Company PTE, Ltd. Singapore 100%Spectrum Geo PTE, Ltd. Singapore 100%Magseis Singapore Services PTE, Ltd. Singapore 100%Geo Bridge Pte Ltd. Singapore 50%Country Shareholding Company Nameof incorporationand voting powerMagseis Malaysia Sdn. Bhd. Malaysia 100%PT TGS Geophysical Indonesia Indonesia 100%TGS Canada Ltd. Canada 100%TGS Canada Corp. Canada 100%TGS-NOPEC Geophysical Company Moscow, Ltd. Russia 100%NOPEC Geophysical Company S. de R.L. de C.V. Mexico 100%Spectrum Geo S.A. de C.V. Mexico 100%Spectrum Geo Panama LLC Panama 100%TGS FJ Geophysical (Ghana) Ltd. Ghana 90%TGS-Petrodata Offshore Services Ltd. Nigeria 49%/51%TGS Geophysical Egypt SP Egypt 100%TGS Geopex Ltd. Egypt 50%Versal AS, Geo Bridge Pte Ltd. and TGS Geopex Ltd. are joint ventures. TGS doesn\u2019t have any associates.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfSignificantInvestmentsInSubsidiariesExplanatory",
"language": "en",
"entity": "scheme:549300NUPLAXPB0WYH90",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"pp-value-92-3": {
"value": "Note 25: Subsidiaries and joint venturesCountry Shareholding Company Nameof incorporationand voting powerTGS ASA Norway Parent CompanyTGS AP Investments AS Norway 100%TGS AS Norway 100%TGS NES AS Norway 100%OBS MC Investments I AS Norway 100%Carmot Seismic AS Norway 100%TGS Prediktor AS Norway 100%Magseis Fairfield AS Norway 100%Magseis Operations AS Norway 100%Versal AS Norway 33%TGS Geophysical Investments, Ltd. UK 100%Spectrum Geo Ltd UK 100%TGS Geophysical Company (UK) Ltd UK 100%4C Offshore Ltd. UK 100%Country Shareholding Company Nameof incorporationand voting powerSpectrum Information Technology Ltd. UK 100%Spectrum Geophysical Services Ltd. UK 100%Spectrum Datagraphic Systems Int\u2019l Ltd. UK 100%NS Investments One (UK) Ltd. UK 100%Magseis FF (UK) Ltd. UK 100%WGP Group Ltd. UK 100%TGS-NOPEC Geophysical Company USA 100%A2D Technologies, Inc. USA 100%Parallel Data Systems, Inc. USA 100%Volant Solutions Inc. USA 100%Digital Petrodata LLC USA 100%TGS Alaska Company USA 100%TGS Mexico Contracting LLC USA 100%Lasser, Inc. USA 100%Spectrum Geo, Inc. USA 100%Magseis FF LLC USA 100%TGS do Brasil Ltda Brazil 100%Magseis Do Brasil Ltda. Brazil 100%TGS-NOPEC Geophysical Company PTY, Ltd. Australia 100%Spectrum Geo PTY, Ltd. Australia 100%Spectrum Geo Australia PTY, Ltd Australia 100%TGS-NOPEC Geophysical Company PTE, Ltd. Singapore 100%Spectrum Geo PTE, Ltd. Singapore 100%Magseis Singapore Services PTE, Ltd. Singapore 100%Geo Bridge Pte Ltd. Singapore 50%Country Shareholding Company Nameof incorporationand voting powerMagseis Malaysia Sdn. Bhd. Malaysia 100%PT TGS Geophysical Indonesia Indonesia 100%TGS Canada Ltd. Canada 100%TGS Canada Corp. Canada 100%TGS-NOPEC Geophysical Company Moscow, Ltd. Russia 100%NOPEC Geophysical Company S. de R.L. de C.V. Mexico 100%Spectrum Geo S.A. de C.V. Mexico 100%Spectrum Geo Panama LLC Panama 100%TGS FJ Geophysical (Ghana) Ltd. Ghana 90%TGS-Petrodata Offshore Services Ltd. Nigeria 49%/51%TGS Geophysical Egypt SP Egypt 100%TGS Geopex Ltd. Egypt 50%Versal AS, Geo Bridge Pte Ltd. and TGS Geopex Ltd. are joint ventures. TGS doesn\u2019t have any associates.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfJointVenturesExplanatory",
"language": "en",
"entity": "scheme:549300NUPLAXPB0WYH90",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"pp-value-95-3": {
"value": "Note 26: Contingent liabilitiesBRAZIL TAX DISPUTESIn February 2017, Spectrum Geo do Brasil Servicos Geofisicos Ltda (Spectrum Brazil), a wholly owned subsidiary of TGS, received a tax assessment for a municipal services tax (ISS) in Brazil on the basis that Spectrum Brazil had improperly calculated the ISS paid on licensing transactions prior to 2017. On September 28, 2023, Spectrum Brazilwas notified of the unanimous decision issued by the Taxpayers\u2019 Council that dismissed the Municipality\u2019s claim and granted the Company\u2019s Voluntary Appeal. The decision is final, and the updated tax debt of BRL 73.9 million (USD 15.2 million) has been fully canceled.In July 2017, Spectrum Brazil filed a declaratory action in the Brazilian courts to challenge the imposition of ISS on seismic licensing transactions. During the pendency of the declaratory action (i.e., from 2017 forward), Spectrumhas deposited into the court the amounts of ISS assessed on any licensing transactions. A favorable judgment was rendered by the court in June 2023. The Municipality filed an appeal, and the estimated time until final judgment is three years. The total accumulated amount deposited as of 31 December 2023 is BRL 48 million (USD 9.9 million) and will be used to settle any amounts owing upon resolution of this case. The deposit is presented as non-current restricted cash in the statement of financial position. In December 2020, the tax authorities issued a tax assessmentagainst Spectrum Brazil relating to the federal tax on importation of services (CIDE), based on a difference in opinion in the treatment of costs incurred on seismic surveys. TGS is challenging the assessment made by the tax authorities. The preliminary rulings made on the above matters have been favorable, however, final resolutions are not expected to be reached for a number of years. As of 31 December 2023, the amounts claimed total BRL 34 million (USD 7.0 million).U.S. TAX CONTINGENCIESFollowing a U.S. Tax Court decision in September 2021, the Court held that the Company\u2019s revenues from marine seismic data qualified as Domestic Production Gross Receipts (DPGR) under section 199(c)(4) rather than, as has been previously claimed in the Company\u2019s tax returns, section 199(c)(5). This had the impact of increasing the deductions available to the Company in respect of the 2008 tax year. TGS is currently in the process of reviewing the prior year deductions taking the Court decision into account. Until that process is complete, it is not possible to provide a reasonable estimate on the impact that the ruling will have on TGS. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfContingentLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:549300NUPLAXPB0WYH90",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"pp-value-95-4": {
"value": "Note 26: Contingent liabilitiesBRAZIL TAX DISPUTESIn February 2017, Spectrum Geo do Brasil Servicos Geofisicos Ltda (Spectrum Brazil), a wholly owned subsidiary of TGS, received a tax assessment for a municipal services tax (ISS) in Brazil on the basis that Spectrum Brazil had improperly calculated the ISS paid on licensing transactions prior to 2017. On September 28, 2023, Spectrum Brazilwas notified of the unanimous decision issued by the Taxpayers\u2019 Council that dismissed the Municipality\u2019s claim and granted the Company\u2019s Voluntary Appeal. The decision is final, and the updated tax debt of BRL 73.9 million (USD 15.2 million) has been fully canceled.In July 2017, Spectrum Brazil filed a declaratory action in the Brazilian courts to challenge the imposition of ISS on seismic licensing transactions. During the pendency of the declaratory action (i.e., from 2017 forward), Spectrumhas deposited into the court the amounts of ISS assessed on any licensing transactions. A favorable judgment was rendered by the court in June 2023. The Municipality filed an appeal, and the estimated time until final judgment is three years. The total accumulated amount deposited as of 31 December 2023 is BRL 48 million (USD 9.9 million) and will be used to settle any amounts owing upon resolution of this case. The deposit is presented as non-current restricted cash in the statement of financial position. In December 2020, the tax authorities issued a tax assessmentagainst Spectrum Brazil relating to the federal tax on importation of services (CIDE), based on a difference in opinion in the treatment of costs incurred on seismic surveys. TGS is challenging the assessment made by the tax authorities. The preliminary rulings made on the above matters have been favorable, however, final resolutions are not expected to be reached for a number of years. As of 31 December 2023, the amounts claimed total BRL 34 million (USD 7.0 million).U.S. TAX CONTINGENCIESFollowing a U.S. Tax Court decision in September 2021, the Court held that the Company\u2019s revenues from marine seismic data qualified as Domestic Production Gross Receipts (DPGR) under section 199(c)(4) rather than, as has been previously claimed in the Company\u2019s tax returns, section 199(c)(5). This had the impact of increasing the deductions available to the Company in respect of the 2008 tax year. TGS is currently in the process of reviewing the prior year deductions taking the Court decision into account. Until that process is complete, it is not possible to provide a reasonable estimate on the impact that the ruling will have on TGS. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfAssetsAndLiabilitiesWithSignificantRiskOfMaterialAdjustmentExplanatory",
"language": "en",
"entity": "scheme:549300NUPLAXPB0WYH90",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"pp-value-95-5": {
"value": "Note 26: Contingent liabilitiesBRAZIL TAX DISPUTESIn February 2017, Spectrum Geo do Brasil Servicos Geofisicos Ltda (Spectrum Brazil), a wholly owned subsidiary of TGS, received a tax assessment for a municipal services tax (ISS) in Brazil on the basis that Spectrum Brazil had improperly calculated the ISS paid on licensing transactions prior to 2017. On September 28, 2023, Spectrum Brazilwas notified of the unanimous decision issued by the Taxpayers\u2019 Council that dismissed the Municipality\u2019s claim and granted the Company\u2019s Voluntary Appeal. The decision is final, and the updated tax debt of BRL 73.9 million (USD 15.2 million) has been fully canceled.In July 2017, Spectrum Brazil filed a declaratory action in the Brazilian courts to challenge the imposition of ISS on seismic licensing transactions. During the pendency of the declaratory action (i.e., from 2017 forward), Spectrumhas deposited into the court the amounts of ISS assessed on any licensing transactions. A favorable judgment was rendered by the court in June 2023. The Municipality filed an appeal, and the estimated time until final judgment is three years. The total accumulated amount deposited as of 31 December 2023 is BRL 48 million (USD 9.9 million) and will be used to settle any amounts owing upon resolution of this case. The deposit is presented as non-current restricted cash in the statement of financial position. In December 2020, the tax authorities issued a tax assessmentagainst Spectrum Brazil relating to the federal tax on importation of services (CIDE), based on a difference in opinion in the treatment of costs incurred on seismic surveys. TGS is challenging the assessment made by the tax authorities. The preliminary rulings made on the above matters have been favorable, however, final resolutions are not expected to be reached for a number of years. As of 31 December 2023, the amounts claimed total BRL 34 million (USD 7.0 million).U.S. TAX CONTINGENCIESFollowing a U.S. Tax Court decision in September 2021, the Court held that the Company\u2019s revenues from marine seismic data qualified as Domestic Production Gross Receipts (DPGR) under section 199(c)(4) rather than, as has been previously claimed in the Company\u2019s tax returns, section 199(c)(5). This had the impact of increasing the deductions available to the Company in respect of the 2008 tax year. TGS is currently in the process of reviewing the prior year deductions taking the Court decision into account. Until that process is complete, it is not possible to provide a reasonable estimate on the impact that the ruling will have on TGS. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherProvisionsContingentLiabilitiesAndContingentAssetsExplanatory",
"language": "en",
"entity": "scheme:549300NUPLAXPB0WYH90",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"pp-value-99-2": {
"value": "Note 28: Financial items(All amounts in USD 1,000s) 2023 2022Interest income 7,889 665Other financial income 3,762 1,731Results from equity accounted investments 465 1,251Total financial income 12,116 3,647Interest expense (10,583) (5,281)Other financial expenses (7,185) (3,227)Total financial expenses (17,769) (8,508Net exchange gains/(losses) 4,261 1,692Net financial items (1,392) (3,169)",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinanceIncomeExpenseExplanatory",
"language": "en",
"entity": "scheme:549300NUPLAXPB0WYH90",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"pp-value-99-3": {
"value": "Note 28: Financial items(All amounts in USD 1,000s) 2023 2022Interest income 7,889 665Other financial income 3,762 1,731Results from equity accounted investments 465 1,251Total financial income 12,116 3,647Interest expense (10,583) (5,281)Other financial expenses (7,185) (3,227)Total financial expenses (17,769) (8,508Net exchange gains/(losses) 4,261 1,692Net financial items (1,392) (3,169)",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinanceIncomeExplanatory",
"language": "en",
"entity": "scheme:549300NUPLAXPB0WYH90",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"pp-value-99-4": {
"value": "Note 28: Financial items(All amounts in USD 1,000s) 2023 2022Interest income 7,889 665Other financial income 3,762 1,731Results from equity accounted investments 465 1,251Total financial income 12,116 3,647Interest expense (10,583) (5,281)Other financial expenses (7,185) (3,227)Total financial expenses (17,769) (8,508Net exchange gains/(losses) 4,261 1,692Net financial items (1,392) (3,169)",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinanceCostExplanatory",
"language": "en",
"entity": "scheme:549300NUPLAXPB0WYH90",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"pp-value-99-5": {
"value": "Note 28: Financial items(All amounts in USD 1,000s) 2023 2022Interest income 7,889 665Other financial income 3,762 1,731Results from equity accounted investments 465 1,251Total financial income 12,116 3,647Interest expense (10,583) (5,281)Other financial expenses (7,185) (3,227)Total financial expenses (17,769) (8,508Net exchange gains/(losses) 4,261 1,692Net financial items (1,392) (3,169)",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInterestIncomeExpenseExplanatory",
"language": "en",
"entity": "scheme:549300NUPLAXPB0WYH90",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"pp-value-99-6": {
"value": "Note 28: Financial items(All amounts in USD 1,000s) 2023 2022Interest income 7,889 665Other financial income 3,762 1,731Results from equity accounted investments 465 1,251Total financial income 12,116 3,647Interest expense (10,583) (5,281)Other financial expenses (7,185) (3,227)Total financial expenses (17,769) (8,508Net exchange gains/(losses) 4,261 1,692Net financial items (1,392) (3,169)",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInterestIncomeExplanatory",
"language": "en",
"entity": "scheme:549300NUPLAXPB0WYH90",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"pp-value-99-7": {
"value": "Note 28: Financial items(All amounts in USD 1,000s) 2023 2022Interest income 7,889 665Other financial income 3,762 1,731Results from equity accounted investments 465 1,251Total financial income 12,116 3,647Interest expense (10,583) (5,281)Other financial expenses (7,185) (3,227)Total financial expenses (17,769) (8,508Net exchange gains/(losses) 4,261 1,692Net financial items (1,392) (3,169)",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInterestExpenseExplanatory",
"language": "en",
"entity": "scheme:549300NUPLAXPB0WYH90",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"pp-value-101-2": {
"value": "Note 29: Tax expense(All amounts in USD 1,000s) 2023 2022(All amounts in USD 1,000s) 2023 2022Profit before taxes Profit before taxes 51,876 128,864 Norway 11,181 84,772 Outside Norway 40,694 44,092 Expected income taxes according to corporate incomeTotal profit before taxes 51,876 128,864 Tax cost in Norway (22% tax rate) 11,413 28,350 Tax cost outside Norway (tax rate different from 22%) (3,184) 2,021 Current taxesAdjustment in respect of current income tax (1,285) 6,760 Norway (2,852) 3,332 of previous yearsOutside Norway 27,168 25,712 Adjustment in respect of deferred tax of previous years 4,969 \u2013Total current taxes 24,316 29,045 Change in deferred tax asset not recognized 6,245 (3,983) Withholding taxes and overseas taxes 13,470 7,750 Changes in deferred taxesNon-deductible expenses (1,625) 318 Norway 5,669 5,306 Currency effects 228 (318) Outside Norway 1,530 (213) Income tax expense 30,229 40,898 Changes in deferred taxes 7,199 5,093 Effective tax rate in % 58% 32%ADJUSTMENTS OF CURRENT INCOME TAX OF PREVIOUS YEARS AND ESTIMATESNorway (657) 540 COMMENTS ON SELECTED LINE ITEMS IN THE PRECEDING TABLE Outside Norway (628) 6,220 Tax rates different from the Norwegian tax rate Total adjustments of current income tax (1,285) 6,760 of previous years and estimatesThe tax rates for subsidiaries outside Norway are different than the Norwegian tax rate of 22% (2022: 22% tax rate)The tax rates in the jurisdictions where TGS operates are between 17 % and 36%. Income tax expense reported 30,229 40,898 in the income statementDeferred tax asset not recognized Tax effect of temporary differences and 2023 2022Deferred tax assets based on unused tax losses carried forward are not recognized when TGS cannot demonstrate that tax loss carryforwards as of 31 Decemberit is probable that taxable profit will be available against which the losses carried forward can be utilized. TGS has unused Differences that give rise to a deferred asset or a deferred tax liabilitytax losses and deductible temporary differences of USD 48.1 million (2022: USD 41.9 million) where no deferred tax Multi-client library/well logs (61,358) (64,997)assets were recognized in the balance sheet.Fixed assets 48,545 29,320Goodwill and intangibles (10,161) (10,229)Non-deductible expensesAccruals 25,346 24,627Non-deductible expenses consist of various types of expenses and payments of various local taxes, which are not Accounts receivables (11) 1,005deductible for tax purposes in the tax jurisdictions where TGS operates. Other long-term items \u2013 21,949Lease asset vs. Liability 1,030 1,225Currency effects Tax losses carried forward 81,985 86,343TGS entities that do not have their tax base in USD are exposed to changes in the USD/tax base-currency rates. Deferred revenue 10,220 10,233Effects within the current year are classified as tax expense.Other 3,973 1,445Deferred tax asset not recognized in the balance sheet (48,100) (41,855)Basis deferred tax asset (liability) 51,469 59,066Of which:Deferred tax asset 146,735 82,196Deferred tax liability 95,266 23,130Change in net deferred tax asset/(liability)2023 2022As of 1 January 59,066 63,830Recognized in profit and loss account 7,199 5,093Changes through business combinations \u2013 329Foreign currency translation effects and other effects (398) \u2013As of 31 December 51,469 59,066COMMENTS ON SELECTED LINE ITEMS IN THE PRECEDING TABLE Recognition of deferred tax assets on tax losses carried forward Deferred tax assets are capitalized to the extent it is probable that TGS will have taxable profits and the carryforwardtax losses can be utilized. Deferred tax assets on carryforward tax losses which are recognized are mainly related to Australia, Canada and Norway. With reference to Note 26 and \u201cother tax exposure,\u201d the Group notes uncertaintiesconcerning the tax balances, in particular in Latin America. The information reported is based on the information available to the Group at the date of these financial statements.Temporary differences Group\u2019s subsidiaries No deferred tax has been recognized in respect of temporary differences related to unremitted earnings of the Group\u2019s subsidiaries where remittance is not contemplated and where the timing of distribution is within the control of the Group. OECD Pillar Two model rulesThe Group is within the scope of the OECD Pillar Two model rules. Pillar Two legislation was enacted in Norway, the jurisdiction in which TGS ASA is incorporated, and has come into effect from 1 January 2024. Since the Pillar Two legislation was not effective at the reporting date, the Group has no related current tax exposure. The Group applies the exception to recognizing and disclosing information about deferred tax assets and liabilities related to Pillar Two income taxes, as provided in the amendments to IAS 12 issued in May 2023. Under the legislation, the Group is liable to pay a top-up tax for the difference between its GloBE effective tax rate per jurisdiction and the 15% minimum rate.The Group is in the process of assessing its exposure to the Pillar Two legislation for when it comes into effect. The Group expects that most entities within the Group have an effective tax rate that exceeds 15%. Even though the average effective tax rate might be below 15% in some entities, the Group might not be exposed to paying Pillar Two income taxes in relation to these jurisdictions. This is due to the impact of specific adjustments envisaged in the Pillar Two legislation which give rise to different effective tax rates compared to those calculated in accordance with paragraph 86 of IAS 12.Due to the complexities in applying the legislation and calculating GloBE income, the quantitative impact of theenacted or substantively enacted legislation is not yet reasonably estimable. Therefore, even for those entitieswith an accounting effective tax rate above 15%, there might still be Pillar Two tax implications.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:549300NUPLAXPB0WYH90",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"pp-value-101-3": {
"value": "Note 29: Tax expense(All amounts in USD 1,000s) 2023 2022(All amounts in USD 1,000s) 2023 2022Profit before taxes Profit before taxes 51,876 128,864 Norway 11,181 84,772 Outside Norway 40,694 44,092 Expected income taxes according to corporate incomeTotal profit before taxes 51,876 128,864 Tax cost in Norway (22% tax rate) 11,413 28,350 Tax cost outside Norway (tax rate different from 22%) (3,184) 2,021 Current taxesAdjustment in respect of current income tax (1,285) 6,760 Norway (2,852) 3,332 of previous yearsOutside Norway 27,168 25,712 Adjustment in respect of deferred tax of previous years 4,969 \u2013Total current taxes 24,316 29,045 Change in deferred tax asset not recognized 6,245 (3,983) Withholding taxes and overseas taxes 13,470 7,750 Changes in deferred taxesNon-deductible expenses (1,625) 318 Norway 5,669 5,306 Currency effects 228 (318) Outside Norway 1,530 (213) Income tax expense 30,229 40,898 Changes in deferred taxes 7,199 5,093 Effective tax rate in % 58% 32%ADJUSTMENTS OF CURRENT INCOME TAX OF PREVIOUS YEARS AND ESTIMATESNorway (657) 540 COMMENTS ON SELECTED LINE ITEMS IN THE PRECEDING TABLE Outside Norway (628) 6,220 Tax rates different from the Norwegian tax rate Total adjustments of current income tax (1,285) 6,760 of previous years and estimatesThe tax rates for subsidiaries outside Norway are different than the Norwegian tax rate of 22% (2022: 22% tax rate)The tax rates in the jurisdictions where TGS operates are between 17 % and 36%. Income tax expense reported 30,229 40,898 in the income statementDeferred tax asset not recognized Tax effect of temporary differences and 2023 2022Deferred tax assets based on unused tax losses carried forward are not recognized when TGS cannot demonstrate that tax loss carryforwards as of 31 Decemberit is probable that taxable profit will be available against which the losses carried forward can be utilized. TGS has unused Differences that give rise to a deferred asset or a deferred tax liabilitytax losses and deductible temporary differences of USD 48.1 million (2022: USD 41.9 million) where no deferred tax Multi-client library/well logs (61,358) (64,997)assets were recognized in the balance sheet.Fixed assets 48,545 29,320Goodwill and intangibles (10,161) (10,229)Non-deductible expensesAccruals 25,346 24,627Non-deductible expenses consist of various types of expenses and payments of various local taxes, which are not Accounts receivables (11) 1,005deductible for tax purposes in the tax jurisdictions where TGS operates. Other long-term items \u2013 21,949Lease asset vs. Liability 1,030 1,225Currency effects Tax losses carried forward 81,985 86,343TGS entities that do not have their tax base in USD are exposed to changes in the USD/tax base-currency rates. Deferred revenue 10,220 10,233Effects within the current year are classified as tax expense.Other 3,973 1,445Deferred tax asset not recognized in the balance sheet (48,100) (41,855)Basis deferred tax asset (liability) 51,469 59,066Of which:Deferred tax asset 146,735 82,196Deferred tax liability 95,266 23,130Change in net deferred tax asset/(liability)2023 2022As of 1 January 59,066 63,830Recognized in profit and loss account 7,199 5,093Changes through business combinations \u2013 329Foreign currency translation effects and other effects (398) \u2013As of 31 December 51,469 59,066COMMENTS ON SELECTED LINE ITEMS IN THE PRECEDING TABLE Recognition of deferred tax assets on tax losses carried forward Deferred tax assets are capitalized to the extent it is probable that TGS will have taxable profits and the carryforwardtax losses can be utilized. Deferred tax assets on carryforward tax losses which are recognized are mainly related to Australia, Canada and Norway. With reference to Note 26 and \u201cother tax exposure,\u201d the Group notes uncertaintiesconcerning the tax balances, in particular in Latin America. The information reported is based on the information available to the Group at the date of these financial statements.Temporary differences Group\u2019s subsidiaries No deferred tax has been recognized in respect of temporary differences related to unremitted earnings of the Group\u2019s subsidiaries where remittance is not contemplated and where the timing of distribution is within the control of the Group. OECD Pillar Two model rulesThe Group is within the scope of the OECD Pillar Two model rules. Pillar Two legislation was enacted in Norway, the jurisdiction in which TGS ASA is incorporated, and has come into effect from 1 January 2024. Since the Pillar Two legislation was not effective at the reporting date, the Group has no related current tax exposure. The Group applies the exception to recognizing and disclosing information about deferred tax assets and liabilities related to Pillar Two income taxes, as provided in the amendments to IAS 12 issued in May 2023. Under the legislation, the Group is liable to pay a top-up tax for the difference between its GloBE effective tax rate per jurisdiction and the 15% minimum rate.The Group is in the process of assessing its exposure to the Pillar Two legislation for when it comes into effect. The Group expects that most entities within the Group have an effective tax rate that exceeds 15%. Even though the average effective tax rate might be below 15% in some entities, the Group might not be exposed to paying Pillar Two income taxes in relation to these jurisdictions. This is due to the impact of specific adjustments envisaged in the Pillar Two legislation which give rise to different effective tax rates compared to those calculated in accordance with paragraph 86 of IAS 12.Due to the complexities in applying the legislation and calculating GloBE income, the quantitative impact of theenacted or substantively enacted legislation is not yet reasonably estimable. Therefore, even for those entitieswith an accounting effective tax rate above 15%, there might still be Pillar Two tax implications.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDeferredTaxesExplanatory",
"language": "en",
"entity": "scheme:549300NUPLAXPB0WYH90",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"pp-value-101-4": {
"value": "Note 29: Tax expense(All amounts in USD 1,000s) 2023 2022(All amounts in USD 1,000s) 2023 2022Profit before taxes Profit before taxes 51,876 128,864 Norway 11,181 84,772 Outside Norway 40,694 44,092 Expected income taxes according to corporate incomeTotal profit before taxes 51,876 128,864 Tax cost in Norway (22% tax rate) 11,413 28,350 Tax cost outside Norway (tax rate different from 22%) (3,184) 2,021 Current taxesAdjustment in respect of current income tax (1,285) 6,760 Norway (2,852) 3,332 of previous yearsOutside Norway 27,168 25,712 Adjustment in respect of deferred tax of previous years 4,969 \u2013Total current taxes 24,316 29,045 Change in deferred tax asset not recognized 6,245 (3,983) Withholding taxes and overseas taxes 13,470 7,750 Changes in deferred taxesNon-deductible expenses (1,625) 318 Norway 5,669 5,306 Currency effects 228 (318) Outside Norway 1,530 (213) Income tax expense 30,229 40,898 Changes in deferred taxes 7,199 5,093 Effective tax rate in % 58% 32%ADJUSTMENTS OF CURRENT INCOME TAX OF PREVIOUS YEARS AND ESTIMATESNorway (657) 540 COMMENTS ON SELECTED LINE ITEMS IN THE PRECEDING TABLE Outside Norway (628) 6,220 Tax rates different from the Norwegian tax rate Total adjustments of current income tax (1,285) 6,760 of previous years and estimatesThe tax rates for subsidiaries outside Norway are different than the Norwegian tax rate of 22% (2022: 22% tax rate)The tax rates in the jurisdictions where TGS operates are between 17 % and 36%. Income tax expense reported 30,229 40,898 in the income statementDeferred tax asset not recognized Tax effect of temporary differences and 2023 2022Deferred tax assets based on unused tax losses carried forward are not recognized when TGS cannot demonstrate that tax loss carryforwards as of 31 Decemberit is probable that taxable profit will be available against which the losses carried forward can be utilized. TGS has unused Differences that give rise to a deferred asset or a deferred tax liabilitytax losses and deductible temporary differences of USD 48.1 million (2022: USD 41.9 million) where no deferred tax Multi-client library/well logs (61,358) (64,997)assets were recognized in the balance sheet.Fixed assets 48,545 29,320Goodwill and intangibles (10,161) (10,229)Non-deductible expensesAccruals 25,346 24,627Non-deductible expenses consist of various types of expenses and payments of various local taxes, which are not Accounts receivables (11) 1,005deductible for tax purposes in the tax jurisdictions where TGS operates. Other long-term items \u2013 21,949Lease asset vs. Liability 1,030 1,225Currency effects Tax losses carried forward 81,985 86,343TGS entities that do not have their tax base in USD are exposed to changes in the USD/tax base-currency rates. Deferred revenue 10,220 10,233Effects within the current year are classified as tax expense.Other 3,973 1,445Deferred tax asset not recognized in the balance sheet (48,100) (41,855)Basis deferred tax asset (liability) 51,469 59,066Of which:Deferred tax asset 146,735 82,196Deferred tax liability 95,266 23,130Change in net deferred tax asset/(liability)2023 2022As of 1 January 59,066 63,830Recognized in profit and loss account 7,199 5,093Changes through business combinations \u2013 329Foreign currency translation effects and other effects (398) \u2013As of 31 December 51,469 59,066COMMENTS ON SELECTED LINE ITEMS IN THE PRECEDING TABLE Recognition of deferred tax assets on tax losses carried forward Deferred tax assets are capitalized to the extent it is probable that TGS will have taxable profits and the carryforwardtax losses can be utilized. Deferred tax assets on carryforward tax losses which are recognized are mainly related to Australia, Canada and Norway. With reference to Note 26 and \u201cother tax exposure,\u201d the Group notes uncertaintiesconcerning the tax balances, in particular in Latin America. The information reported is based on the information available to the Group at the date of these financial statements.Temporary differences Group\u2019s subsidiaries No deferred tax has been recognized in respect of temporary differences related to unremitted earnings of the Group\u2019s subsidiaries where remittance is not contemplated and where the timing of distribution is within the control of the Group. OECD Pillar Two model rulesThe Group is within the scope of the OECD Pillar Two model rules. Pillar Two legislation was enacted in Norway, the jurisdiction in which TGS ASA is incorporated, and has come into effect from 1 January 2024. Since the Pillar Two legislation was not effective at the reporting date, the Group has no related current tax exposure. The Group applies the exception to recognizing and disclosing information about deferred tax assets and liabilities related to Pillar Two income taxes, as provided in the amendments to IAS 12 issued in May 2023. Under the legislation, the Group is liable to pay a top-up tax for the difference between its GloBE effective tax rate per jurisdiction and the 15% minimum rate.The Group is in the process of assessing its exposure to the Pillar Two legislation for when it comes into effect. The Group expects that most entities within the Group have an effective tax rate that exceeds 15%. Even though the average effective tax rate might be below 15% in some entities, the Group might not be exposed to paying Pillar Two income taxes in relation to these jurisdictions. This is due to the impact of specific adjustments envisaged in the Pillar Two legislation which give rise to different effective tax rates compared to those calculated in accordance with paragraph 86 of IAS 12.Due to the complexities in applying the legislation and calculating GloBE income, the quantitative impact of theenacted or substantively enacted legislation is not yet reasonably estimable. Therefore, even for those entitieswith an accounting effective tax rate above 15%, there might still be Pillar Two tax implications.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfTaxReceivablesAndPayablesExplanatory",
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"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
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},
"pp-value-105-2": {
"value": "Note 30: Events after the balance sheet dateOn 31 January 2024, TGS entered into a commitment of USD 60 million to refinance PGS ASA Super Senior loanon market terms. The loan agreement is signed, and payment was made on 18 March 2024. TGS funded the payment by drawing down on the USD 150 million RCF. ",
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}