Bard Stenberg
VP of IR & Business Intelligence

Good morning, and welcome to the presentation of TGS presentation of Q1 2026 results. My name is Bard Stenberg, Vice President, Investor Relations and Business Intelligence in TGS. Today's presentation will be given by CEO, Kristian Johansen; and CFO, Sven Peter Larsen. Before we start, I would like to draw your attention to the forward-looking statements showing on the screen and available in today's presentation and earnings release. After management's concluding remarks, we will open up for questions from the audience on the webcast. So with that, I give the word to you, Kristian.

Kristian Johansen
Chief Executive Officer

Thanks, Bard. And before we kick off with the highlights of Q1, please allow me to provide a quick backdrop to recent market developments impacting our business going forward. Just a few months ago, the market expected 2026 to be defined by oversupply and continued capital discipline. Today, the picture has changed dramatically. The conflict in the Middle East has disrupted supply, effectively trapping significant volumes of oil, tightening the market and driving higher prices. More importantly, it has fundamentally shifted how our clients think about exploration.

Energy security is once again a top priority. Strategic reserves are being drawn down and reserve replacement has moved back to the forefront after years of underinvestment. Activity is beginning to pick up, particularly outside the Middle East as operators look to secure new diversified sources of supply. That said, this will not happen overnight. Industry budgets for 2026 were set in late 2025, and it will take some time for this shift in sentiment to fully translate